HRH Crown Prince Condoles Sultan of Brunei Darussalam on Death of his Son    Joint Forces Command of the Coalition to Restore Legitimacy in Yemen: Interception, Destruction of Bomb-Laden UAV Launched by Terrorist, Iran-Backed Houthi Militia Toward the Kingdom    IOC praises resolution to postpone NOC's elections    OIC Secretary General Receives Australian Ambassador to Saudi Arabia    Spain declares state of emergency to impose regional curfews    Bestselling global literary icons will lead cultural program at SIBF 2020    Recovery rate improves as new coronavirus infections drop    MoE to hold first semester final exam remotely    Riyadh Region Governor Receives Lebanese Ambassador    King Fahd Port Achieves Increase in Total Products by 5% During September 2020    Monshaat, Community Jameel discuss ways to support SMEs in Saudi Arabia    SABIC reports Q3 net profit of SR1.09 billion    Japan expects record low number of newborn babies for 2020    Emirates Post issues stamp to mark start-up of Unit 1 of Barakah Plant    Closure of the October 2020 Issuance under the Saudi Arabian Government SAR-denominated Sukuk Program    Philippines Evacuates Nearly 1,800 as Tropical Storm Molave Approaches    Saudi Press: Saudi Arabia Calls On International Community to Ensure Using Space for Peaceful Purposes    Weather Forecast for Sunday    Dubai Crown Prince launches AED500 million economic stimulus package    SAMA to Commemorate Saudi Arabian G20 Presidency by Introducing SR20 Denomination Banknote    Shahid Alam named new Indian consul general    Zakat Fund launches ‘Smile of Hope' Project to support kids with cancer in Bahrain    Algeria Welcomes Permanent Ceasefire Agreement in Libya    Philipsen claims first podium at Vuelta España    Polish President Duda infected with coronavirus WHO warns hospitals struggling as COVID-19 surge in Europe continues    CSG, Deccan Knights, Makkah Eagles, ARM triumph in Ace Travel Saudi Cup event Usman (120), Naseer (84 & 5 for 44), Bilal (79), Nazeer (75), Mohsin (74), Malik (66) shine    Plan to make vaccinations compulsory for birth certificate    Global AI Summit 2nd Day Witnesses Establishment of 3 Strategic Partnerships    Sharjah Film Platform to feature over 60 films    Combining the love of football with humor on Twitter    Dubai Sports Council, UEFA discuss mutual cooperation    Arab world's modern-day cultural pioneers, intellectuals to convene at SIBF 2020    MoH Marks World Osteoporosis Day 2020    Saudi man accused of harassing foreign wife asked to be produced before court Court allows divorce, custody of children by mother    Man United, Liverpool in talks to join new European super league    KSrelief, IMC, Sign Memorandum of Cooperation    Napoli blast four goals as they thumped Atlanta 4-1    VAR foils Liverpool in derby draw with Everton    Ithra to Launch 3rd Creativity Season (Tanween)    MoH Calls on Groups of Patients to Postpone Umrah Performance    Red Sea International Film Festival Announces a New Short Film Competition    S. P. Bala, legendary Indian singer, dead at 74    Happy National Day 90    Every work has its fruits, so choose wisely    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    Custodian of the Two Holy Mosques Addresses Citizens and Muslims on Eid Al-Fitr    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

COVID-19 accelerates Bahrain banks' digital transformation
Published in The Saudi Gazette on 08 - 07 - 2020

Bahrain Association of Banks (BAB) stressed that the Bahraini banking and financial institutions were able, in a short period of time, to provide many additional digital services to customers to meet the precautionary measures of social distancing imposed by the pandemic COVID-19. The association added that this would not have happened so quickly without the great investment implemented by those institutions over the past years in digitization.
Dr. Waheed Al Qassim. CEO of Bahrain Association of Banks said that the efforts taken by Team Bahrain led by Crown Prince have been tremendously effective to move the country to a more cashless society and reducing physical interactions for the safety and wellbeing of the citizens. As a result, the Central Bank of Bahrain (CBB) has increased the NFC (contactless) card payment limits, deferred installments, and prompted e-payments and digital banking solutions.
"All Bahraini banks continued their work and services without any interruption, and customers didn't witness any delay in completing their transactions, and at the same time maintained the highest levels of electronic and cybersecurity, as the pandemic of COVID-19 was another opportunity that prompted banks to provide digital services more quickly and reliably," Dr. Al Qassim added.
"One of the successful examples of the impact of the pandemic on the payments sector is BenefitPay. This application has witnessed a substantial increase in its digital financial transactions reaching up to 1,257% compared to 2019 and worth BHD103 million, that is in addition to 43% increase in its QR code payment feature.
"Furthermore, this application in collaboration with Bapco has introduced fuel payment option for customers, where they can pay for fuel from their app without the need for cash, physical card, or even scanning a QR code," Dr. Al Qassim said.
The head of the Society's Digitalization and Cyber Security Committee Ahmed Albalooshi said, "The circumstances that were imposed by the pandemic led to restricting physical interactions with customers and decreasing the use of cash. These have resulted in increasing the traffic to existing digital banking channels, introducing new digital banking services, and increasing digital transactions by customers."
Albalooshi noted that the common digital trends in banking that the Bahraini market witnessed are the introduction of digital branches by banks, promoting digital customer on-boarding features, providing Intellectual Teller Machines (iTMs), as well as offering open banking services.
Meanwhile, from the back-office perspective, he said, we have seen banks empower their employees to work from home using different digitalization tools and started to automate most of its back-office processes, to enable serving customers remotely and ensure sustainability of the financial services provided to its customers.
"This pandemic has certainly changed the banking sector forever and in the coming days, we might see more digital transformation initiatives by banks and new financial services offered by non-banks (FinTechs). This change will also increase the importance of cybersecurity and anti-fraud capabilities that banks will need to consider the most moving forward." Albalooshi said. — SG

Clic here to read the story from its source.