ADVANCEMENTS IN FUTURE-PROOFING The two-speed digitalisation strategy has shown early results. Key highlights include: • First incumbent-led digital bank: Successfully launched Be U by Bank Islam in 2022, introducing the first cloudnative, enterprise-wide mobile and internet banking application. • Cloud-first strategy: All new applications are hosted on the cloud and most of our legacy applications are being migrated to the cloud which allows the Bank to scale our infrastructure more readily (e.g. to cater for spikes in customer transactions), helps keep our systems up to date and avoid disruptions during any enhancements. • Digital-only operating model: Expanded our offerings to fully digital channels, allowing key banking services to be accessible anywhere for our customers whilst enabling the Bank to grow its business beyond the existing branch network. • Enhanced digital onboarding experience: End to end account opening without the need for our customers to go to a physical branch. We have also achieved a Straight-Through Onboarding Ratio (STOR) of 95%, enabling the opening of a savings account in just 8 minutes with an average of 1.19 clicks per screen. • Modular micro-services architecture: Allows our applications to be easier to scale and also faster to develop, enabling the Bank to respond quickly to evolving customer needs, greater speed to market for any new features and support our business growth. • Open API ecosystem: Enables the Bank to expand its products and services to a wider network by embedding our offerings to third-party ecosystems allowing our business to monetise services in more innovative ways and grow market reach. • Our Digital Partnerships: Collaborating with FinTech partners has enabled us to expand our reach, improve customer experiences, and develop innovative solutions that meet the evolving needs of our market. By integrating with a partner mobile business management solution, we have enabled micro-entrepreneurs to enhance their financial stability through improved financial literacy. • Data-driven insights: Enable the Bank to transform granular data insights into business impact. By leveraging advanced data analytics and machine learning, we can offer personalised recommendations tailored to each individual customer. • Agile working methods: In relevant business areas, we have adopted agile squads composed of cross-functional, cross-departmental teams while still maintaining reporting structures. These squads break down silos and bureaucracy and are empowered to drive greater efficiency and accelerate innovation for the Bank. HOLISTIC TRANSFORMATION WITH CODE S+ AND PHASE 2 IT BLUEPRINT Pillars • Culture Excellence • Digital Experience • Operational Excellence Digital Foundation • Cloud-native • Open API • Data Practice Innovation Drivers • Artificial Intelligence • Agile Ways of Working • Future-ready Talent Improvement Drivers • Robotic Process Automation • Data Analytics • Digitalisation and New System Implementation • Machine Learning • Kaizen Culture • Process Simplification 77 w w w . b a n k i s l a m. c o m 01 02 03 04 MD&A – STRATEGIC REVIEW 05 06 07 08 09
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