Layer is a digital transformation platform that enables large financial institutions to rapidly revolutionize their customer and back-office digital experiences. This new partnership will see the Dublin-based company add an additional 80,000 users to its platform. Through this latest collaboration with Layer, Al Baraka aims to meet customers’ evolving banking needs by providing them with easy access to seamless banking transactions and a range of products and services without the need to visit the branch. Layer’s proprietary platform sits on top of traditional core systems to enable banks to offer customers a blend of traditional and neobank capabilities. Al Baraka has implemented those services available on the Layer platform to provide end-to-end digitalization of its banking services, delivered through a newly built mobile app and website.
Layer’s ambition is to accelerate financial inclusion and digital transformation processes across the world through similar client relationships. The digital banking platform now delivers banking services to over 25 million consumers through its existing clients. Smartphone usage among consumers in the Middle East has been growing steadily. The number of smartphone users in the region almost doubled, from 86 million in 2014 to an estimated 174 million in 2019. Despite this significant growth, further research reveals that up to 48% of Arab youth had never engaged in digital banking.