Collaboration is always the key to success when collaborating with other sectors to design or implement any project that will give better results. After the pandemic, every industry is focusing on technology or applications. Every business or sector collaborates with an IT specialist to develop their business on the digital platform. Now banking is also totally converted into apps. People can do transactions on banking applications without visiting banks. As recently, WhatsApp introduced a new policy in which they can share customer’s data with other businesses.
Similarly, every industry wants more data or analytics to catch their relevant audience by investing minimum energy. On Facebook, we can publish our ads to the appropriate audience because of Facebook customer’s data or information. In this article, I’m focusing on customer’s data because recently, an innovative project launched related to customer’s data sharing.
The Central Bank of Bahrain has announced the successful launch of eKYC by financial institutions in the Kingdom as part of its digital transformation initiatives in the sector. eKYC stands for electronic Know-Your-Customer. BENEFIT operates the national eKYC platform in collaboration with the Information and eGovernment Authority (IGA) and under the supervision of the CBB. This platform is the first of its kind in the Arab World, targeting retail banks, financial services providers, and money exchange networks.
The portal offers sophisticated state-of-the-art electronic media and a database for financial firms to authenticate their customers’ identities and verify their information before accessing financial services. The project also aims to support financial technology (FinTech) businesses that deliver financial and banking products and promote their products and services using web apps. The project enables client identity authentication and the view and validation of KYC information. By using extra details and registering for financial aid via electronic platforms decreases the efforts of self-enrollment. The service incorporates data from officially licensed sources with the application of Blockchain technologies for non-accessible data.
On this occasion, Mr. Khalid Al Hamad, Executive Director of Banking Supervision at the CBB, said:
“The CBB urges all licensed financial institutions to avail of this innovative and streamlined service and accelerate its efforts towards automating the maintenance of its customer data and reputation records by implementing eKYC API integration with their core systems, digital channels, and mobile apps. We continue to support technological advancement in the sector to minimize cost while fostering innovation and integration between financial institutions and Fintech companies. This is also in line with the CBB’s continuous efforts in developing the financial sector infrastructure in light of the Covid-19 repercussions to ensure appropriate solutions for electronic payment systems.”
Why is this project beneficial?
This project is beneficial for all users. In this project, collaboration is the key of this project. Three different sectors worked on this project together. BENEFIT operates this project will collaborate with IGA under the supervision of CBB.
In short, IT specialist collaborates with government organization under the supervision of banking sector. This project helps other retail banks, financial services providers, and money exchange networks to verify or authenticate their customer’s data through a verified platform before giving any financial services.
In this project, the main advantage is that their data is accurately correct because of collaboration with the government level. It’s easy to access everyone’s data by using this platform. Fake customer scams are not possible because the verification process is on one click by using this app. With the help of this platform registration and verification process of new customers is on one click.
Summary
Innovative projects are the demand of the current age. We can’t stick to old strategies or planning. Don’t hesitate to change old plans because, after a pandemic, everything is changing. Now, no project is operated or executed by a single department or person; collaboration is necessary. This project is also one example of current demand in which many different departments collaborate on one platform to execute or operate a plan. This project will surely give positive results because the Central Bank of Bahrain realizes the current demand for technology.
