Google Cloud, Mambu, Backbase to Power Bank Muamalat’s Islamic Banking Overhaul
by Fintech News Malaysia March 12, 2024Bank Muamalat Malaysia has embarked on a multi-year partnership with Google Cloud, aiming to revamp its approach to digital Islamic banking in Malaysia.
This collaboration is set to harness Google Cloud’s technology in infrastructure, data analytics, security, and generative AI to provide more personalised and accessible banking services.
The move towards a cloud-based model will see Bank Muamalat transitioning its digital applications and databases onto Google Cloud. This strategy includes integrating its systems with Mambu’s digital banking platform and Backbase’s engagement banking platform, aiming to enhance its Islamic financing and deposit services.
The shift to cloud computing is expected to offer cost savings, improve operational efficiency, and speed up the development and deployment of new banking services.
Notably, Bank Muamalat plans to refine its Muamalat Application Platform (MAP) through this technology, streamlining processes like personal, education, and home financing applications.
In efforts to adhere to strict security and compliance standards, the partnership will also focus on implementing advanced security measures. This includes the use of Google Cloud’s Chronicle Security Operations and the Security Command Center Premium platforms, coupled with Firestore to safeguard against data loss.
Furthermore, Bank Muamalat aims to leverage Google Cloud BigQuery and Looker for data analysis, facilitating greater understanding of customer needs and enabling the design of more tailored banking products. This approach intends to reach a wider segment of the Malaysian population, especially those traditionally underserved by the banking sector.
The adoption of generative AI technologies is also part of Bank Muamalat’s plan to improve internal efficiencies and customer engagement.
Patrick Wee
“Bank Muamalat’s decision to leverage Google Cloud’s capabilities in modern infrastructure, security, data analytics, and gen AI as a unified whole, will help the bank drive new operational efficiencies and execution velocity, and expand the relevance and reach of its services.
For consumers, this means a new standard of digital Islamic banking that’s faster, easier to use, and more attuned to creating mutual trust than ever before.”
said Patrick Wee, Country Manager, Malaysia, Google Cloud.
Khairul Kamarudin
“It’s our mission to bring digital banking’s full range of benefits to Malaysia’s Islamic banking market.
By having our digital core systems and front-end running on Google Cloud, we anticipate streamlined IT operations and enhanced responsiveness, laying the foundation for innovation with enterprise-grade gen AI and ultimately delivering superior banking experiences.”
said Khairul Kamarudin, President and Chief Executive Officer, Bank Muamalat Malaysia Berhad.
Featured image credit: Edited from Freepik
