Arab Investment Bank Selects Temenos to Drive Digital Growth and Financial Inclusion in Egypt

https://thefintechtimes.com/arab-investment-bank-selects-temenos-to-drive-digital-growth-and-financial-inclusion-in-egypt/
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Temenos, a banking software company has announced that Arab Investment Bank has selected Temenos to power its digital customer experience. Arab Investment Bank 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.

Arab Investment Bank, which is 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 has an adult population of over 67 million and while over 90% have a mobile phone, only 1 in 3 has a bank account and less than 6% made digital payments in the last year.

Arab Investment Bank already uses Temenos Transact as its core banking technology. 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. 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 delivers a 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. Built on a microservices architecture, Temenos Infinity is an open and agile SaaS product allowing banks to continuously extend and expand their solution for all or portions of the customer lifecycle.

The Arab Investment Bank Board of Directors said: “Based on Arab Investment Bank strategy, we chose to partner with Temenos to lead our digital transformation, not only because it has the most advanced technology, but also for its strong presence in the region and its reputation for rapid implementation and time to value. With support from Temenos, Arab Investment Bank is on a path to becoming a world-class digital bank. 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.”

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.

Jean-Paul Mergeai, Managing Director – Middle-East & Africa, Temenos, said: “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.”

https://thefintechtimes.com/arab-investment-bank-selects-temenos-to-drive-digital-growth-and-financial-inclusion-in-egypt/