ALLIANCE BANK PLOTS EXPONENTIAL GROWTH via Digital Transformation for Credit Card Customer Base

Alliance Bank Eyes Doubling Credit Card Customer Base via Digital Transformation

KUALA LUMPUR, July 28 Bernama -- Alliance Bank Malaysia Bhd exponentially increase its credit card customer base by approximately 100 through digitalization initiatives. Following the introduction of dynamic card numbers on their Visa Virtual Credit Card VCC, implemented in April with Red Hat's partnership, the bank has witnessed a surge in card applications reaching up to thousands every month.

Head of Cards and Loans at Alliance Bank, Edwin Lee, expresses confidence that this growth trajectory could potentially lead to doubling its credit card user base within the coming months. Currently, the bank had about 120,000 credit card users before April; as of May, it has expanded by roughly 25 to reach approximately 152,000 users.

Lee highlights that the partnership with Red Hat was instrumental in recognizing opportunities for growth through digitalization. The pandemic era witnessed a pivotal shift towards digital banking solutions, and Alliance Bank capitalized on this tr by introducing dynamic card numbers as an enhanced feature of their VCC product. This innovative technology enables the bank to mitigate risks associated with cybercrime, fraud, identity theft, and eliminates the inconvenience of cancelling cards.

In tandem with this move, Red Hat Malaysia's Country Manager, Tammy Tan, emphasizes how open-source technologies are essential for financial institutions navigating a rapidly evolving landscape. She states that their partnership with Alliance Bank underscores the importance of cultivating an agile, collaborative, and efficient culture in banking operations through the utilization of open-source tools.

We're dedicated to helping organisations like Alliance Bank innovate at their own pace, sd Tan. The integration of open-source components for financial services is crucial as it accelerates development cycles and fosters a more dynamic environment for banks.

This partnership not only propels Alliance Bank's credit card client base upwards but also underscores the broader significance of digital transformation in the finance sector.

Key Terms:

• Alliance Bank Malaysia Bhd

• Red Hat, Inc.

• Virtual Credit Card VCC

• Dynamic Card Number

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: The above information is accurate as of July 28, 2023.

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