Qorus-Infosys Finacle Banking Innovation Awards 2024

Fully Digital Instant Account Opening Journey

Submitted by
06/05/2024 Banking Innovation


Experience banking revolutionized: instant account opening in MVR or USD, seamless self-registration, Visa Debit Instant Cards, and fully digital Ujaalaa Financing.

Innovation presentation


The objective of the project was to revolutionize the banking experience by introducing a Fully Online Digital Account Opening solution, leveraging innovative technology to streamline the process and enhance customer convenience.


The concept centred around developing the ApplyNow Portal, a central application portal for submitting applications and service requests to the Bank. The key innovation was the integration of eFaas, the Maldives National Digital identity platform, which enabled secure and efficient digital identity verification for account opening.

Key Features:

eFaas Integration:

The integration of eFaas authentication system into the ApplyNow Portal simplified and secured the account opening process, eliminating the need for physical branch visits.

Elimination of Physical Branch Visits:

The project aimed to eradicate traditional banking practices such as queuing up at bank branches, filling out paperwork, and undergoing in-person verifications, making the entire process fully online.

Seamless Customer Experience:

Customers gained the ability to submit and open accounts, order debit cards, and register for internet banking from the comfort of their homes, enhancing convenience and streamlining the banking journey.

Contributions to the Industry:

The project set a new standard in the fintech industry by showcasing the possibility of providing secure and efficient banking services entirely online. It propelled the industry towards digital transformation by demonstrating the adaptation of traditional banking models to the digital age. Additionally, it raised customer expectations for digital services, inspiring competitors to deliver better experiences.


The Fully Online Digital Account Opening solution represented a commitment to innovation and customer-centricity, disrupting traditional banking practices and setting a new benchmark for excellence in fintech. The project significantly contributed to enhancing customer experience and transforming the financial services landscape, positioning the bank as a leader in digital banking innovation.

Uniqueness of the project

The uniqueness of the project lies in its pioneering approach to revolutionizing the banking experience through a Fully Online Digital Account Opening solution. Several key aspects set this project apart:

Integration of eFaas (Maldives' National Digital Identity Platform):

By integrating the eFaas authentication system, the project ensured a high level of security and efficiency in the digital identity verification process, setting a new standard for secure online banking transactions.

Elimination of Physical Branch Visits:

The project boldly eliminated the need for customers to visit physical bank branches for account opening, departing from traditional banking practices and offering unprecedented convenience to customers.

Seamless Customer Experience:

The focus on providing a seamless customer experience distinguished the project. Customers could complete the entire account opening process, order debit cards, and register for internet banking from the comfort of their homes, reflecting a commitment to customer-centricity.

Industry Leadership and Inspiration:

The project's success in setting a new benchmark for excellence in fintech inspired others in the industry to follow suit, propelling the industry towards digital transformation and raising customer expectations for digital banking services.

In summary, the project's uniqueness lies in its innovative use of technology, its departure from traditional banking practices, its commitment to customer convenience, and its leadership role in inspiring industry-wide digital transformation.

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