Arab Investment Bank selects Temenos Infinity to offer differentiated digital customer experience and grow digital customer base
Temenos, the banking software company 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.
Read More: BitGo Announces $16 Billion in Assets Under Custody
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 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.
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.
Read More: GlobalFintechSeries Interview with Dr. Vincent Pignon, CEO at Wecan Group
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.
Read More: Datasite Completes Agreement to be Acquired by CapVest
