As part of its efforts to simplify its customers’ money matters and provide a seamless banking experience, Bahrain Islamic Bank (BisB) has upgraded its digital services by rolling out new open banking services, enabling customers to link and view multiple bank accounts through its mobile application, BisB Digital.
Launched in partnership with Tarabut Gateway, the largest Open Banking platform in the Mena region, this is a milestone achievement for BisB and the Kingdom as a whole, as it marks the first time this open banking service is being launched in a single streamlined application through BisB Digital, where customers can link and view bank accounts across different banks on a single platform instead of multiple mobile applications.
The new service enables customers unparalleled transparency with a consolidated view of their finances across multiple accounts, including accounts at other Banks, all through the BisB Digital application. In addition, it grants customers access to data from credit card accounts, investment accounts and other accounts through a universal API, eliminating the need for customers to request for statements from multiple accounts.
“Our simplification strategy focuses on delivering on our promise – to simplify our customers’ money matters, through offering a comprehensive portfolio of financial solutions and partnering up with other entities in the banking sector in order to launch digital innovations. This comes as part of our continuous efforts towards driving digitization in the industry and elevating the standards of banking in the Kingdom.” said the Chief Executive Officer (CEO) of BisB, Mr. Hassan Amin Jarrar.
“Banking today is still too complex; the average customer tends to have multiple bank accounts across different banks and may not have the time to view their financial data for each account separately. By launching this Open Banking feature, the first of its kind in the market, in collaboration with Tarabut Gateway, now customers can easily view and manage multiple bank accounts through a single mobile application, without having to use other mobile applications. Launching this opens the door to a brand new way of banking where customers have a consolidated view of their finances and an unparalleled level of transparency,” the CEO of BisB added.
The CEO of Tarabut Gateway, Mr. Abdulla Al Moayed, said, “We are delighted to be partnering with BisB as both our companies look to simplify money matters and elevate the standards of Banking. The Open Banking movement is fundamentally changing the financial services industry — transforming how millions of customers engage with banking services. We’re honoured to be working with a partner as forward-thinking as BisB, to combine our expertise and revolutionise their customers’ experience. Together, we will give BisB’s customers a complete overview of their financial lives, helping them manage their money more effectively and make smarter financial choices.”