Islamic Finance is nothing but an amount of money that is financed by a bank to a borrower for a certain period of time. Banks charge borrowers profit rate for the amount financed. Hence, Islamic Finance accounts are valuable income generating assets for banks. It is therefore important for banks to enrich the end user’s servicing experience so as to increase customer satisfaction and retention. In order to achieve this, banks are constantly making efforts to enhance the online channel banking experience for their customers by introducing and revamping servicing features on the digital platform.
The application provides a platform by which banks are able to offer their customers an enriching online banking experience in servicing their Islamic Finance accounts.
Customers can manage their banking requirements efficiently and effectively through the OBDX self-service channels. The loan and finance module offers customers a host of services that include, but are not limited to, viewing their account details, schedules and balances and also the facility to make repayments.
Features Supported In Application
The retail loans module of the OBDX application supports the following features:
Pre-requisites
The loans and finance dashboard has been designed to showcase the lending profile of a customer. By viewing the dashboard, the customer should be able to gain an insight into the current position of his conventional loan accounts and Islamic Finance accounts held with the bank.
This dashboard displays summary of total borrowings done by the customer in all accounts along with the current outstanding balance. A tab is present to let customer choose amongst conventional loans and Islamic finances.
Click on individual components to view in detail.
Dashboard Overview
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This identifies in graphical form, a summary of the total borrowings of the customers along with the total amount that is outstanding. The customer is able to toggle between viewing the summary of conventional and Islamic loans, if he holds both types of loans with the bank. |
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In this section, all the loan accounts of the customer held with the bank are listed down. Each account is displayed as a separate card with basic details such as the holding pattern along with the names of the account holders, the name of the loan product, the masked account number along with the interest rate charged on the loan and the amount outstanding. If the customer holds both kinds i.e. conventional or Islamic, the type of loan is also identified in each card. The customer is able to view further details of an individual account by clicking on the account’s card. |
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By clicking on this widget, the customer is able to invoke the screen on which all the bank’s loans are showcased. The customer can then proceed to apply for a loan of choice. |
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Closed Loans |
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This widget displays the number of loans of the customer that have been closed. By clicking on the ‘View All’ link, the customer is able to view further details of all the closed loans. Click View All to view all closed loan accounts. |
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Mini Statement |
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The mini statement widget displays the recent activities of a loan account. This widget only displays the mini statement of one loan account at a time. The customer can select any loan account from the drop-down provided to view that account’s mini statement. Each activity on the statement is indicated as the date on which the activity took place, the description of the activity as well as whether the loans account was debited or credited along with the respective amount. By clicking on the ‘More Details’ link, the customer is able to invoke the loan statement screen on which the customer can view the complete statement of the specific loans. |
