Temenos, a banking software provider, has been chosen by the Arab Investment Bank to improve its digital customer experience.
The bank chose Temenos Infinity and Temenos Payments’ market-leading capabilities to enhance efficiency, drive its digital growth strategy and provide millions of Egyptians with a boost to financial inclusion.
One of the fastest-growing banks in Egypt, the Arab Investment Bank offers personal and business banking products as well as investment and Islamic banking services. With Temenos Infinity, to make banking and financial services simpler, quicker and more available for all Egyptians, the bank has embarked on a digital transformation journey.
Temenos Transact is now used by the bank as its main banking technology. Now, the bank benefits from the leading omnichannel digital banking product with Temenos Infinity that covers customer interaction from acquisition to account servicing to long-term retention.
The bank is able to achieve an end-to-end digital banking transition and a market-leading cost-income ratio using both products. Increased consumer growth, lower marketing costs, improved front-office productivity with increased STP rate and reduced asset write-offs with Explainable AI lending would show the performance advantages.
For new products, Temenos Infinity accelerates time-to-market and provides its consumers with a smooth, multi-experience digital journey. With Temenos Infinity, Arab Investment Bank will give its customers a seamless digital experience across all retail banking products through digital touchpoints, minimising customer on-boarding to just minutes.
Temenos Infinity, the pioneer in driving customer acquisition and digital banking engagement with its deep insights, helps banks to raise digital sales fivefold and minimise customer on-boarding time by 75 per cent.
Based on a microservices architecture, Temenos Infinity is the most transparent and agile SaaS product enabling banks to continually extend and broaden their solution for all or portions of the customer lifecycle.
For the Arab Investment Bank, digital payments are also a strategic growth field and, with Temenos Payments, the bank benefits from a fully comprehensive, universal network for the efficient execution and delivery of payments – reducing the need for a separate payment system for different types of payments.
Arab Investment Bank Board of Directors stated: “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.”
Jean-Paul Mergeai, Managing Director – Middle-East & 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 the 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.”