Arab Investment Bank Acquires Software to Drive Financial Inclusion

Arab Investment Bank has announced its acquisition of Temenos Infinity to offer differentiated digital customer experience and grow its digital customer base.
The software will enable Arab Investment Bank to bring new products to market faster, accelerate digital customer onboarding and increase front office efficiency to achieve market-leading cost-income ratio.

In addition, it will support the bank’s mission to boost economic development and financial inclusion for 44 million Egyptians.
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,” according to a statement.

Egypt has an adult population of over 67 million 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.

“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.

“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 per cent. 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,” the statement added.

It stated further that digital payments is also a strategic growth area for Arab Investment Bank, adding that 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.

Arab Investment Bank Board of Directors, stated: “Based on Arab Investment Bank strategy, we chose to partner with 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.”