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Al Baraka Islamic Bank taps Layer for digital banking transformation

Source: Layer

Digital banking platform provider, Layer has today, announced the launch of its digital banking services with Al Baraka Islamic Bank in Bahrain, to help fuel digital transformation and provide greater access to a wider range of financial services for its customers.

Layer is a digital transformation platform that enables large financial institutions to rapidly revolutionise their customer and back-office digital experiences.

This new partnership will see the Dublin-based company add an additional 80,000 users to its platform. Through this latest collaboration with Layer, Al Baraka aims to meet customers’ evolving banking needs by providing them with easy access to seamless banking transactions and a range of products and services without the need to visit the branch.

Within a week of its initial launch, the Al Baraka app became the most downloaded app in the Bahrain Apple App store (Bahrain Apple app store, October 28th). As the four-phase rollout continues, the app will include digital customer onboarding, easy and fast transfer and payment services, as well as cards and accounts management. In addition, Layer and Al Baraka’s digital app will also include quality of life features such as homepage customisation, multiple account login, payment shortcuts, and many other features.

Layer's proprietary platform sits on top of traditional core systems to enable banks to offer customers a blend of traditional and neobank capabilities. Al Baraka has implemented those services available on the Layer platform to provide end-to-end digitalisation of its banking services, delivered through a newly built mobile app and website.

Layer’s ambition is to accelerate financial inclusion and digital transformation processes across the world through similar client relationships. The digital banking platform now delivers banking services to over 25 million consumers through its existing clients.

Smartphone usage among consumers in the Middle East has been growing steadily. The number of smartphone users in the region almost doubled, from 86 million in 2014 to an estimated 174 million in 2019. Despite this significant growth, further research reveals that up to 48% of Arab youth had never engaged in digital banking.

Speaking about the significance of the partnership, Roy Zakka, Founder and CEO of Layer commented: “This is an exciting and ambitious partnership in spirit and scale. We are delighted to work with Al Baraka to accelerate the arrival of digital banking services across Bahrain and the wider Middle East. Through integration of the Layer digital banking platform, we are helping to position Al Baraka as a digital-first leader, providing seamless, instant access to digital banking features such as payments and transfers, card and account management, and other financial services - while also helping to attract new customers and to change what is possible with personal banking.”

Commenting on the bank’s new partnership with Layer, Hamad Abdulla Al Oqab, Chief Executive Officer of Al Baraka Islamic Bank, said: “We are proud to work with Layer to launch our new suite of digital banking services, and our new smart banking experience in support of our continuous efforts to meet the growing digital needs of our customers. We are also confident that the newly launched digital banking services through different touch points will place us at the forefront of the banking digitalization wave and thrive in a digital era. At Al Baraka Islamic Bank, we strive to become a digital-driven bank that provides an effective digital experience to all stakeholders (internal and external) that will substantially support the business growth, cost reduction, and operational efficiency.”

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