Malaysia-listed banking firm Bank Islam Malaysia Berhad has on Sunday officially launched its fully cloud-native digital banking proposition named Be U, the first-of-its-kind technology stack which is anticipated to be the cornerstone of all upcoming digital banks to be introduced in Malaysia.

Made available to the public since mid-June this year, Bank Islam said in a statement that it targets between 350,000 and 400,000 downloads and users of the Be U app within the first 12 months of its operations.

According to the 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 Group Chief Executive Officer Mohd Muazzam Mohamed said Be U is a gamechanger for the firm and the Islamic banking industry as 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 fulfill customer needs. This effort aligns with our five-year business strategic plan (LEAP25), which aims to become the champion in Shariah-environmental, social, and governance (ESG) total financial solution with leadership in digital banking and social finance,” he added.

He also said that having taken a holistic approach to meet customers’ needs, the bank has designed the digital bank proposition to be different and complementary to what is presently available in the market.

According to him, Be U is targeted at the younger generation, offering a savings account that allows zero balance, fund transfer capabilities, and a “nest” feature that helps users save for specific goals.

He also noted there will be frequent new functionalities or offerings on the Bank Islam Be U app over the next 12 months, including term deposit, gig marketplace, debit card, personal financial management, micro-financing, micro takaful and much more.

“We will replicate the learnings from Be U into the entire organisation, which is the bigger picture we’re looking at. We want to turn Bank Islam into an increasingly agile organisation by adopting new ways of working, attracting talents with new skillsets, using the latest technology, and leveraging data and automation. This will, in turn, enable Bank Islam to serve our customers better,” he said.

Be U uses Mambu Digital Core as its technology backbone and is housed in Amazon Web Service (AWS) cloud. Having zero legacies allows the app to meet customers’ needs quickly.

By leveraging its cloud-based advantage, Be U users can benefit from the agility of the app and enjoy a curated, user-friendly and personalised banking experience.

“Be U focuses on customer segments that Bank Islam does not, capturing users still in the early stage of their working life. Once their financial footing is
more stable, and they require more complex financial products and instruments, Be U will be there, offering Bank Islam’s various products and services,” Mohd Muazzam explained.

Bank Islam is Malaysia’s first public listed Islamic Bank on the main market of Bursa Malaysia Berhad. Established in July 1983 as Malaysia’s first Islamic Bank, the bank has 141 branches and more than 900 self- service terminals nationwide.

As a full-fledged and pure-play Islamic bank, the bank provides banking and financial solutions that strictly adhere to the Shariah rules and principles and are committed to the ideals of sustainable prosperity and ESG values.

The core subsidiaries of the Bank Islam Group are pioneers in various Islamic financial services, including investment and stockbroking, namely BIMB Investment Management Berhad and BIMB Securities Sendirian Berhad.

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