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CIB-Egypt leads the digital banking transformation

12/10/2017 12:00 AM

​With the dynamic transformational moves reshaping every business sector across the globe, the banking sector is no exception, as it has been redefining its business approach to adopt the ongoing radical changes and hence shifting to a customer-centric focus, through which customers are empowered to “bank all the time at their own convenience”. The Commercial International Bank-Egypt (CIB), the largest private sector bank in Egypt and the world’s best bank in the Emerging Markets, has been leading the digital transformation of the banking sector, being a key change agent that revolutionizes the inclusive financial services landscape and introduces an innovative banking experience.


CIB-Egypt has been investing heavily over the years in its infrastructure, security and digital platforms, developing all its touch points and tailoring customized solutions to serve the customers’ evolving needs, intents and expectations. One of CIB’s recent releases is the rollout of talking ATMs for the first time in Egypt, designed for visually impaired customers. The customized ATMs do not only grant this segment of customers an access to banking products, but most importantly, address their need to bank independently and privately.

Moreover, CIB-Egypt has been packing new services that outstandingly altered the ATMs’ traditional usages, making it accessible for both banked and unbanked individuals. For instance, customers can convert cash to digital currency, and vice versa, through ATMs whether to make a money transfer or deposit or charge a mobile wallet. CIB-Egypt also pioneered the ability to pay school and university tuition fees via ATMs. Such types of services promote the “banking on the go” concept; especially that today’s banking customers are always on the move and seek an easy access to and a control over their financial transactions by banking the way that effectively befits their busy lifestyles. In this regard, CIB-Egypt offers many banking services accessible through mobile devices, such as CIB Mobile Banking App., Internet Banking, and Smart Wallet.

Additionally, CIB-Egypt is mobilizing the ATMs’ physical context by bundling them with other retail and corporate digital solutions to support businesses in managing their cash. The most notable use cases of 2017 were the partnership with a popular ride-hailing app operational in Egypt and one of the largest hypermarket chains in the region. In the latter case, the Bank enabled cashiers to make large cash deposits with same day value or maximum on the next working day through ATMS, which in turn have the ability to dispense the deposited cash to customers. This ecosystem, created by the Bank, leads to a major operational cost saving and reduces the complexity of several operational pain points.

Similarly, CIB-Egypt provided an integrated set of digital financial solutions to the ride-hailing app, which supports the company better managing the incentives and salaries disbursement smoothly to the company staff via mobile wallets.

On the other side, with the ongoing reforms led by the CBE to promote the digital banking services and e-

payments, CIB has been supporting and contributing to such drives. It was the first bank to increase its online banking transfer limits, which had a considerable impact; fulfilling the customers’ needs, while easing their move to digital platforms, which ensure lower costs, maximize the yield from the existing assets, and improve the overall customer experience. Reverting to digital solutions does not completely decrease the reliance on branches as customers still visit branches to fulfill some banking needs. However, CIB-Egypt continues to analyze customer’s journeys to identify opportunities for developing its digital offering for more banking convenience to customers.

Mr. Hisham Ezz Al-Arab, CIB Chairman and Managing Director said, “By analyzing our customers’ behaviors, we, at CIB, pride ourselves in being able to anticipate customers’ needs and provide accordingly a personalized offering that meets their demands. In addition, providing business model innovations and solutions, along with other digital products and services, will serve as a stepping-stone allowing CIB to move towards developing an open banking platform where buyers and sellers can transact seamlessly and securely.” He added, “CIB works as well in empowering young entrepreneurs by enabling them to contribute with their solutions relevant for both banked and unbanked segments,