Arab Investment Bank selects Temenos to Drive Digital Growth and Financial Inclusion

24

Temenos Infinity accelerates time-to-market for new products and deliver a seamless, multi-experience digital journey for its customers

Geneva, Switzerland: Arab Investment Bank selects Temenos Infinity to offer differentiated digital customer experience and grow digital customer base; Temenos Infinity enables Arab Investment Bank to bring new products to market faster, accelerate digital customer onboarding and increase front office efficiency to achieve market-leading cost-income ratio; Supports bank’s mission to boost economic development and financial inclusion for 44 million Egyptians.

Temenos (SIX: TEMN), the banking software company today 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 among 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 per cent [1] have a mobile phone, only 1 in 3 has a bank account and less than 6 per cent made digital payments in the last year [2].

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. 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 deliver a seamless, 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.

With its deep analytics, Temenos Infinity the leader in driving customer acquisition and digital banking engagement and enables banks to increase digital revenues 5x and cut customer onboarding time by 75%. Built on a microservices architecture, Temenos Infinity is the most open and agile SaaS product allowing banks to continuously extend and expand their solution for all or portions of the customer lifecycle.

Digital payments is also a strategic growth area for Arab Investment Bank and 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, 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 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.”

About Arab Investment Bank:

Arab Investment Bank was established in 1974 as an investment and commercial bank under the supervision of the Central Bank of Egypt (CBE). Arab Investment Bank started its operation in 1978 with a capital of USD 40 million, which was increased to EGP 1.84 Billion, with participation of 91.42% from the National Investment Bank and 8.58% from the Federal Arab Republic. Arab Investment Bank provides all types of banking services to individuals through different retail banking products, investment and treasury services, as well as Islamic banking services for which a solid legislative committee is dedicated to work according to Islamic banking standards. That is besides services provided to companies and incorporations through participating in financing national mega projects via syndicated loans, which are of great importance for the national economy as well as the Bank. Moreover, Arab Investment Bank finds out a link between national projects and SMEs, which are seem to be the driving force for achieving socio-economic development currently. Arab Investment Bank provided its services to all its clients through more than (30) commercial & Islamic branches spread all over Egypt, yet, it is working on expanding geographically, and opening new branches, including mini branches and Islamic branches. In addition to expanding its ATM network to cover most vital places. Arab Investment Bank is keen to maintain client satisfaction through providing distinctive services and it seeks to acquire the most updated IT systems to enhance performance and raise the level of its banking services. The Bank is also focusing on enhancing the competencies of its staff through extensive training using the most advanced programs.

About Temenos:

Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.

Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.