Farman R. Chowdhury
Managing Director & CEO, Al-Arafah Islami Bank

The Daily Star (TDS): How are you collaborating with MFS providers to integrate mobile financial services within your banking operations, and how does this enhance the delivery of your services?

Farman R. Chowdhury (FRC): Our bank has seamlessly integrated Islamic Wallet into our traditional banking operations by developing a robust ecosystem. Islamic Wallet allows customers to perform a wide range of banking activities, such as checking account balances, wallet-to-wallet transfers, paying utility bills, and even transferring funds and paying credit card bills of any bank through BEFTN & NPSB channels. This integration has significantly enhanced the delivery of our services by providing customers with convenient 24/7 access to their accounts, reducing the need for physical branch visits, and streamlining various banking processes.

TDS: What products are you offering through MFS?

FRC: Currently, we are not offering any savings and loan products through Islamic Wallet. However, we are in the process of introducing Micro DPS, Micro FDR, BNPL, and many other savings and investment products in the coming days.

TDS: What technological innovations are shaping mobile financial services, and how is your bank incorporating these advancements?

FRC: Several fintech and technological innovations are driving the evolution of mobile financial services, including:

•  e-KYC: Onboarding our customers digitally. Customers no longer have to visit any agent point or branch to open their wallets; they can do it easily from anywhere, at any time.

•  Biometric Authentication: Ensuring secure access to mobile banking apps through fingerprint and facial recognition.

•  API Integration: Allowing seamless connectivity with third-party services for enhanced functionality.

TDS: What steps is your bank taking to safeguard customer privacy and protect sensitive information?

FRC: Ensuring customer privacy and protecting sensitive information is a top priority for our bank. We have implemented several measures to achieve this, including:

•  Encryption: All data transmitted through our mobile app is end-to-end encrypted to prevent unauthorized access.

•  Two-Factor Authentication (2FA): Adding an extra layer of security by requiring a second form of verification.

•  Regular Security Audits: Conducting frequent security audits to identify and address potential vulnerabilities.

•  Privacy Policies: Adhering to strict privacy policies and regulations to safeguard customer information.

TDS: What is your vision for the integration of MFS into traditional banking services?

FRC: Our vision for the future of mobile financial services is to continue leveraging cutting-edge technologies to provide even more personalized, secure, and convenient banking experiences. We aim to expand our range of services to include more advanced financial planning tools, investment options, and seamless integration with other digital platforms. By staying at the forefront of technological advancements, we strive to meet the evolving needs of our customers and aim to become one of the prominent players in this industry.