Digitization

The term ‘digitization’ is circulated on a wide global scale these days and is deemed a defining concept of the era, to the point where it has become a core objective for governmental, institutional and banking programs across various lines of work and sectors.

What is Digitization?

Perhaps the simplest definition of digitization is the incorporation of technology in all aspects of life by utilizing the information and communication revolution and the unlimited applications of modern technology, which have transformed the world into a small village by means of massive potentials, especially in terms of speed in transferring and exchanging data, creating radical shifts in lifestyle, work and communication. An example of that is the emergence of artificial intelligence applications and the internet of things, among others.

Is Digitization confined to specific sectors or segments?

Digitization encompasses both institutions and individuals from all walks of life (consumers), seeing as it addresses institutions’ ability to empower individuals to achieve more by providing the right technology as consumers move more and more towards the use of digital services.

When it comes to institutions, digitization revolves around the transition into the utilization of modern technology and its applications to improve the institution’s performance and enhance its competitive edge.

As for individuals, digitization is mainly centered in attaining basic service and doing business with the press of a button on their personal computers, smartphones or tablets, eliminating the need for in-person visits to institutions or phone calls to their customer-service centers, except in specific cases that require complicated procedures.

Prospects of digitization in the Banking sector

Today, digitization is leading the growth in the industry of banking services, owing to the unique and outstanding experience it offers customers in terms of utilizing modern technology to elevate the operational process, enhance services and achieve instant completion of procedures, thus allowing the clients to access banking services anytime, anywhere. Services offered by banks’ digital platforms cover an array of fields, ranging from opening an account, requesting financing, issuing ATM cards, making purchases, paying bills and money transfers to updating customers’ data, among other banking services.

Banking digitization is currently heading towards a true revolution that will see use of robots to automate many routine procedures, which would allow utilizing human resources for other banking matters. Moreover, artificial intelligence would be employed for data analysis, predicting behavioral patterns for clients and companies and foreseeing risks that might affect clients.

Artificial intelligence would also be of help in informing clients which services are better suited for their needs and abilities, acting as an ‘advisor’ for clients to grant them the best services and products in line with their financial situations.

With this digitization momentum for banking institutions and clients alike, aspirations are looking to incorporate more banking e-services in clients’ lives, to become a pillar for future growth, benefitting all parties involved and contributing to the creation of further advancements in services and work models that would elevate the banking sector and improve economies.

As we enter the age of speed and accomplishments and young generations move more and more to the use of digital technologies, requirements call for easy and instant access to services with high standards for speed, efficiency, security and data protection.

Key channels for common Banking e-services

Banking services through the internet

A package of banking services can be accessed through the internet on the bank’s website. This platform is considered to be a special branch of the bank, through which a client cant access services 24/7 using a registered username and password.

Banking services through smartphone apps

The package of banking services is available on banks’ applications that can be downloaded for free on smartphones and tablets and allow clients to conduct all the banking procedures available through the website, but with a higher degree of safety due to advanced multi-layered cyber-security technology, such as passwords, validation codes through text messages and code-generating tools.

Banking services through the call center

A number of services are offered via the banking call center, which is considered the oldest form of electronic services. Through the call center, clients can undertake or confirm transactions either through self-registration; by entering the bank account number or the debit card number, or through speaking directly to a customer service officer.

Banking services through ATMs

Several basic services are available via the bank’s ATMs, accessed using a Visa card or the widely accepted ATM card, which is being manufactured today with advanced tech that includes very high security and data protection specifications. Services offered through this channel include checking balance, withdrawals, deposits, transfers, bill payments and changing the card’s passcode, among others.

Banking services through social media platforms

Instant or quick response can be granted through the bank’s social media accounts, including round-the-clock answers to inquiries. With continuing advancements, the artificial intelligence application ‘chat-bot’ has been integrated on banks’ social media channels as an innovative solution for interacting and offering virtual assistance for performing several transactions via Facebook or websites, including receiving client applications, among other services, in addition to promoting new services, products or announcements.

Safwa Islamic Bank’s Digitization

Stemming from its keenness to keep pace with banking and technological advancements, Safwa Islamic Bank has adopted a strategic digitization program that it continues to implement in line with set stages.

Safwa’s digitization strategy aims to transform the key pillars of the bank’s processes, including the development of its infrastructure, by adopting banking systems and solutions in pace with global systems and in line with the latest technological tools to fulfil the requirements of a growing and ever-changing market and serve in achieving the bank’s objectives in light of growing demand for smart services.

Today, Safwa Islamic Bank offers many banking e-services through several channels, and seeks to enhance and expand these services simultaneously with the development of its e-service platform. You can learn more about the bank’s e-services through: