The COVID-19 pandemic has altered consumer and business behaviour, calling for increased dependence on digital delivery and affordable financial solutions. Online and mobile banking have become much more widely used. Even when the pandemic is over, this widespread acceptance will persist.
In reality, there was RM800 billion worth of mobile banking transactions in 2021. Banks, credit unions, and other financial organisations have the chance to embrace the advantages of online banking at this time.
Bank Negara Malaysia (BNM) issued the Policy Document on Licensing Framework for Digital Banks on December 31, 2020. It is a set of digital licence banking frameworks that starts the beginning of digital banking in Malaysia.
In the midst of the digital banking trend, Bank Islam Malaysia Berhad launched its first application-based digital banking product called Be U. It targeted 300,000 to 400,000 downloads and users within 12 months.
According to the bank in a statement, the all-new banking app allows users to do their banking transactions seamlessly, without the hassle of visiting a branch, thus broadening financial inclusivity by targeting the digital-native, younger generation. Its engaging and user-friendly interface is intended to help users quickly understand and manage their finances, Bank Islam stated.
Bank Islam Group CEO, Mohd Muazzam Mohamed said, “It is a product that intends to redesign and catalyse Bank Islam’s future growth by leveraging the rapidly changing fintech landscape and further allowing customers access to an affordable and easy-to-use financial solution.”
“Through Be U, Bank Islam is shifting from being product-centric to customer-centric in building products that fulfil customer needs,” he claimed.
According to Mohd Muazzam Mohamed, the bank has created the digital bank product to be unique and complementary to what is currently on the market by taking a comprehensive approach to meeting customers' expectations.
He added, “Be U is targeted at the younger generation, offering a savings account that allows zero balance, fund transfer capabilities, and Nest feature that helps users save for specific goals.”
Over the course of the next 12 months, the Bank Islam Be U app will frequently receive new features or products, according to Mohd Muazzam, including term deposits, gig marketplaces, debit cards, personal financial management, micro-financing, micro-takaful, and more.
He also said, “We want to turn Bank Islam into an increasingly agile organisation by adopting new ways of working, attracting talents with new skill sets, using the latest technology, and leveraging data and automation. This will, in turn, enable Bank Islam to serve our customers better.”
An overview of Be U
According to its tagline “Malaysia's friendliest digital bank”, Be U allows users to do their banking transactions without visiting a branch. Be U is designed to make your life more convenient. You can enjoy opening a bank account instantly anytime, anywhere.
Be U uses Mambu Digital Core as its technology backbone and is housed on Amazon Web Services’ cloud. By leveraging its cloud-based advantage, Be U users can enjoy a curated, user-friendly and personalised banking experience from the agility of the app.
Officially launched to the public in mid-June this year, users can download the Bank Islam Be U app FREE through Google Play Store and Apple App Store. To find out more information about Be U, you can visit Be U's official website or follow Be U’s social media accounts on Facebook and Instagram.
