AJIB Selects Codebase Technologies’ Digibanc Platform for Digital Onboarding Transformation
Amman, Jordan (October, 2022) - Arab Jordan Investment Bank (AJIB), one of Jordan's leading financial institutions, has partnered with Codebase Technologies, one of the world's fastest-growing open API banking solutions providers, to launch digital onboarding for resident and non-resident Jordanians. AJIB and Codebase Technologies' combined experience in the banking and technology sectors will enable millions of customers to easily open a new banking account and access various financial services using a completely digital onboarding process.
Despite high financial literacy rates and deep smartphone penetration across the country, only 43% of Jordanians have a bank account. At a time when banks and fintechs are eagerly competing to offer customers new and unique digital experiences and bank the underbanked Jordanian population, AJIB's digital onboarding will offer a digital-first approach that attracts younger generations while retaining the Bank's promise of quality and trust.
Ayman Qadoumi, Assistant Deputy General Manager of IT at AJIB, commented, "In a region where most customers are Gen Zs and Millennials, there's a need, now more than ever, to offer digital banking solutions that can be used from anywhere and at any time. Therefore, we chose a partner with extensive experience in digital banking and a flexible and robust digital onboarding solution that can help us get to market quickly and enhance our innovation potential." He added, "Digital onboarding is critical to modern banking, and the ease of access it provides for customers addresses the acquisition challenge many banks face and broadens banking access for the underserved and unbanked. Codebase Technologies' Digibanc platform will be instrumental in helping us expand our offering to new customers and ensure our Bank stays at the forefront of innovation."
Leveraging fintech leader Codebase Technologies' Digibanc platform, AJIB plans to launch an innovative digital customer onboarding experience that will incorporate streamlined eKYC, ID scanning and customer liveness checks - integrating the solution with AJIB's existing mobile banking app, core banking system, and Jordan's National ID database.
The Digibanc platform's microservices-based architecture will accelerate the propositions time to market and establish a technology foundation that will allow AJIB to introduce new digital-first innovations faster than ever.
Tamer Al Mauge, Managing Director of MENA at Codebase Technologies, commented: “We’re very excited that AJIB has selected Codebase Technologies for this landmark project. The innovative power of our Digibanc platform, our experience in successfully delivering numerous digital onboarding propositions in MENA and driving collaborations with third parties in Jordan fintech ecosystem will help ensure a successful project and launch. We are honored to work with AJIB to bridge the financial inclusion gap in Jordan and help the Bank on its journey of digital transformation."