Faisal Islamic Bank selects Intellect eMach platform for digital transformation
0
The bank wants to modernise customer experiences, optimise operations, and propel the next-level Faisal Bank AI transformation across its retail banking services by implementing the cutting-edge eMACH digital engagement platform.
As Egypt's first Islamic commercial bank and a leader in Islamic banking, FIBE continues to pioneer innovation in Shariah-compliant banking services across both retail and corporate sectors. The deployment of eMACH.ai DEP signals a bold shift from legacy infrastructure to a unified, customer-first digital banking experience rooted in FIB's vision: to be the best bank in providing Islamic services and products to our customers and correspondents, while achieving sustainable growth and reinforcing the Bank's position regionally and internationally.
eMACH.ai DEP is built on a composable architecture consisting of Events, Microservices, API, Cloud, Headless architecture and embedded AI. The platform creates business impact by enabling seamless, contextual engagement across the entire customer lifecycle from acquisition and engagement to retention, through both self-service and assisted channels.
Recognising the need for a future-ready platform, FIBE partnered with Intellect to accelerate its digital ambitions and deliver:
● Omnichannel experience across mobile & internet banking with the ability to pause & resume tasks between devices
● Completely digital processes, including onboarding in 3 minutes, thereby reducing the overall carbon footprint for both the bank and customers while promoting sustainable practices.
● Enhanced engagement via chatbots and social banking
● Rich self-service capabilities for inquiries, transfers, bill payments, card services, and statements
● Arabic-first, human-centered UX, ensuring inclusivity and adoption across all segments
● Agile rollout & modular architecture, enabling future-ready expansion across offerings like lifestyle services
● Operational efficiency through digitization of high-volume interactions and backend workflows
While the initial focus is on the consumer segment, the platform is designed to scale across SME and corporate segments, enabling end-to-end digitization of FIB's full customer lifecycle from individuals to institutions.
Abd Elhamid Mohamed Abu Musa, Faisal Islamic Bank of Egypt Governor said, 'At Faisal Islamic Bank, we aim to serve with integrity, innovation, and a customer-first mindset. Partnering with Intellect has empowered us to deliver a truly modern, Shariah-compliant digital experience. This transformation strengthens our commitment to our customers, aligns with our sustainability goals, and reaffirms our position as the leader in Islamic banking in Egypt.'
Rajesh Saxena, CEO, Intellect Consumer Banking, Intellect Design Arena said, 'Digital transformation today transcends mere modernisation. It demands a visionary leap to integrate cultural nuance, customer empathy, and technological agility into every interaction. Partnering with Faisal Islamic Bank, we've created an experience that's truly customer-centric. With eMACH.ai DEP, FIBE is poised to outpace legacy constraints, deliver personalized, real-time engagement, and set a new standard for Islamic retail banking. This is a partnership built on shared vision and long-term impact, exemplifying how strategic vision, agility, and technology convergence can transform banking from the ground up.'
By implementating the Faisal Islamic Bank eMACH platform, the organisation reaffirms its dedication to AI-driven innovation, endorsing a more comprehensive Faisal Bank AI transformation vision that reimagines digital interaction in the area.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Finextra
a day ago
- Finextra
Mexican digital bank Klar raises $190m
Carey Olsen's corporate team in the Cayman Islands has advised Mexico-based digital bank Klar on its US$190 million Series C funding round, which values the company at over US$800 million. 0 The funding round, led by U.S. private equity firm General Atlantic, comprised US$170 million in equity and US$20 million in venture debt and has achieved backing from both new and existing investors, including Santander and Mexican media company Televisa. Founded in in 2019 to provide a user-friendly digital platform for banking services, Klar now has over two million active users. Its latest funding round comes at a time when the region's digital financial market is increasingly competitive, with the number of fintech companies in Mexico growing year on year as more people turn to online platforms for their banking needs. The Carey Olsen team advising on the transaction comprised partner Trevor McCabe and senior associate Evan Stitt, working alongside onshore U.S. counsel Gunderson Dettmer. Trevor McCabe commented: "Having already established itself as a key player in Mexico's fintech sector, Klar has achieved a new milestone with its Series C funding round and subsequent increase in value to over US$800 million. Investors have recognised Klar's potential for significant growth amid this competitive landscape, and we look forward to seeing how the company drives forward developments in the digital banking space as a result of this successful funding round."
Finextra
2 days ago
- Finextra
Commonwealth Credit Union selects Lumin Digital
Leading cloud-native digital banking provider, Lumin Digital, today announced it has been selected by Frankfort, KY-based Commonwealth Credit Union as its new digital banking provider. 0 Commonwealth Credit Union sought a digital banking provider that would deliver a distinctive experience for its members. Lumin Digital stood out for its purpose-driven and forward-thinking approach to innovation and its ability to provide a digital banking experience tailored to members' individual needs. 'As the digital banking landscape continues to evolve, members expect more personalized, intuitive experiences,' said Kelley Michalik, Chief Commercial Officer at Lumin Digital. 'We're proud to partner with Commonwealth Credit Union to deliver a digital banking platform that not only meets the needs of today's digital-first members, but also positions Commonwealth to grow and adapt as technology and expectations advance.' 'Lumin Digital has consistently demonstrated a culture that closely mirrors our own - purpose-driven and member-focused,' said Doug Graham, Chief Innovation and Strategy Officer of Commonwealth Credit Union. 'Lumin provides not only the innovative platform we were seeking, but also a forward-looking vision that aligns with what our members deserve.' By selecting Lumin Digital as its new digital banking provider, Commonwealth Credit Union's members will receive an always-on personalized digital banking experience and regular feature updates without service disruptions.
Finextra
3 days ago
- Finextra
Faisal Islamic Bank selects Intellect eMach platform for digital transformation
The Faisal Islamic Bank eMACH implementation represents a daring development in Egypt's digital financial revolution. 0 The bank wants to modernise customer experiences, optimise operations, and propel the next-level Faisal Bank AI transformation across its retail banking services by implementing the cutting-edge eMACH digital engagement platform. As Egypt's first Islamic commercial bank and a leader in Islamic banking, FIBE continues to pioneer innovation in Shariah-compliant banking services across both retail and corporate sectors. The deployment of DEP signals a bold shift from legacy infrastructure to a unified, customer-first digital banking experience rooted in FIB's vision: to be the best bank in providing Islamic services and products to our customers and correspondents, while achieving sustainable growth and reinforcing the Bank's position regionally and internationally. DEP is built on a composable architecture consisting of Events, Microservices, API, Cloud, Headless architecture and embedded AI. The platform creates business impact by enabling seamless, contextual engagement across the entire customer lifecycle from acquisition and engagement to retention, through both self-service and assisted channels. Recognising the need for a future-ready platform, FIBE partnered with Intellect to accelerate its digital ambitions and deliver: ● Omnichannel experience across mobile & internet banking with the ability to pause & resume tasks between devices ● Completely digital processes, including onboarding in 3 minutes, thereby reducing the overall carbon footprint for both the bank and customers while promoting sustainable practices. ● Enhanced engagement via chatbots and social banking ● Rich self-service capabilities for inquiries, transfers, bill payments, card services, and statements ● Arabic-first, human-centered UX, ensuring inclusivity and adoption across all segments ● Agile rollout & modular architecture, enabling future-ready expansion across offerings like lifestyle services ● Operational efficiency through digitization of high-volume interactions and backend workflows While the initial focus is on the consumer segment, the platform is designed to scale across SME and corporate segments, enabling end-to-end digitization of FIB's full customer lifecycle from individuals to institutions. Abd Elhamid Mohamed Abu Musa, Faisal Islamic Bank of Egypt Governor said, 'At Faisal Islamic Bank, we aim to serve with integrity, innovation, and a customer-first mindset. Partnering with Intellect has empowered us to deliver a truly modern, Shariah-compliant digital experience. This transformation strengthens our commitment to our customers, aligns with our sustainability goals, and reaffirms our position as the leader in Islamic banking in Egypt.' Rajesh Saxena, CEO, Intellect Consumer Banking, Intellect Design Arena said, 'Digital transformation today transcends mere modernisation. It demands a visionary leap to integrate cultural nuance, customer empathy, and technological agility into every interaction. Partnering with Faisal Islamic Bank, we've created an experience that's truly customer-centric. With DEP, FIBE is poised to outpace legacy constraints, deliver personalized, real-time engagement, and set a new standard for Islamic retail banking. This is a partnership built on shared vision and long-term impact, exemplifying how strategic vision, agility, and technology convergence can transform banking from the ground up.' By implementating the Faisal Islamic Bank eMACH platform, the organisation reaffirms its dedication to AI-driven innovation, endorsing a more comprehensive Faisal Bank AI transformation vision that reimagines digital interaction in the area.
