Bank Muamalat taps Google Cloud solutions for tailored services

Bank Muamalat Malaysia is leveraging Google Cloud’s integrated capabilities in modern infrastructure, data analytics, security, and generative artificial intelligence to deliver personalised and inclusive digital banking services to Malaysians.

Bank Muamalat’s holistic cloud transformation also encompasses the adoption of solutions from Mambu, a Google Cloud industry solutions partner, and Backbase, toward delivering cutting-edge digital banking solutions aligned with Shariah principles.

“It’s our mission to bring digital banking’s full range of benefits to Malaysia’s Islamic banking market,” said Khairul Kamarudin, president and CEO of Bank Muamalat. 

“By having our digital core systems and front-end running on Google Cloud, we anticipate streamlined IT operations and enhanced responsiveness, laying the foundation for innovation with enterprise-grade generative AI and ultimately delivering superior banking experiences,” said Khairul.

To lay the foundation for delivering customer-centric banking products and services, Bank Muamalat is making a strategic shift to a cloud-based operating model. 

This involves migrating Bank Muamalat’s digital applications and databases to Google Cloud, and integrating them with Mambu’s digital core banking platform and Backbase’s engagement banking platform to power Bank Muamalat’s new range of Islamic financing and deposit offerings. 

In addition to achieving significant cost savings and enhancing operational efficiency, this transition to an open cloud foundation empowers Bank Muamalat’s developers to accelerate software development cycles. 

This translates to faster rollout of enhanced banking services to better serve customers and drive top-line growth.

With unified, 360-degree customer profiles and data views, Bank Muamalat’s non-technical business analysts and marketers can access targeted insights to design and deliver products better tailored to different lifestyles. 

This expands their reach to broader segments of the Malaysian market, including those underserved by traditional banking services.

In addition, these unified data views will serve as a ready vehicle for the application of responsible generative AI in banking. 

Bank Muamalat’s staff, for instance, typically spend a significant amount of time looking for and summarizing information and documents internally, which means that they spend less time interacting with their clients. 

“Bank Muamalat’s decision to leverage Google Cloud’s capabilities in modern infrastructure, security, data analytics, and generative AI as a unified whole, will help the bank drive new operational efficiencies and execution velocity, and expand the relevance and reach of its services,” said Patrick Wee, Google Cloud country manager in Malaysia. 

“For consumers, this means a new standard of digital Islamic banking that’s faster, easier to use, and more attuned to creating mutual trust than ever before,” said Wee.