Bank of Maldives (BML) on Sunday announced an expansion of its digital banking services to eliminate the need for customers to visit the bank physically.
Instead, starting first of Ramadan, customers would be able to access all banking services online round the clock, the bank said.
These services include:
- Depositing and withdrawing cash
- Transferring funds
- Loan, financing and credit card repayments
- Paying for goods and services
- Sending money overseas
- Applying for Lui Loans and Financing as well as viewing "expected credit limits"
- Applying for new debit, credit and prepaid cards
- Managing cards, including PIN changing, freezing or blocking cards
- Paying Zakat-al Fitr
Starting first Ramadan, additional services all also be introduced, which the bank said would "enable simple, [and] convenient banking from anywhere." This includes:
1. Digital Onboarding of Personal Customers: online and instant account opening for personal customers. Existing customers can continue to apply for additional accounts online.
2. Digital Onboarding of Business Customers: online and instant account opening for business customers.
3. Online Loan and Financing Applications: applications can be submitted online for all loans and financing including home purchase, construction or business.
4. Inward Remittance: crediting of all incoming foreign remittances up to USD 10,000 after instant verification.
5. TT or Outward Remittance: instant outgoing foreign remittances up to USD 5,000 through TT or International Money Transfer service on BML Mobile Banking.
6. Increased ATM limits for businesses: increase of withdrawal limit on Business Cards to MVR 200,000, eliminating the need for cheques.
BML also has Aya, a digital banking assistant to help customers navigate services offered by the bank.
"The account opening service is available online even now. But it is for existing customers of the bank. With this new change, anyone can open an account online," BML's Public Relations Manager Mohamed Saeed said.
In order to make the digital banking service more comprehensive, the bank will also be delivering cards ordered by the customer, and will be available to those living in remote parts of the country.
Saeed further said that the digitalisation process is being implemented in phases. He also said that this is a special initiative by the bank's CEO Mohamed Shareef.
"The CEO made this a high priority. Even in the changes in the structure of the bank, he worked hard to achieve this quickly by creating a separate department for digital banking. The changes in strategies brought about after the CEO joined [the bank] made this happen in such a short time," he said.
Saeed said the bank moved towards digitalisation due to the increasing demand for online services in Maldives and the world as a whole. This is the way for an island country like Maldives to provide the best services from anywhere, he said.
According to the bank's figures for last year, more than 107 million transactions were made through internet banking, with than 90 percent of the bank's customers use internet banking. This shows that there is demand for the service, he said.
He also assured that the bank's online services comply with international regulations and standards, with the digital infrastructure to be strengthened as all services get digitalised.
He said the bank's aim is to provide all services online while maintaining quality of services. The bank is also working on making its chat bot more intelligent to enable customers to interact with the bank more fully, he explained.
Saeed said that although all the services of the bank are digital, there is no intention of downsizing the company and all customer service services provided by the branches will continue.