Temenos teamed up with Arab Investment Bank

It is expected to improve customer performance for millions of Egyptians

Temenos

Temenos teamed up with Arab Investment Bank. Source: shutterstock.com

Arab Investment Bank has selected Temenos, the banking software company, to power its digital customer experience.

Arab Investment Bank provides personal and business banking products as well as investment and Islamic banking services.

According to data, 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. Now, 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.

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.

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
Arab Investment Bank Board of Directors

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Categories: All materials Banks News
Tags: Egypt