Monday, January 20, 2020

The digital, mobile-only ila Bank launched in Bahrain

Bank ABC launches ila Bank, foraying into the digital, mobile-only banking space, beginning with Bahrain with a roadmap to take it across the MENA region. ila reflects Bank ABC’s commitment to drive the financial services sector to the next frontier, combining technology with a human-centric design to redefine banking for the next generation. The launch took place in an impressive ceremony at the Ritz Carlton Hotel Bahrain on 24th November amidst government and Central Bank dignitaries, business community leaders along with ila and Bank ABC staff.

ila Bank Launch

Arabic for the word ‘to’, ila promises to propel its users from where they are, “to” where they want to be, enabling their long-and-short-term goals and aspirations though an extremely personalised approach to banking and financial management, aided by cutting-edge technology and sophisticated data analytics.

“At Bank ABC, we see change as an opportunity – to become more relevant to our customers and to evolve and to grow with them,” says Dr. Khaled Kawan, Group CEO of Bank ABC. “This is an exciting time not just for us, but also for the country. Digital transformation presents a huge opportunity to drive lasting positive change throughout the Kingdom, something that Bank ABC is proud to be leading.”

“We recognise that the customers of today are not the same as the customers of tomorrow,” added Bank ABC Deputy Group CEO Mr. Sael Al Waary, who is spearheading this strategic initiative.

ila is designed to listen to our customers, study their lifestyles and priorities, and offer them an intuitive banking support that is completely attuned with their financial needs, something that is also deftly conveyed by our brand promise, ‘Banking that reflects you’,” said Mr. Al Waary.

  • Completely digital onboarding within minutes with just two forms of ID and a selfie.
  • Users are issued a Virtual debit card as soon as they onboard for immediate use for online transactions.
  • Flexible funding options including in-app integration with the country’s leading payment channel.
  • Multiple foreign currency accounts that can be linked to a single card. Users can transfer funds between these accounts without the worry of excessive fees.
  • A current account that encourages people to save more by rewarding them with a higher interest rate on higher balance, which will be calculated daily and paid monthly.
  • In-app full card control features, including set/reset pin, freeze/unfreeze a misplaced card, block and instantly reorder in the case of lost or stolen cards
  • Digital DNATM Customer Assistant Fatema, who will be available across social media to keep people and community informed about ila and will be able to answer customer questions through ila’s website 24/7.

ila has created quality jobs and internships for young Bahraini professionals – over 80% of ila employees are Bahraini and 84% are under 40 years old. Furthermore, the mobile-banking app is positioned to promote financial inclusion in the MENA region, something that Bank ABC is extremely passionate about, with the lowest required income threshold to open an account in Bahrain.

ila Bank Launch

The ila Bank app is available for download on Google Play and Apple App store. Prospective customers will be able to join our waitlist and be the first to gain early access and experience the newest bank on the island.

ila is the latest in a series of ‘firsts’ that underlines Bank ABC’s strategy to “modernise, evolve and disrupt” traditional banking within MENA and position Bahrain as a fintech hub for the region.

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