Major Egyptian bank chooses Temenos to transform digital banking in Egypt

Powered by Temenos Infinity, Suez Canal Bank to reinvent the digital customer experience for its retail, corporate and Islamic banking services; Temenos’ digital banking platform (www.Temenos.com) will help Suez Canal Bank drive sustainable growth and financial inclusion in a country where more than 40 million people go unbanked.

Temenos (SIX: TEMN), the banking software publisher, today announced that Suez Canal Bank has chosen Temenos Infinity to transform the digital customer experience for its retail and corporate banking services. Temenos Infinity provides a complete digital platform for the Suez Canal bank, covering the entire customer lifecycle, customer onboarding, account opening and digital service. With Temenos Infinity, the bank is able to bring new products to market faster, accelerate digital customer onboarding and increase front office efficiency to achieve a cost-revenue ratio unmatched in the market.

By making more banking products and services accessible and optimized for mobile devices and by taking advantage of cutting-edge technologies such as AI for example for a new Chabot service, the Banque du Canal de Suez aims to accelerate the passage of customers into agency to its digital channels. This will help the bank achieve its strategic goals of sustainable growth while delivering more value to customers and shareholders.

Headquartered in Cairo, the Suez Canal Bank is among the top 10 Egyptian banks with more than EGP 50 billion in assets and a network of 48 national branches. It offers personal, corporate and Islamic banking products and services, including customized banking solutions to meet the needs of small and medium enterprises (SMEs).

Digital banking is a top priority for Suez Canal Bank when it comes 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 just 32.8% holding bank accounts. With Temenos Infinity, Suez Canal Bank customers will benefit from a seamless and frictionless digital experience to manage their cards and accounts, pay their bills and other payments, request new products and services and interact with the bank via chat – the everything from their mobile device.

Temenos Infinity also enables Suez Canal Bank to empower its clients’ decision-making with smart banking solutions such as insightful insights and suggestions using personalized data and AI capabilities. This helps remove the complexity of business banking to allow small business owners to focus on running their business and helping individual clients with day-to-day decisions that affect their personal and financial lives.

Suez Canal Bank is in the process of upgrading its core Temenos Transact banking system and, with Temenos Infinity, is now able to achieve end-to-end digital banking transformation.

Hussein Refaie, Chairman and CEO of Suez Canal Bank, said: “We are delighted to partner with Temenos to take our digital banking to the next level. Temenos is the market leader in digital banking technology and has a strong local presence and success with banks in Egypt and the MEA region. Enabling and strengthening engagement with our customers through digital channels is a key growth engine that will help Suez Canal Bank attract a new generation of customers. It is a priority to support our growth plans but also to stimulate financial inclusion in Egypt. “

Jean-Paul Mergeai, President of APAC and MEA, Temenos, said: “The Suez Canal Bank has a long history with over 40 years of banking leadership in Egypt. The bank is undertaking an ambitious digital transformation and we are proud of the coordination between Temenos and the IT division to finalize this phase of development of the Banque du Canal de Suez. The impact of Covid-19 has accelerated the need and opportunity for digital banking and with Temenos Infinity, Suez Canal Bank is poised to accelerate the digitization of products for its retail, corporate and Islamic banking clients and stimulate innovation in the market.

Suez Canal Bank joins a growing list of the best in Egypt to choose Temenos Infinity to accelerate their digital transformation initiatives, including Arab Investment Bank (https://bit.ly/3qmu2yk) and Egyptian National Post Organization (ENPO) ( https: //bit.ly/3kJNXWw) and Bank of Cairo (https://bit.ly/30bjqaL).