(The Daily Star/Hasan Shaaban)
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BLOM bank announced a new product that does KYC (know your customer) for loan applications digitally, still pending final approval by the central bank.The central bank says it has several digital plans in the works, including an e-government payment system, in coordination with around 10 ministries, to be launched toward the end of the year; and a potential national digital currency, which is still being studied to learn lessons from other countries. Nevertheless, the BDL says it encourages innovation at Lebanese banks. Throughout the region, bank branches still play a vital role for customers, while few banks are collaborating with non-banking players to keep up with changes in consumer behavior.At some banks, what was once implausible science fiction is now reality.The customer simply gives a face scan, which is immediately recognized, and the account is opened on the spot.Zaid Kamhawi, CEO of Qarar, a Dubai-based digital analytics consultancy, noted that some banks in the Gulf are already using advanced systems for customer personalization.
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