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Alliance Bank Introduces Digital Instant Banking Solution

Innovative remote banking solution allows for instant savings account opening and credit card or personal loan application via your mobile phone.

Kuala Lumpur, 10 November 2020 - Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) today launched its fully digital banking solution which allows customers to instantly open a savings account and apply for credit card or personal loan from anywhere via the allianceonline mobile app. The solution is powered by the use of the digital Know Your Customer (e-KYC) identity verification technology in partnership with CTOS Data Systems Sdn Bhd.

The fast and simple digitised service is designed to meet the changing needs of customers who prefer to perform their banking transactions online as they are less inclined to visit the branch given the current COVID-19 pandemic situation.

“Due to the current situation, we have seen a rapid adoption of digital channels by consumers who prefer to minimise physical exposure for safety reasons. We fully empathise with this, and the instant digital account opening service and application for credit facility such as credit card and personal loan are examples of quickly responding to our customers’ needs. These services provide customers with options, flexibility, and convenience. We leverage on digitisation to bring about improved customer experience, one that is faster and more responsive,” said Mr. Joel Kornreich, Group Chief Executive Officer, Alliance Bank Malaysia Berhad.

“Alliance Bank has been a very strategic customer of CTOS over many years and we are very pleased to play a part in their digital transformation by providing our digital offerings. CTOS’ e-KYC solution is the gold standard in digital identity verification and will enable customers to access Alliance Bank’s suite of digital products remotely, quickly and safely, anytime, anywhere,” said Mr. Dennis Martin, Group Chief Executive Officer of CTOS Digital.

A customer survey conducted by the Bank during the Movement Control Order revealed that two-thirds of its customers preferred using online channels for account opening. 60% of the Bank’s customers said they were less inclined to visit the branch for their banking transactions due to the ongoing COVID-19 pandemic situation.

While the Bank is adapting to the change in consumer behaviour, it also understands that not all customers may be comfortable in completing the digital application on their own. Customers have the option to request for remote assistance by the click of a button during the digital account opening process or credit application.

“We have been upskilling our service staff to enable them to help our customers who might need help when opening an account, or applying for a credit card or personal loan on their mobile phones. Essentially, you can now save, spend or borrow using the bank in your pocket,” said Mr. Kornreich.

In conjunction with the launch, the Bank invites its customers to apply online via www.alliancebank.com.my/savespendborrow to experience the new digital application journey guided by the Bank’s digital ambassadors. These customers will get to enjoy special interest rates and cashback on savings account, credit card and personal loan. This promotion is limited to 200 customers only, and on a first-come, first-served basis.

The allianceonline mobile app is available for download from the Apple App Store or Android Play Store. For more information, please visit: www.alliancebank.com.my.

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