IBS Journal November 2015


Better, faster, stronger: KHCB initiates digital and online banking revamp


Bahrain’s Khaleeji Commercial Bank (KHCB) is undergoing a transformation, as it aims to revamp its online and digital banking offerings to bring new services to customers. With the aid of Cedar Management Consulting, the bank is hoping that its new services will improve user experience online, as well as keep it up-to-date with the changing digital face of banking.


KHCB was established in late 2004 as an Islamic banking subsidiary of the Gulf Finance House (GFH) Group. The bank- caters for highnet-worth individuals and companies in Bahrain. It also provides financing for landowners and property developers and investors. Ahmed Seyadi, head of IT at KHCB, tells


IBS Journal that no bank, be it conventional or Islamic, can ignore digital banking today. The channel can’t be seen as a ‘nice to have’ service, he adds, it’s now a must for any commercial or retail banking outfit. A key driver for the bank’s overhaul,


Seyadi says, was its goal to continually invest in making its services as modern and customer-friendly as possible. The upgrade will also allow KHCB to remain at the fore- front of emerging technology, as well keep up-to-date with the latest security controls and best practices. KHCB looked at a number of providers and solutions during its research stages, says Seyadi, but after a number of ‘interest- ing’ proposals, decided to continue using its legacy system supplied by Indian ven- dor Vayana. ‘The decision,’ Seyadi says, ‘was based on the assumption that KHCB as well as Vayana both have the mutual interest to develop and introduce a product that would exceed users’ expectations’. Seyadi adds that evaluation is an ongo-


ing practice at KHCB and that the bank will more than likely begin an evaluation proce- dure to sound its next major upgrade that ‘could take place two or three years down the road’.


Revamps and upgrades The online banking system currently


Executing a digital banking strategy? IBS launches IBS Chat


allows customers to perform actions like account enquiries, statements processing and money transfers. KHCB is bringing some features unique to the Bahrain market, too, most notably the ability for users to view outstanding Visa Base-I transactions for both debit and credit cards. With the new upgrade, however, all


of the previous functionalities will be revamped, streamlining and improving customer experiences ‘wherever applicable’.


KHCB is also looking at introduc-


ing targeted savings accounts, where customers can set up savings targets for their future projects or plans. Security enhancements have also tak-


en place, Seyadi says, ensuring that the sys- tem is fully protected. The bank will also be introducing a mobile version of its internet banking channel, set to be released in a few months’ time. Creating a roadmap for the future


presented KHCB with a challenge, Seyadi adds. The bank wanted to ensure that its internet banking solution would be scalable and flexible to support any future plans. The system needs to have a great design, operate smart business workflows, and be reliable and stable. Having a vendor that is willing to invest in its solution to make improvements is crucial, says Seyadi. Partnering with the right provider, he adds, is ‘a key factor that could turn the project into a success story or a big failure’ – no pressure on Vayana, then.


At the back-end, the system integrates


with the iMAL core banking system from Path Solutions.


Feedback and the future


In terms of user feedback, KHCB has received positive messages from customers who have begun to use the new online banking service. ‘We have been receiving valuable suggestions and comments for improvement,’ says Seyadi. The comments are taken seriously by the bank and are immediately added to its ‘to do list’. Often the best features and improvements have come directly from suggestions that clients and customers have made, Seyadi observes. In terms of future plans, the bank has


a few more electronic services in the pipe- line for release before the end of 2015. These include a new e-statement system, as well as the upcoming mobile app. Online banking will continue to see improvement, too, Seyadi assures, while the KHCB Payments Gateway and website will also be seeing improvement. According to Seyadi, the team at KHCB


have already begun listing new ideas and ways to improve features and functionalities of the online solutions. The bank, he adds, is always looking at ways to utilise trends in the market and reshape how it does its banking. Most important for the coming months


and years, though, is the monitoring of the online banking channel as it devel- ops. Seyadi says that KHCB plans to ask itself ‘repeatedly and periodically’ whether its partnering with the right provider, has the right solution or whether its flexible enough to meet all of its customers’ needs. Keeping its digital solutions at the fore-


front of the market in Bahrain and ensuring that its services are as simple and friendly as possible, according to Seyadi, has always been the top priority.


Alex Hamilton


IBS Intelligence has launched its IBS Chat Forum, a global platform to bring industry participants together on everything related to banking and financial services technology. Log on to www.ibsintelligence.com/ibschat and connect with peers across the globe now!


case study: khcb


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