Allied Bank Limited re-imagined service delivery and strengthened its competitive advantage with Oracle Banking Digital Experience.
Allied Bank Limited, headquartered in Lahore, Pakistan, is one of the country’s largest financial institutions, serving customers through a network of more than 1,350+ online branches, more than 1,500 ATMs, as well as digital channels.
As the bank embarked on its digital journey, it recognized that many financial institutions were unable to provide an omnichannel experience to their customers. Many started their journey with a siloed approach by implementing only internet banking at first, and later adding mobile banking separately. Allied Bank had a clear vision to improve the customer journey and adopted a holistic solution that was scalable, not siloed, and could connect with all types of devices to provide a seamless omnichannel experience to customers.
Allied Bank Limited had a clear vision for digital banking. The solution needed to be holistic and scalable—and we knew that the Oracle Banking Digital Experience could provide what was needed to deliver for our customers.
Chief, Digital Banking Group, Allied Bank Limited
Allied Bank's vision for digital banking aligned well with the vision of the Oracle Banking Digital Experience. For the selection process, the bank prepared a comprehensive list of requirements for business and personal banking. Each requirement was categorized as a standard feature, customizable, or not available. After a detailed evaluation of solutions, Oracle emerged as the superior choice.
Allied Bank was focused on providing both business and retail customers with a more seamless and value-rich experience. The bank began its journey by deploying the Oracle solution across its business banking customers, focusing on payments, funds transfers, and trade. The bank then rolled out the solution to its retail customers.
Oracle Banking Digital Experience is the foundation for Allied Bank’s digital banking service platform, myABL. When the organization first implemented Oracle Banking Digital Experience, 60% of transactions were processed through the branch or other non-digital channels. Today, the paradigm has shifted, with 60% of transactions conducted via digital, self-service means.
Customers and the bank both benefit from the move to digital self-service. Customers gain greater flexibility and convenience, while the bank elevates the customer experience as it drives down costs. Each transaction processed through traditional channels can cost $3 to $4; whereas, a digital transaction averages only 40 cents. The bank’s goal is to increase digital, self-service transactions to 80% within the next few years.
Allied Bank has experienced a dramatic leap in customers using internet banking. In 2017, 100,000 customers leveraged internet banking—a milestone that took the bank 10 years to achieve. In just 2 years with Oracle Banking Digital Experience, that number has increased to 500,000, with 350,000 customers using digital offerings regularly.
The Oracle solution also helps users personalize their mobile experience to fit their unique needs and preferences—including personal finance management to effectively manage expenses and budget targets, card management services, personal profile management, mutual funds management, and much more. These capabilities, which are not offered by most of other banks in the country, have provided a competitive edge to Allied Bank and a strong value proposition.
Most recently, Allied Bank launched an innovative Siri-enabled capability that allows customers to make balance inquiries and transfer funds via voice command. The bank also has integrated the solution with a fintech offering geofencing. Allied Bank can now alert customers in real time to special discounts and benefits at various businesses. This capability provides additional value to customers and elevates their overall experience.
In a span of 2 years, we went from 100,000 to 500,000 internet banking users. Oracle Banking Digital Experience gave us the tools to personalize each customer’s experience in a way that was never before possible.
Chief Information Technology Group, Allied Bank Limited