Arab Investment Bank Taps Temenos to Boost Its Digital Banking Capabilitiesby Fintechnews Africa 5 January 2021
The Arab Investment Bank announced that it has selected Temenos, a Swiss banking software company to bolster its digital banking transformation journey.
Arab Investment Bank chose the 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. The Egyptian bank already uses Temenos Transact as its core banking technology.
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 has an adult population of over 67 million and while over 90 percent have a mobile phone, only 1 in 3 has a bank account and less than 6 percent made digital payments in the last year.
Using both products, the bank will be able to achieve an end-to-end digital banking transformation and market-leading cost-income ratio. 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.
Digital payments is also a strategic growth area for Arab Investment Bank and with Temenos Payments, the bank benefits from a comprehensive, universal platform for efficient payment execution and distribution, removing the need for a different system for different payment types.
Arab Investment Bank’s Board of Directors stated that “digital channels are vital to achieving our growth goals and Temenos’ advanced technology will enable us to design and execute a holistic model to support digital acquisition, onboarding, engagement and cross-selling”.
Jean-Paul Mergeai, Managing Director of Middle-East and Africa, Temenos commented,
“Internet and mobile banking are key to unlocking economic development and financial inclusion and so Temenos is proud to support Arab Investment Bank in its bold mission to improve access to digital banking services in Egypt. The suite of Temenos products deployed by Arab Investment Bank provides an agile platform to move forward at speed with its digital ambitions. By making it easier to open a bank account, receive and make digital payments, our technology is helping Arab Investment Bank dramatically improve the lives of 44 million Egyptians who currently do not have a bank account.”
This article first appeared on fintechnews.ae.