Corporate World of Tomorrow
By Wesam Baqer, Chief Corporate & Institutional Banking Officer, BisB
Known for its start-up friendly ecosystem and its strategic location at the heart of the GCC, Bahrain has proved to be an ideal centre for entrepreneurs to kickstart their journey. The country continues to witness a rise in the number of start-ups being established who are taking advantage of the resources and conducive environment to test, launch and grow, both on a local and regional level.
With the world recently undergoing a major shake-up due to COVID-19 which forced people and businesses to drastically change their modus operandi, the focus on technology as a means to engage and innovate has become a necessity and is being embedded at the core of business operations. Technology has definitely encouraged innovators to step forward and quickly respond to the challenges posed by the pandemic.
In light of the circumstances, my peers and I have recognised that customer preferences have shifted and undoubtedly needs have changed, a realisation which has pushed us to embrace the start-up mindset and be bold in our efforts to develop innovative solutions that truly make a difference.
Most importantly, the global pandemic has certainly opened a door of opportunities for start-ups to showcase their true potential, encouraging them to harness the power of creativity to come up with the right solutions. To support these start-ups, Bahrain has been working hard to provide them with the ideal resources and complementary infrastructure to thrive, with the support of regulators, ministries, and relevant authorities. This in turn has enabled them to play a significant role in the economic growth and development not only of the country, but of its budding entrepreneurial network.
As a local bank that is well known in the market for transforming the traditional customer experience by pushing the boundaries of innovation, it is only natural that we would strive to deliver innovative corporate products for the SME community, that would help drive the growth of this vibrant sector by simplifying their money matters, while enabling them to go about their daily business with increased efficiency.
Today, retail and corporate customers expect more efficient digital offerings to be at their reach faster than ever before. As such, we have launched our latest digital innovation - End-to-End Mobile Account Opening - for corporate customers. This service enables establishments and Virtual Commercial Registrations (Sijili) registered with the Bahrain Ministry of Industry, Commerce and Tourism, to open a corporate account within minutes using facial recognition, via the Bank’s corporate mobile application, BisB Corporate Digital.
We are now able to truly simplify the process for aspiring entrepreneurs, start-ups, and Instagram-based businesses to open accounts from the comfort of their own home in just a few clicks, providing an unparalleled level of convenience and increased level of safety. Considering the times we live in, we thought it was imperative to offer this service digitally and make it accessible to customers without the need to physically visit our branches,
We are confident that our Corporate End-to-End Mobile Account Opening has established a new benchmark for the industry and will contribute towards strengthening the Kingdom’s position as a leading financial and fintech hub in the region. A promising future awaits us.