Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) recently announced its collaboration with CTOS Data Systems Sdn Bhd (“CTOS”) to integrate digital Know-Your-Customer (“eKYC”) solution, enabling Malaysians to apply for both conventional and Islamic deposit accounts, personal loans or financing, and credit card products quickly and securely online.
“We are pleased to contribute to the advancement of the Malaysian financial sector with the CTOS eKYC solution,” said Mr. Dennis Martin, Group Chief Executive Officer of CTOS. “With the impending arrival of a digital banking framework for public consultation from Bank Negara at the end of this year, the CTOS eKYC solution will become an integral part of the digital onboarding process. We look forward to working closely with Alliance Bank and are honoured to be able to support their digital transformation in providing superior services to customers.”
“Our alliance with CTOS will help us push the envelope on our digital strategy, which is to offer close to 1-click digital fulfilment to our clients. By embedding CTOS eKYC solution into our product offerings, we are able to simplify the banking process so Malaysians can bank beyond banking hours securely and at their convenience,” said Mr. Joel Kornreich, Group Chief Executive Officer of Alliance Bank.
The CTOS’ eKYC solution is an advanced, robust digital identity authentication solution which enables organisations to analyse, verify, and authenticate the identity of individuals in real time using mobile and web-based solutions. This results in quicker response time and seamless digital experience for customer.
The solution features a 4-layer authentication process, and has undergone extensive user testing and technology validation at Bank Negara Malaysia (“BNM”)’s Fintech Regulatory Sandbox. Following the Sandbox process, the CTOS eKYC solution has put in place the necessary safeguards to prevent fraudulent transactions, while providing consumers with the ultimate user experience. As this is an innovative breakthrough in KYC procedure designed to deliver speed, efficiency and security, Alliance Bank and CTOS will closely adhere to BNM’s guidance and regulation. The roll out of the Bank’s digital products is also subject to BNM’s approval.
In today’s digitally savvy and mobile-first era, consumers expect to transact in real-time. Therefore, digital identification and verification will eliminate the need for customers to visit a bank branch to prove their identity in person when opening a bank account or when applying for loans.