Warba Bank, the Islamic champion bank in digital services, has recently launched “Hassala/ Money Box”, the newest digital service through its app available on smartphones for both Android and IOS systems.
Hassala aims to facilitate saving process for customers while guiding them to rely on their own money and savings to achieve their targets, instead of borrowing or using their credit cards which might provide a quick payment’s solution but in return, shoulder them with long-term financial burdens.
Today, customers can save money smoothly and quickly; where they can access Hassala through the app’s homepage “My Portfolio” icon and choose amongst twelve saving goals including: home, my kids, charity, car, heath and treatment, travel and entertainment, shopping, education, jewelry and gifts; should the saving goal is not included in the list then the customer can select the “Others” option.
For financing Hassala, Warba Bank provides two options: either through “Sweep” through which customers can determine the maximum limit of money he/she wishes to save in the main account, where later on extra amounts will be will be drawn from the account and credited to his/her Hassala; or through “Automated Transfer” option where the customer sets a monthly amount to be debited from his/her main account to Hassala account at in a pre-defined date.
It is noteworthy that at both options, the customer is allow to pre-define the date when the debit is be scheduled to takes place . It’s possible as well, to select the date in which the customer wishes to stop his/ her savings in Hassala. Customers can follow up their savings process through the app’s home page which shows the progress and how closer they have become from achieving their goals.
To give customers an added value and to encourage them to save more, Warba Bank offers savers the chance to enter Al-Sunbula weekly and quarterly draws; they will get one chance to win for each KD 10 in their Hassala, in addition to 1% returns on the total money saved.
Commenting on the new digital service, Mohamed Atef Al-Shareef, Chief Strategy and Digital Officer at Warba Bank said: “ Our Digital factory, Al Wateen, continues to deliver remarkable digital services that cater to customers needs in their various walks of life. Al Hassala is the perfect solution to help customers save and achieve their goals and cover their needs easily without accumulating financial burdens considering the tremendous temptations surrounding and easiness in having financing or using credit cards.
Al Shareef added: “Our team innovates these services according to a deep understanding of customers’ needs and aspirations to flexible banking services which would enable them to control their spending and monitor their savings; we promise our customers to keep on innovating digital solutions that enrich their banking experience and make it more joyful, easier and faster while simultaneously cater for all aspects of their lives”.
In addition to Al Hassala, Warba Bank has made an array of updates on many services available on its application such as: the financing calculator which enables customer to calculate consumer commodity financing or construction financing by entering the required amount and repayment period; beneficiary account statement service through which the customer can view all transfer transactions to a beneficiary during the set period; activation of fingerprint for operations; updating the personal ID for family account or adding new member and opening Al Sunbula deposit for minors; controlling payment’s option from one place such as payment of phone bills, recharging credit or purchasing electronic games voucher or GCC telecom cards easily, follow up on expenses by viewing all expenses under each payment category.
As well, the new iOS update features have been applied to Warba Bank app which enable the activation of the Dark Mode to secure a better experience when using the App. at night.
Mohamed Atef Al-Shareef, Chief Strategy and Digital Officer at Warba Bank