CIB Egypt details its digital transformation results amid COVID-19

Commercial International Bank – Egypt (CIB) has achieved outstanding results in its digital transformation journey in 2021.

The Bank has consistently proven its status as a market leader by offering its customers an unparalleled banking experience in accordance with the latest international standards. These efforts align with the national financial inclusion strategy and follow guidelines set by the Central Bank of Egypt.

In 2021, the number of digital banking transactions made through Mobile Banking more than doubled, reaching 107%. Transaction value increased by 159% to reach EGP 136 billion year-on-year. In FY21, the value of transactions conducted through digital channels increased by 60%, reaching EGP 861 billion. The number of individual customers subscribing to Internet Banking also increased by 30% over one year. Additionally, CIB Smart Wallet subscribers grew by 19%, doubling the value of executed transactions, which increased by 160% to EGP 7.3 billion. The number of ATMs also increased by 15% year-on-year.

CIB’s Business Online services for enterprises have also seen a surge since the start of the pandemic, with customers fully dependent on channels that offer alternatives to cash transactions and paperwork. CIB companies’ online transactions increased by 103% year-on-year. In FY21, the number of subscribers increased by 46%.

The Bank has successfully expanded its customer base for government electronic payments for businesses through its Business Payment Services (CPS) platform, establishing itself as the market leading bank in the CPS service by number of transactions carried out. In FY21, the number of transactions increased by 104% year-on-year, with a value exceeding EGP 23.4 billion.

“We were able to achieve these remarkable figures thanks to our unwavering commitment to improving our digital services, in line with our culture of innovation,” said Mr. Hussein Abaza, CEO and Board Member of CIB. “These results reaffirm our leading role in delivering high quality, innovative banking solutions and are a testament to our efforts to support the country’s move towards transitioning to a digital economy,” he added.

“These achievements reflect the Bank’s strategy to increase the use of digital banking services,” said Mohamed Sultan, Chief Operating Officer of CIB. “At the forefront of the CIB’s priorities is the implementation of the CBE initiatives that aim to achieve financial inclusion and the transition to a cashless society. We are aware that to achieve economic growth, a number of banking products suitable for different segments and groups of society must be provided, such as smart wallets and Meeza prepaid cards. We also understand that it is crucial to work with microfinance companies to provide working women in rural areas and low-income communities with short-term working capital loans. Additionally, a large part of our financial inclusion efforts are aimed at facilitating the CIB Smart Wallet registration process and raising awareness of the importance of banking services in rural areas,” he added.

“We are proud of our strong market leadership in digital banking,” said Mohamed Farag, CIB Deputy Managing Director. “Over the past few years, the Bank has used the latest technologies and provided innovative digital banking solutions for traditional day-to-day banking transactions. These solutions are customer-centric and are constantly updated to increase the dissemination of banking services and reach the greatest number of people, thus effectively contributing to financial inclusion.

CIB has earned its leading position in the market thanks to the integrated range of digital products it offers to its corporate and individual customers, such as Internet Banking and Mobile Banking services, guaranteeing a convenient and secure banking experience. CIB’s online banking services include opening additional new accounts, reserving time deposits and certificates of deposit, requesting replacement credit and debit cards, subscribing to electronic statements, applying for loans and credit cards, among many other services, all of which are aimed at offloading agency benefits. The Bank’s chatbot, Zaki, uses the latest artificial intelligence technologies that allow CIB customers to easily navigate the Bank’s products and services in Arabic and English. It was created to meet the growing need for simple digital solutions that allow customers to carry out their banking transactions more efficiently. The Bank has also rolled out Zaki for its Business Banking segment, which allows customers to easily learn about the Bank’s products and offload branch and call center services.

CIB regularly updates its ATM network using the latest systems to ensure efficiency by tracking, reporting and resolving any technical issues as they arise. The CIB is also constantly improving its cash loading procedures, adopting Robotics Process Automation (RPA) technology in certain operational tasks, and using data science and AI technologies to operate its ATMs and increase their efficiency, by more than equipping employees with the necessary skills and tools. to operate machinery. CIB is now using AI to allow customers to locate its ATMs via GPS on its website and via Zaki. The CIB is also deploying more than 650 talking ATMs designed to serve visually impaired customers, making their day-to-day banking experience more accessible.

The CIB Smart Wallet application offers customers various services including money transfers to any other wallet in Egypt, bill payments (electricity, gas, water, mobile credit and internet) and online shopping at using virtual cards or QR codes. The wallet also allows customers to deposit and withdraw money through authorized ATMs and banking agents.

CIB’s partnership with the Alexandria Business Association (ABA) is seen as a turning point in the Bank’s digital transformation journey. Members of the association can now easily receive and repay microfinance loans through the CIB Smart Wallet once they have subscribed to the service through one of the association’s branches. This partnership is part of CIB’s leading role in providing digital services and supporting national financial inclusion and digital transformation efforts.

In cooperation with the Egyptian Banks Company, the CIB recently launched the Instant Payments Network (IPN), underlining its commitment to adopting new technologies as part of its advocacy for the digitalization of the banking sector in Egypt. This milestone will dramatically improve personal and business banking experiences, making them more efficient and streamlined.

The instant payment network enables instant and seamless transfers between banks and different types of accounts, as well as Meeza cards and Smart Wallet accounts. Customers can access all of their bank accounts through each bank’s app or payment service providers (PSPs). The IPN will create an interoperable ecosystem between different accounts and allow customers to easily access their bank accounts, Meeza cards and digital wallets.

Professional customers can manage their company’s accounts 24/7 via the dedicated online platform. This platform allows customers to perform various transactions, including internal and external transfers, view transaction details and account balances, as well as perform all international trade transactions, such as LCs and LG. These services can be performed remotely without going to the Bank.

As part of CIB’s efforts to offer exclusive services to its Commercial Banking customers, a new program has been launched to finance the needs of suppliers and enable contracting via a single electronic platform. The initial phase of the program offers funding opportunities for small and medium-sized enterprises. It streamlines operations with an innovative electronic platform that meets global standards and programs that finance low-cost supply chains.

The offloading of branch services as part of CIB’s Bank of the Future strategic initiative has been very successful. The Bank has migrated a number of banking services to its digital channels in addition to the services already available on these channels. The Bank informed customers of the services available and provided them with information on how to access them to eliminate the need to visit the bank. This goes hand in hand with the national strategy to achieve financial inclusion and transform into a cashless society and digital economy. It is also part of the Bank’s efforts to spread a digital banking culture to customers and provide the best possible banking experience. This initiative will make more banking services available online to allow customers to bank anytime, anywhere. CIB aims to provide secure and convenient solutions to customers and employees through the latest banking technologies.

The CIB Smart Wallet received the award for Best Technology Innovation in Payments at the 2020 Seamless Middle East Awards, one of the most prestigious awards in electronic payments, e-commerce and retail, given to institutions displaying a unprecedented success in this field. Additionally, CIB Smart Wallet was ranked as the top mobile wallet in the Egyptian banking industry, in recognition of the Bank’s outstanding efforts in digital solutions.

CIB has consistently been recognized as the most profitable bank operating in Egypt and the bank of choice for over 500 of Egypt’s largest corporations. CIB was named the world’s best bank in emerging markets by Global Finance in 2018 and 2020, and was awarded the same title by Euromoney in 2017. CIB is also the first institution in the Middle East to be the subject of a case study. as part of London Business School’s graduate student curriculum. In 2021, Bloomberg included CIB in its “Gender Equality Index”, making it the first company in Egypt and Africa to be listed on the index, which includes 380 companies from 44 countries representing 11 sectors.

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