- faysal_bank
Digital Onboarding for Faysal Bank
40% of customers abandon the onboarding process midway due to poor experiences.
Read our case study on digital onboarding for faysal bank and find out how we helped the Bank attract and onboard new customers more efficiently, and more cost-effectively.
Faysal Bank, a premier Islamic financial institution in Pakistan, chose Codebase to lead the launch of its digital onboarding services, paving the way for the Bank’s transformation of its customer acquisition and engagement strategy.
Financial inclusion in Pakistan stands at a low of 30%, compared to India and Bangladesh, which record 78% and 53%, respectively. This requires financial institutions to provide cost-effective and convenient banking services, as most without bank accounts are individuals from lower economic backgrounds. With 87% of people using mobile phones and 51% having access to broadband internet, digital banking presents a unique opportunity for industry stakeholders in the region to capitalize on.
Faysal Bank understood the potential of an untapped market and seized the opportunity to expand its reach, provide financial solutions for Pakistanis, and help stimulate economic growth in the country. The Bank chose Codebase and its Digibanc platform to launch its reimagined digital onboarding experience, featuring functionalities such as smart card scanning on customers’ browsers, video KYC for liveliness checks, an impressive UI & UX, and APIs to allow the Bank to manage their back-office digitally.
Implementing the Digibanc digital onboarding solution reduced onboarding time to just a few minutes, boosting the Bank’s customer acquisition and engagement metrics. Customers no longer need to visit bank branches, queue, fill in forms, and wait for days for the account to be open. They can easily open accounts from the comfort of their homes and start banking right away.
