Malaysia’s Bank Muamalat has announced its transition to a cloud-based operating model to develop new financing products, achieve operational efficiency, save costs, and enhance security measures.
It plans to utilise generative AI (GenAI) capabilities to analyse data and deliver personalised digital banking services for customers.
Bank Muamalat’s president and CEO, Khairul Kamarudin said, "By having digital core systems and front-end running on Google Cloud, the bank aims to streamline IT operations and enhance responsiveness."
The bank is migrating its digital applications and databases to Google Cloud.
It is integrating them with the digital core banking platform from SaaS fintech firm Mambu and the engagement banking platform from fintech company Backbase, to develop a new range of Islamic financing and deposit offerings.
The transition is said to support the developers to accelerate software development cycles, enabling faster rollout of services.
Bank Muamalat is leveraging Google Cloud’s modern infrastructure and developer cloud capabilities to improve its Muamalat Application Platform (MAP).
The upgraded MAP’s ability to automate document data capture, frees up staff to focus on value-added decision-making while allowing customers to complete financing applications up to “six times” faster.
It has achieved built-in data access controls and encryption keys to meet security and compliance requirements.
It is now planning to deploy Google Cloud’s Chronicle Security Operations and Security Command Center Premium platforms integrated with Mandiant Threat Intelligence, for threat detection, investigation, and response capabilities.
Bank Muamalat will also implement Google Cloud’s Firestore, a serverless database, to prevent unintended data loss from potential human errors and natural disasters.
Create 360-degree profiles
The bank will leverage Google Cloud BigQuery and Looker, integrated with Google Marketing Platform, to consolidate and analyse first-party data collected from customer interactions.
With consolidated data, the bank aims to create unified, 360-degree customer profiles and data views to enable non-technical business analysts and marketers to access targeted insights for designing and delivering products.
Google Cloud Malaysia’s country manager, Patrick Wee, said the decision to leverage Google Cloud’s capabilities in modern infrastructure, security, data analytics, and GenAI as a unified whole, will help the bank drive new operational efficiencies and execution velocity, and expand the relevance and reach of services.
The bank further intends to deploy GenAI in its services. It will adopt enterprise-ready GenAI capabilities including Vertex AI Search and Conversation to enable staff extract insights and recommendations from data repositories in natural language, improving the quality of customer engagements.
It will streamline information retrieval tasks, allowing staff to spend more time interacting with clients and creating personalised content based on evidence-based insights.
