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Temenos Infinity and Temenos Payments will help Arab Investment Bank to improve performance, drive its digital growth strategy and provide a boost to financial inclusion for millions of Egyptians
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 more than 67mn and while more than 90% have a mobile phone, only one in three has a bank account and less than 6% made digital payments in the last year.
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.
Jean-Paul Mergeai, managing director, the Middle East and 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 44mn Egyptians who currently do not have a bank account.”