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Bahrain Islamic Bank (BisB) has recently announced the launch of its in-house innovation lab, a dedicated creative space that will allow it to perform exploratory test runs, in an effort to continually improve new banking products and services before they are deployed in the market.
The unveiling of the Innovation Lab is part of a drive to harmonise financial technology with its business operations, in order to deliver superior integrated financial solutions to satisfy its customers’ expectations.
Launching of BisB Innovation Lab is one of the major achievements carried out by the in-house IT team in line with the bank’s digitisation strategy and includes a ‘Virtual Voice Assistant’ to help guide callers.
CEO Hassan Jarrar said: “The inauguration of this lab stems from the need to create an innovative work environment that inspires creativity, thinking outside the box and brainstorming new ideas.
“We have equipped the lab with advanced technology in order to empower our IT team with the ability to pilot and test drive new products currently available in the digital market, leveraging digital interfaces within the bank’s systems in order to design new solutions in the FinTech field.”
BisB says it is continually seeking new ways to streamline its operations in order to ‘transform the lives of customers’ through innovative, simple solutions that facilitate their banking transactions.
“The Lab is automated with biometric authentication for added security measures, and is equipped with various new technologies, including Location Based Services, Self-Service Machines, New Generation ATMs, robotics, digital banking services, instant cheque book and card printing services.
“It also comprises a Virtual Voice Assistant, which will enable our retail and corporate customers to chat online, allowing them to manage their financial business faster in a simplified and hassle-free manner.
“The possibilities are endless, our employees can utilise the lab to demonstrate potential services, identify the business value of trending technologies, and experiment with services remotely before they go-to-market. Moreover, the lab will play a pivotal role in facilitating the exchange of ideas, serving as a creative space, further promoting a culture of innovation within the bank.”
