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Despite recent reports that Al Rayan Bank is permanently shutting down its online banking, the challenger bank has confirmed that it is in fact launching a new platform and an online banking service will remain available to its existing customers.
Al Rayan Bank is launching a new platform called Digital Banking, which will replace its existing app and also replace its current Online Banking. This new platform has already been launched and customers will be required to download the new banking app by 4th March to ensure uninterrupted access. Customers can download the app by visiting www.alrayanbank.co.uk/mobile, which will enable them to either download the app via the appropriate app store or via a text link that will be sent to the customer directly. In addition to this, existing customers who do not have a smartphone will be provided with a free hard-token device that will enable them to continue banking online.
New customers will no longer be able to bank online with Al Rayan Bank, but they will be able to bank via mobile app as well as via other channels such in branch, by phone and by post.
A spokesperson for the bank said: “Customers need to register for the Mobile Banking app by 4 March to ensure uninterrupted digital banking, although they can still register to use the app any time after 4 March. No customer accounts or banking arrangements will be affected by the switch over to mobile banking whenever they choose to do so.
“The mobile banking app – which has been used by many thousands of Al Rayan Bank’s customers since its launch last year – is more secure, quicker and easier to use. The app ensures all customers have a secure service 24/7 with second-factor authentication to improve security. This has been designed and implemented based on demand for more convenient and mobile-led banking services from our customers. Existing online banking customers who do not have a compatible smartphone will be able to continue to access their accounts online through a free hard token, which will enable them to continue to access their accounts via a desktop computer.”
Please note that since this story was published Al Rayan Bank has updated its information for customers stating that to ensure uninterrupted digital banking customers must now register for the new Mobile Banking app by 13th March.
Al Rayan Bank is a Sharia’a-compliant challenger bank. It made headlines last year when it launched a highly competitive easy access account that offered consumers 1.60% gross monthly, a rate that set it way above other easy access accounts in the chart at that time. The bank often offers savers highly competitive rates, especially in the fixed rate bonds chart. It operates under UK regulation and money deposited into the bank is covered by the Financial Services Compensation Scheme.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
