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Suez Canal Bank selects Temenos to accelerate Egypt’s digital banking

The impact of COVID-19 has accelerated the need and opportunity of adopting digital banking innovations across the globe. (Image source: Free-Photos/Pixabay)

Temenos Infinity will provide a complete digital platform for Suez Canal Bank, covering the entire customer lifecycle from customer onboarding, account opening and digital servicing

With Temenos Infinity, the bank aims to bring new products to market faster, accelerate digital customer onboarding and increase front office efficiency to achieve a market-leading cost-income ratio.

By making more banking products and services accessible and optimised for mobile devices and leveraging advanced technologies like AI for example for a new Chabot service, Suez Canal Bank is set to accelerate the shift from serving customers in branch to its digital channels. This will help the bank achieve its strategic goals to grow sustainably while delivering more value to customers and shareholders.

Digital banking is a top priority for Suez Canal Bank in relation to increasing financial inclusion. According to World Bank figures, Egypt's population of 64.7 million people over the age of 15 is largely dependent on cash with only 32.8% holding bank accounts. With Temenos Infinity, Suez Canal Bank’s customers will enjoy a seamless and frictionless digital experience to manage their cards and accounts, pay bills and other payments, apply for new products and services and engage with the bank via chat – all from their mobile device.

Additionally, Temenos Infinity is set to enable Suez Canal Bank to empower the decision making of its customers with smart banking solutions such as relevant insights and suggestions using personalised data and AI capabilities. This helps to remove the complexity of business banking to enable SME owners to focus on running their business and assists individual customers with the day-to-day decisions that affect their personal and financial lives.

Hussein Refaie, chairman and managing director of Suez Canal Bank, commented, “Enabling and building engagement with our customers via digital channels is a key growth driver that will help Suez Canal Bank to attract a new generation of customers. This is a priority to support our growth plans but also as a boost to financial inclusion in Egypt.”

Jean-Paul Mergeai, president of APAC and MEA, Temenos, said, “COVID-19 has accelerated the need and opportunity for digital banking and with Temenos Infinity, Suez Canal Bank is primed to fast-track the digitisation of products for its retail, corporate and Islamic banking customers and drive innovation in the market.”

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