Modernization of Consumer Banking Services at Libyan Islamic Bank Through Backbase Implementation
In a groundbreaking move, Libyan Islamic Bank (LIB) has launched a new digital banking platform, powered by Backbase, marking Backbase's first entry into the Libyan market. This strategic expansion underscores Backbase's commitment to expanding state-of-the-art, customer-centric banking across North Africa.
The new platform, designed with adaptive technology, regulatory alignment, and seamless customer experiences, offers a digital-first banking experience that emphasizes speed, flexibility, and long-term relevance in a rapidly evolving market. The mobile app, a key component of the platform, features secure logins, real-time transaction monitoring, internal transfers, in-app messaging, personalized servicing, instant payments, and an ATM/branch locator.
One of Libya's fastest-growing financial institutions, LIB, aims to differentiate itself through an experience-led approach to banking. By collaborating with Backbase, the bank is building a customer-first operating model that prioritizes convenience, security, and innovation.
The platform's launch was delivered through a collaboration between Backbase and regional implementation partner OneTech Business Solutions. OneTech played a vital role in aligning the deployment with LIB's specific needs and Libya's regulatory environment.
With this new platform, LIB is well-positioned to respond to evolving customer expectations and continue modernizing its services at scale. The platform deployment ensures speed, stability, and long-term scalability, laying a strong digital foundation for the bank's future growth.
The integration with LYPAY, the Central Bank of Libya's instant payment service, showcases the platform's agility in meeting new regulatory and infrastructure demands. This integration will provide customers with instant payment capabilities, further enhancing the convenience of the digital banking experience.
In summary, the impact of this launch lies in enabling LIB to deliver world-class, accessible digital banking services to its customers. This move fosters financial inclusion, operational agility, and customer engagement—elements crucial for modern banking in North Africa. The first phase of LIB's longer-term digital transformation roadmap has begun, and it's an exciting time for digital banking in Libya.
[1] Backbase's digital banking platform launched with Libyan Islamic Bank [2] The platform offers a digital-first banking experience with features such as secure logins, real-time transaction tracking, internal transfers, in-app messaging, personalized servicing, instant payments, and an ATM/branch locator. [3] The launch represents the first phase of LIB's longer-term digital transformation roadmap. [4] Backbase achieves this through adaptive technology, regulatory alignment, and seamless customer experiences. [5] The collaboration between Backbase and regional implementation partner OneTech Business Solutions was instrumental in the successful deployment of the platform.
- The bank, Libyan Islamic Bank (LIB), is utilizing advanced banking technology from Backbase, including artificial intelligence, as part of their strategy to modernize and expand digital banking across North Africa within the finance industry.
- Leveraging technology and regional partnerships, LIB's new digital banking platform, powered by Backbase, features multiple services such as secure logins, real-time transaction monitoring, personalized servicing, instant payments, and an ATM/branch locator, offering its customers a digital-first banking experience.
- With the integration of LYPAY, the instant payment service provided by the Central Bank of Libya, the newly launched digital banking platform demonstrates its flexibility and adaptability in addressing evolving regulatory demands, promoting financial inclusion and convenience in the banking-and-insurance sector.
