After another successful year of helping with the digitization of the banking ecosystem in Bahrain and the broader region, Aion Digital has started 2021 by highlighting the core factors that have contributed to its rather impressive growth so far.
For those out of the loop, the Manama-based company provides a FinTech platform for building digital banks. In a relatively short time, Aion has grown from 20 to more than 90 full-time employees across three different markets in the GCC. During this time, it has launched the first Islamic digital bank in the region in addition to procuring five high-profile clients. Not only that, Aion also reached a break-even point way ahead of the schedule, which currently makes it one of the few profitable FinTech startups on a global scale.
Aion Digital says its success can be attributed to primarily three influencing factors. First, it has an agile tech stack that includes the Aion Rubix digital platform. Rubix makes it easy to deploy the “plug and play” approach which is critical to integrating new products and enabling clients to enter the market with speed and certainty. It serves particularly well on three distinct fronts:
- Expanding the digital customer base
- Vertical and horizontal scalability
- Remote delivery and implementation
Aion says its second most crucial strength is the company’s in-house team of experts, reinforced by their localized approach.
“Aion’s team is made up of experts from different multinational industries including, technology, banking, regulatory, consultation, and design, all of which have the global and regional experience,” the company stated.
With a top-notch team at its core, Aion finds itself in a perfect position to incorporate business insights smoothly into operations and cooperate with regulatory bodies to test and deploy the newest digital innovations.
The third important factor behind Aion’s rapid success would be its ability to help conventional banks to “finally overcome the data silos that make it difficult to get a 360-degree customer view and make connected decisions across channels.”
The company acknowledges that the next 12 months would be pretty crucial for the Aion ecosystem. During this period, the company will proceed on with the deployment of its platform in new markets in addition to introducing new products. It also plans on rolling out the first digital-only bank in the region by the end of Q1 2021.