Arab Investment Bank, an investment and commercial bank under the supervision of the Central Bank of Egypt (CBE), has selected Temenos to power its digital customer experience.
The Egyptian bank said it chose the market-leading capabilities of Temenos Infinity and Temenos Payments to improve performance, drive its digital growth strategy and provide a boost to financial inclusion for millions of Egyptians.
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Arab Investment Bank, which is among one of the fastest growing banks in Egypt, provides personal and business banking products as well as investment and Islamic banking services.
With Temenos Infinity, the bank has embarked on a digital transformation journey to make banking and financial services easier, faster and more accessible for all Egyptians.
Egypt prepares for financial inclusion
Egypt has an adult population of over 67 million and while over 90 per cent have a mobile phone, only 1 in 3 has a bank account and less than 6 per cent made digital payments in the last year.
Arab Investment Bank already uses Temenos Transact as its core banking technology.
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By GlobalDataNow, with Temenos Infinity, the bank benefits from the leading omnichannel digital banking product covering customer engagement from acquisition, to account servicing, through to long-term retention.
Using both products, the bank is able to achieve an end-to-end digital banking transformation and market-leading cost-income ratio.
Increasing access to financial services
The performance benefits will be seen in higher customer growth, lower cost of marketing, improved front office efficiency with increased STP rate and reduced asset write-offs with Explainable AI lending.
Temenos Infinity accelerates time-to-market for new products and deliver a seamless, multi-experience digital journey for its customers.
With Temenos Infinity, Arab Investment Bank will offer a seamless digital experience to its customers across digital touchpoints for all retail banking products, reducing client onboarding to just minutes.
