Arab Investment Bank Partners with Temenos to Drive Financial Inclusion

Banking software company Temenos (SIX: TEMN) announced on Tuesday that Arab Investment Bank, one of the fastest growing banks in Egypt, has selected the company to improve its digital customer experience.

According to the company's official announcement, the bank will utilise the leading capabilities of Temenos Infinity and Temenos Payments to improve performance, drive its digital growth strategy as well as provide a boost to financial inclusion.

Upon adopting Temenos Infinity, the bank has focused on making banking and financial services easier, faster and more accessible for all Egyptians. Moreover, the bank will also benefit from the leading omnichannel digital banking product covering customer engagement from acquisition, to account servicing, through to long-term retention. 

Temenos Infinity accelerates time-to-market for new products and deliver a seamless, multi-experience digital journey for its customers. This makes it possible for the bank to offer a seamless digital experience to its customers across digital touchpoints for all retail banking products, reducing client onboarding to just minutes.

In addition, the bank already uses Temenos Transact as its core banking technology. By 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.

With Temenos Payments, the bank benefits from a truly comprehensive, universal platform for efficient payment execution and distribution – removing the need for a different system for different payment types.

Arab Investment Bank Board of Directors, commented:“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 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.”