In what is described as an effort to streamline its customer service operations and enhance its customers’ digital banking experience, Libyan Islamic Bank (LIB) has partnered with Backbase, an expert in engagement banking platform solutions worldwide.
The initiative to revamp its existing mobile app for retail customers and introduce new digital apps for business users comes at a critical time for LIB, says Backbase. This move is expected to significantly reduce friction in customer onboarding and servicing processes. Backbase adds that the innovative digital platform capabilities it offers make it a preferred choice for this partnership.
Central to this transformation is the introduction of Backbase's Engagement Banking Platform, a single omni-channel banking platform that Backbase says aligns well with LIB's aspirations to adopt a customer-centric approach, orchestrate user journeys across all touchpoints, and innovate at the speed of digital.
One of the main objectives of this collaboration is to increase digital adoption rates among LIB customers, enabling self-service options that are more aligned with current market trends and customer demands. By enhancing the functionalities of its existing platforms, LIB aims to not only attract a larger customer base but also to foster long-term relationships through improved service offerings.
A significant part of this endeavour involves reducing the bank's reliance on branch-based operations, a move that is expected to streamline processes and promote greater efficiency and cost-effectiveness. This change necessitates the removal of legacy systems and manual paper-based processes, which can be impediments to swift and smooth service delivery.
Established in 2017 with a primary focus on retail and corporate segments, LIB has been a steady presence in the financial landscape of Libya, abiding by the principles and legislations of Islamic Sharia.