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CASE STUDY
Building Faysal Bank's Digital Onboarding
Financial inclusion in Pakistan stands at 21%, a striking figure for a country of more than 250 million people. Most low-income earners remain unbanked or underbanked, and for many, the barrier is not willingness but access. Faysal Bank, one of Pakistan’s leading Islamic banks, partnered with Codebase Technologies to launch a digital onboarding solution built on Digibanc platform, allowing anyone across the country and the diaspora to onboard from wherever they are.
Project Overview
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Pakistan has witnessed a significant increase in digitization over the past year, with renewed focus from banks, regulators, and government striving to widen access to financial services. As of 2022, financial inclusion stood at just 21%, compared with 78% in India and 47% in Bangladesh. Mobile phone access reached 87% and 3G/4G penetration at 51%.
Most banks have started their digitization journeys, but customer acquisition and onboarding remain the bottleneck. Requiring customers to visit a physical branch to register for digital services restricts access for those in remote areas and causes delays that are both time-consuming and unreliable. Faysal Bank, one of Pakistan’s leading Islamic banks, tapped Codebase to change that.
Faysal Bank worked closely with Codebase to plan, implement, and deploy a cutting-edge digital onboarding solution built on the Digibanc platform. Codebase integrated APIs and back-office modules to support digital account opening and back-office management, with video KYC strengthening risk management and compliance. The entire flow was customized to Faysal Bank’s brand and built into simple screens customers can complete in minutes.
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Client's Mission & Expectations
Faysal Bank wanted to move onboarding out of the branch and onto the customer’s device, giving unbanked and underserved Pakistanis a way to open an account without travel, queues, or paperwork. The solution needed to meet State Bank of Pakistan requirements, enhance compliance, and improve risk management, while reducing the time and cost of acquiring new customers. Just as importantly, Faysal Bank wanted the onboarding process to feel simple enough that customers would finish the journey.
“Digitizing our customer onboarding process allowed us to expand our reach to previously underserved segments of the market, expanding our market share and increasing customer growth. The onboarding solution has also increased our operational efficiency, improved our risk management, and driven increased revenues. Codebase and their Digibanc platform have truly had an impact on helping us evolve how we do business.”
Hassan Jafri,
Chief Information Officer, Faysal Bank
How Codebase Technologies and Digibanc Made It Possible
Faysal Bank and Codebase worked side by side through planning, implementation, and deployment. Codebase brought its industry expertise in banking and technology, while Faysal Bank contributed deep knowledge of the local market and its customers. Together, the two teams co-architected the solution on Digibanc, combining their strengths to deliver an onboarding experience built for the realities of the Pakistani market.
“Inasmuch as we had projected the kind of solution we were looking to implement, Codebase helped us develop a clear roadmap and provided insightful advice on how best we could implement it for maximum benefits both for our customers and our organization. Leveraging their Digibanc platform allowed us to bring the solution to market in record time.”
Amin Rahman,
Chief Digital Officer, Faysal Bank
What Digibanc Delivered for Faysal Bank
Faysal Bank’s onboarding service was assembled on Digibanc, with APIs and a back-office module configured to support digital account opening and digital back-office management. The flow was customized end to end to match the bank’s brand, with Digibanc modules and workflows tailored to the experience Faysal Bank wanted to deliver.
Video KYC
Video KYC was built into the onboarding journey to strengthen Faysal Bank’s risk management and improve compliance efficiency, allowing identity verification to happen remotely without weakening oversight.
API and Back-Office Module Integration
Codebase integrated APIs and a back-office module from Digibanc to support digital account opening for new customers, while giving the bank the tools to manage back-office operations digitally.
Brand-Aligned Onboarding Flow
Themes, layouts, and designs across the entire onboarding flow were customized to match Faysal Bank’s existing brand, so the experience felt consistent with the bank customers already knew.
Customized Modules and Workflows
Various Digibanc modules and workflows were tailored to Faysal Bank’s requirements, giving customers an onboarding experience built specifically for the bank rather than adapted from a template.
Simple, Screen-Based Journey
The onboarding flow was broken into simple screens so customers could complete the process seamlessly within a few minutes, removing the complexity that typically causes applicants to drop off.
Smart Card Scanning on Browser
The project marked the first instance of smart card scanning on customers’ browsers in the Pakistani banking industry, removing the need for branch verification or additional hardware.
Facial and Liveness Checks on Browser
It was also the first in-market instance of facial and liveness checks running on a web-based digital onboarding journey in Pakistan, reinforcing identity assurance within the browser.
Outcomes
The partnership between Faysal Bank and Codebase Technologies delivered a digital onboarding experience that reshaped how the bank acquires and serves customers, extending its reach into segments and regions previously beyond its footprint.
For Faysal Bank
The new digital onboarding journey positioned Faysal Bank to acquire customers faster and more cost-effectively, reach previously underserved segments across Pakistan, strengthen compliance and risk management, and reinforce its standing as a market leader in digital banking.
For Customers
Customers can move from unbanked to banked in minutes, rather than visiting a branch, queuing, completing forms, and waiting days for an account. This includes the unbanked and underserved, who can now open accounts and start banking without the barriers that previously stood in their way.
For the Market
As champions of financial inclusion, Faysal Bank achieved a milestone that will help drive more inclusive banking in the years ahead, allowing Pakistanis in remote areas to open accounts, access financial products and services, and take control of their financial lives.
Frequently Asked Questions
What is the Faysal Bank's digital onboarding solution about?
It is a digital account opening experience built by Faysal Bank with Codebase Technologies on the Digibanc platform. It allows customers to open an account digitally, without visiting a branch, and move from unbanked to banked in minutes.
What platform powers the solution?
The solution runs on Codebase Technologies’ Digibanc platform, with APIs and back-office modules integrated to support digital account opening and digital back-office management.
How does video KYC support the onboarding process?
Video KYC was built into the journey to improve Faysal Bank’s risk management and enhance compliance efficiency, allowing identity verification to take place remotely without weakening oversight.
What makes this onboarding solution unique in Pakistan?
It is the first instance of smart card scanning and facial and liveness checks on customers’ browsers in the Pakistani banking industry, both delivered within a web-based digital onboarding journey.
How long does it take to open an account?
Customers can complete onboarding in just a few minutes. The process was broken into simple screens specifically so applicants could finish quickly and seamlessly.
How does the solution support financial inclusion in Pakistan?
The solution allows unbanked and underserved Pakistanis, including those in remote areas, to open accounts digitally without visiting a branch. This widens access to financial products and services across the country.
