Jordan Kuwait Bank (JKB), a Jordanian financial institution, has partnered with Codebase Technologies, an open API banking solutions provider. JKB will launch its omnichannel digital onboarding service using Digibanc, Codebase Technologies’ digital banking and fintech platform.
The Bank will also leverage the platform’s instant credit decisioning engine to enable instant credit card issuance. Digibanc will serve as a foundation for JKB to innovate existing customer experiences in Kuwait, as well as launch future digital products, services and customer journeys.
Haethum S. Buttikhi, chief executive officer at JKB, commented: “The banking landscape has changed significantly in recent years, and digitalisation has played a key role in reshaping the interaction between banks and their customers.
“We believe that innovation and a digital-first strategy are key to ensuring a sustainable competitive advantage in the market. We chose Codebase Technologies as our technology partner because they provide and share our customer-centric philosophy and their Digibanc platform will enhance our ability to quickly adapt to the evolving needs of our customers and business.”
Digital drive in Jordan
Jordan has increased its financial inclusion rate from 33.1 per cent to 43.1 per cent in recent years, according to Central Bank of Jordan’s data. Jordan had 66.8 per cent mobile penetration in January 2021, according to DataReportal. Jordan’s major financial institutions are increasingly adopting digital-first strategies to bridge the gaps in financial inclusion. This is in addition to increasing competitiveness and capitalising on the benefits of digital banking.
“Speed to market is a challenge many banks face as they go digital-first, however Digibanc as a digital banking platform offers the right combination of speed, agility, and innovation potential to allow us to adapt to the needs of our customers” – Suhail Salman
The perfect foundation
Enhanced collaboration between financial institutions, regulators, fintech and government agencies has made Jordan one of the fastest growing fintech hubs in the MENA region. The digital onboarding and instant credit services initiatives with Codebase Technologies are one of the many steps JKB is taking to transform into a digital-first bank focused on customer-centric innovation.
“Today’s banks must constantly innovate, adapt to changing business dynamics, and integrate emerging technologies into their technology stack. All the while, they must collaborate with a variety of partners and third-party providers. Speed to market is a challenge many banks face as they go digital-first. However, Digibanc as a digital banking platform offers the right combination of speed, agility, and innovation potential to allow us to adapt to the needs of our customers,” commented Suhail Salman, head of retail business at JKB.
The upcoming proposition will leverage multiple market-ready components and integration capabilities available on the Digibanc platform. These can integrate with JKB’s existing IT and core banking
infrastructure, credit bureaus and National ID Database. Digibanc’s component-based architecture and market-ready solutions will accelerate the projects time-to-market. Additionally, it will ensure rapid scaling for JKB’s innovations in the future.
“This is an exciting time for the Jordanian banking industry and the local fintech ecosystem. This partnership is a great opportunity to jointly drive innovation in the Jordanian banking and fintech sectors. We support JKB’s digital-first vision and help the Bank become more agile. Digibanc serves as a foundation to foster collaboration, innovation, and co-creation of unique experiences and services for their customers,” added Tamer Al Mauge, managing director of MENA at Codebase Technologies.