Temenos (SIX: TEMN), the banking software company, today announced that Arab Investment Bank has selected Temenos to enhance its digital customer experience.
Arab Investment Bank has selected the market-leading capabilities of Temenos Infinity and Temenos Payments to improve performance, drive its digital growth strategy and promote financial inclusion for millions of Egyptians.
Arab Investment Bank, which is among the fastest growing banks in Egypt, offers retail and commercial banking products, as well as investment and Islamic banking services. With Temenos Infinity, the bank has embarked on a journey of digital transformation to make banking and financial services easier, faster and more accessible for all Egyptians. Egypt has an adult population of over 67 million, over 90 percent have a mobile phone, only one in three has a bank account and less than 6 percent have paid digitally in the last year.
The Arab Investment Bank already uses Temenos Transact as its core banking technology. With Temenos Infinity, the bank now benefits from the leading digital omnichannel banking product that covers customer retention from acquisition to account management to long-term retention. With both products, the bank is able to achieve an end-to-end digital banking transformation and a market-leading cost-income ratio. Performance benefits are evident in higher customer growth, lower marketing costs, improved front-office efficiency with increased STP rate, and lower asset write-downs with explainable AI lending.
Temenos Infinity shortens the time to market for new products and offers its customers a seamless digital journey with many experiences. With Temenos Infinity, Arab Investment Bank will offer its customers a seamless digital experience across digital touchpoints for all retail banking products, reducing customer onboarding to just minutes.
With its deep analytics, Temenos Infinity is a leader in driving customer acquisition and engagement in digital banking, enabling banks to increase digital revenue by 5x and reduce customer onboarding time by 75%. Built on a microservices architecture, Temenos Infinity is the most open and agile SaaS product that allows banks to continuously extend and expand their solution for all or parts 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, eliminating the need for a different system for different payment types.
Arab Investment Bank Board of Directors stated: “Based on Arab Investment Bank’s strategy, we chose to partner with Temenos to drive our digital transformation, not only because they have the most advanced technology but also because of their strong footprint in the region and their region reputation for rapid implementation and time to value. With the support of Temenos, Arab Investment Bank is on its way to becoming a world-class digital bank. Digital channels are critical 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.”
Jean-Paul Mergeai, Managing Director – Middle-East & Africa, Temenos, commented: “Internet and mobile banking are key to economic development and financial inclusion and as such, 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 provided by Arab Investment Bank provides an agile platform to rapidly advance their digital ambitions. By making it easier to open a bank account and receive and make digital payments, our technology is helping Arab Investment Bank to dramatically improve the lives of 44 million Egyptians who are currently unbanked.”