Capital Investments Launches Jordan’s First Fully-digital Onboarding for Investments with Codebase Technologies’ Digibanc Platform

Amman, Jordan (November, 2023) – Capital Investments, the dedicated investment arm of Capital Bank of Jordan, has launched its digital onboarding services. These services are designed to allow new customers to register for and start using Capital Investments trading accounts. The Digibanc platform by Codebase Technologies was selected to bring this proposition to market due to its security, flexibility, and track record as a proven innovation platform for digital banking.

This latest digital transformation initiative continues the strategic partnership between Capital Bank of Jordan and Codebase Technologies. In 2022, this partnership led to the successful launch of the neobank Blink and Capital Bank of Jordan’s new mobile banking app, both of which operate on the Digibanc platform.

Hani Khalil, Group Chief Digital and Innovation Officer at Capital Bank of Jordan, commented, “Capital Bank of Jordan is embracing technology to revolutionize and improve the banking experience for its customers. We have made significant strides in digitizing our business by prioritizing a customer-centric approach, which has culminated with the successful implementation of fully digital onboarding across multiple Capital Bank Group entities. To ensure success, we are partnering with Codebase Technologies.”

The WealthTech industry is predicted to surpass traditional investment channels, reaching an estimated value of $18.6 billion by 2031¹. This impressive growth can be attributed to the ease with which both new and experienced investors can sign up, manage, and transact. However, recent statistics show that almost 68% of customers abandon a financial application during the onboarding process². Aiming to capitalize on this market gap, Capital Bank of Jordan has prioritized financial services access in its digital transformation journey, catering not only to retail banking customers but also to those looking to invest and open brokerage accounts.

“Capital Investments has been a respected regional leader in brokerage and investment management for over seventeen years. However, we constantly faced the same challenge that many banking institutions are facing today—customer attrition during onboarding. Considering the current dynamics of technology and the need to reach more people remotely, we were keen to re-strategize and integrate technologies that would support us now and in the future. The Digibanc platform has been a powerful tool of innovation for the Group, and we are excited to launch it for our wealth management as well as trading customers.” commented Bashar Amad, Chief Executive Officer at Capital Investments.

By implementing an intelligent onboarding process enhanced by essential capabilities like eKYC, Capital Investments has significantly improved its ability to acquire and retain customers while managing risks more efficiently. While Capital Bank utilizes Digibanc’s sophisticated analytics, the bank can also deliver hyper-personalized experiences to customers, maintaining a competitive edge while promoting financial literacy and inclusive banking for all. Leveraging the platform, Capital Bank of Jordan aims to optimize its customer acquisition cost-effectiveness, thereby increasing profits and advancing innovation. Thus, by introducing digital onboarding through its contemporary banking app platform—which allows customers to onboard themselves from anywhere, anytime, in just a few minutes—Capital Bank Group offers its customers the convenience and flexibility needed to bank and invest in today’s dynamic digital era.

“We commend Capital Investments for their forward-thinking leadership in launching digital onboarding for their investment and brokerage accounts. This is a crucial step in broadening access to wealth management services across the country and giving customers a market-leading digital experience that will enhance engagement and reduce attrition during onboarding, ” added Tamer Al Mauge, Managing Director of MENA at Codebase Technologies.

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Sources

[1]    https://www.alliedmarketresearch.com/wealthtech-solutions-market-A31614

[2] https://fintech.global/2022/03/31/over-half-of-consumers-abandoned-onboarding-processes-in-2021/

About Codebase Technologies 

Codebase Technologies is one of the world’s fastest-growing open API banking solution fintech firms. With a vision to “disrupt the way technology is utilized for a greater purpose,” the company engineers impactful digital financial experiences for conventional and Islamic banks, fintechs, neobanks, lenders, and startups.

Codebase Technologies has launched several digital, challenger, and neobank financial propositions worldwide, with a proven success rate and unparalleled speed to market, establishing itself as a pioneer in digital banking technology in the global banking industry.

The company’s award-winning Digibanc^TM fintech platform is a cloud-enabled, API-driven, and highly adaptable digital banking platform that enables institutions to deliver inclusive digital financial experiences. The platform’s open architecture embraces a diverse ecosystem of partners and vendors, fostering collaborative experiences across the financial services landscape. Built on a component-based, micro-services architecture, Digibanc^TM provides a robust and agile environment for launching new financial products and services at speed and scale.

Learn more at:

Website: www.codebtech.com

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About Capital Bank Group

Capital Bank Group is considered one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.5 billion, while the total equity is nearly JOD 670 million.

Capital Bank Group includes Capital Bank, which since its inception in 1995, has grown to become one of the top financial institutions in Jordan, offering the Jordanian market a comprehensive set of commercial and investment banking services and solutions tailored to the needs of retail and corporate clients alike.

In 2005, Capital Bank (Jordan) purchased majority shares of the National Bank of Iraq (61.85%), which enabled NBI to develop its products and services, strengthen its foothold and enhance financial inclusion at the country level, support export activities and provide all services to Jordanian companies operating In Iraq. In 2021, the National Bank of Iraq continued to realize its expansion strategy by launching its first branch in the Kingdom of Saudi Arabia to provide financial and trade services to its corporate clients.

As for Capital Investments, it is a wholly owned subsidiary of Capital Bank established in 2006 and is set as a regional leader in providing comprehensive investment banking services that include asset management, brokerage as well as corporate financial advisory. The company serves a diverse array of local, regional, and international clientele, including major corporations, government entities, and high-net-worth individuals through its offices in Jordan and the United Arab Emirates / Dubai International Financial Center (DIFC).

Further building on its ambitious expansion strategy, Capital Bank Group also acquired Bank Audi’s operations in both Jordan and Iraq in 2021 and followed that milestone in 2022 with the acquisition of the branches and operations of Société Générale Bank in Jordan, strengthening its competitive position in the Jordanian banking market. In early 2022, Capital Bank launched its digital bank – Blink, to re-imagine the way people conduct their banking operations, targeting young individuals.

In June 2022, Capital Bank raised its capital through issuing new shares in favor of the Public Investment Fund (PIF) – one the largest sovereign funds worldwide – as a strategic investor in Capital Bank. with a 23.97% stake, a milestone which will enable the Group to implement its expansion strategy and introduce new products and services to meet the needs of its clients and benefit its shareholders.

For more information, please visit Capital Bank website: www.capitalbank.jo

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Tom Romanski

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Codebase Technologies

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Email: romanski@codebtech.com