Tagline: A Best Practice in Mobile Onboarding, Alliance Bank. Tagline: A Best Practice in Mobile Onboarding, Alliance Bank.

Banking

A Best Practice in Mobile Onboarding: Alliance Bank

Business Challenges

As of end-2016, the Malaysian Ministry of Home Affairs reported as many as 1.85 million foreign workers with Temporary Employment passes were working and living in the country. This number was also estimated to only account for 58% of the total migrant workforce present in Malaysia. To Alliance Bank, this market of over three million financially underserved individuals lacked a dedicated suite of services tailored to the profile of immigrant workers. Alliance Bank had to address the financial adoption barriers, unique to the segment, notably language, education, wealth, digital behaviour and Know Your Customer (KYC) regulations.

Solution from Silverlake Axis

Through new, readily-available mobile technologies, the Bank’s “Alliance Cash2Home” aimed to enhance onboarding, usability, and servicing its target segment’s need. After securing regulatory approval to use smart-device-based facial recognition as a means of meeting KYC requirements during account opening, Alliance Cash2Home was able to leverage on facial biometric authentication application to perform mass onsite account opening and on boarding.

Benefits to the Business

In the first 6 months of its operations, Alliance Cash2Home has increased the monthly productivity of onsite services vs. services provided at branches by more than five folds. At 3% staff strength of the branch, Alliance Cash2Home account opening production stands at 17% on a monthly basis. This number is expected to continue to grow over the next one year as the bank continues to focus on mobile as a mainstream on-boarding channel.