Temenos to drive AIB’s digital growth, financial inclusion

Arab Investment Bank has selected Temenos to power its digital customer experience.

AIB said it 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.

The 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 disclosed that it had 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 67m and while over 90 per cent have a mobile phone, only one in three has a bank account and less than six per cent made digital payments in the last year.

According to a statement by the bank, AIB already uses Temenos Transact as its core banking technology. Now, with Temenos Infinity, the bank noted that it “benefits” from the leading omnichannel digital banking product covering customer engagement from acquisition, to account servicing, through to long-term retention.

“Based on Arab Investment Bank’s strategy, we chose to partner 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,” said the bank’s board of directors.

Temenos’ Managing Director (Middle East & Africa), Jean-Paul Mergeai, said about the partnership, “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.”