Bank ABC launches “ila” – digital, mobile-only bank in Bahrain

Bank ABC launched ila Bank, foraying into the digital, mobile-only banking space, beginning with Bahrain with a roadmap to take it across the MENA region. 

ila reflects Bank ABC’s commitment to drive the financial services sector to the next frontier, combining technology with a human-centric design to redefine banking for the next generation.
 
Arabic for the word ‘to’, ila promises to propel its users from where they are, “to” where they want to be, enabling their long-and-short-term goals and aspirations though an extremely personalised approach to banking and financial management, aided by cutting-edge technology and sophisticated data analytics.

“At Bank ABC, we see change as an opportunity – to become more relevant to our customers and to evolve and to grow with them,” said Dr. Khaled Kawan, Group CEO of Bank ABC.

“This is an exciting time not just for us, but also for the country. Digital transformation presents a huge opportunity to drive lasting positive change throughout the Kingdom, something that Bank ABC is proud to be leading.”

As opposed to traditional banks, ila has been conceived and built differently from the ground up, keeping the customers and their rapidly evolving needs at its core: ila is agile, connected and intuitive.

“We recognise that the customers of today are not the same as the customers of tomorrow,” added Bank ABC Deputy Group CEO Sael Al Waary, who is spearheading this strategic initiative.

“And so, it became our obsession and challenge to create a bank that mirrors their fast, connected and always on the go lifestyles. We merged cutting edge technology and human understanding to create a bank that is aligned with modern life.”

ila is designed to listen to our customers, study their lifestyles and priorities, and offer them an intuitive banking support that is completely attuned with their financial needs, something that is also deftly conveyed by our brand promise, ‘Banking that reflects you’,” said Al Waary.

ila has created quality jobs and internships for young Bahraini professionals - over 80% of ila employees are Bahraini and 84% are under 40 years old.

Furthermore, the mobile-banking app is positioned to promote financial inclusion in the MENA region, something that Bank ABC is extremely passionate about, with the lowest required income threshold to open an account in Bahrain.

ila is the latest in a series of ‘firsts’ that underlines Bank ABC’s strategy to “modernise, evolve and disrupt” traditional banking within MENA and position Bahrain as a fintech hub for the region.

In September, the Bank introduced Fatema, MENA’s first emotionally intelligent digital employee and world’s first AI avatar developed using Digital DNATM. She is now ila’s first digital customer service executive.

The Bank has also made significant strides in digitising its wholesale operations to drive operational efficiencies and improve client service.