{"id":323394,"date":"2021-09-14T17:58:21","date_gmt":"2021-09-14T17:58:21","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=323394"},"modified":"2021-09-19T13:01:56","modified_gmt":"2021-09-19T13:01:56","slug":"cib-egypt-achieves-exponential-growth-in-online-banking-services","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/09\/14\/cib-egypt-achieves-exponential-growth-in-online-banking-services\/","title":{"rendered":"CIB Egypt achieves exponential growth in online banking services"},"content":{"rendered":"
Commercial International Bank (CIB) Egypt has played an integral role in the early adoption of digital technologies over the past few years.<\/p>\n
In keeping with its leading position in the digital transformation of banking services in Egypt, customers have been benefitting from a unique digital banking experience that follows the latest international standards.<\/p>\n
CIB achieved remarkable results in the first half (H1) of 2021 compared to the same period last year, which is in line with the financial inclusion guidelines established by the Central Bank of Egypt (CBE) and the Egyptian government. In H1 2021, the number of mobile banking transactions at CIB witnessed an exponential increase of more than 116%, with transaction value reaching EGP 55bn, which soared by more than 162% year-over-year (y-o-y).<\/p>\n
CIB\u2019s online banking users increased by 34%, while CIB Smart Wallet subscribers rose by 25%, and the value of executed transactions surpassed 174%, reaching EGP 2.7bn. Additionally, CIB\u2019s ATM network grew by 17% during the same period.<\/p>\n
Moreover, CIB\u2019s online business banking services also grew rapidly by 124% in the number of corporate internet banking transactions, in addition to a 48% increase in the number of subscribers in H1 2021.<\/p>\n
The bank has also successfully expanded its customer base for governmental e-payments for corporations through its Corporate Payment Services (CPS). In H1 2021, the number of transactions increased by 137% y-o-y with a value exceeding EGP 10.7bn.<\/p>\n
CIB is not only committed to adopting the latest technologies but also invests in the field, especially since the beginning of the COVID-19 pandemic. The bank\u2019s traditional banking services migrated to digital platforms. In addition, CIB upgraded its systems and internal operations by relying on robotics and operations centralization.<\/p>\n
CIB also made great strides in the digital transformation plan set out in October 2021 to optimize customers\u2019 digital banking experience and assert its leadership in providing the best banking services using the latest technological solutions. The bank moved a number of services from its branches to digital platforms, which helped in decreasing day-to-day transactions inside branches and reducing the bank\u2019s carbon footprint. Digital migration plays an important role in achieving sustainable goals and makes a positive impact on the economic, social, and environmental fronts. Additionally, CIB ATMs now have a \u201cgo green\u201d option giving customers the option to not print a receipt following their transaction, which decreases paper consumption.<\/p>\n
\u201cThe bank\u2019s strategy in the coming years is to aggressively expand its innovative digital solutions to support the relationship between the bank and customer and attract more customers to the banking sector,\u201d said Mohammed Sultan, CIB\u2019s Chief Operating Officer. \u201cThese efforts demonstrate the bank\u2019s commitment to promoting financial inclusion and integrating financial technology solutions into economic development.\u201d<\/p>\n
\u201cThe banking sector is committed to driving change and promoting financial inclusion. It places special focus on economic development that takes community responsibility into consideration, which contributes to advancing sustainable development,\u201d he said.<\/p>\n
Mohamed Farag, CIB\u2019s Deputy Chief Operating Officer, said, \u201cIt is the Bank\u2019s responsibility to help achieve financial inclusion by encouraging citizens to benefit from banking services and raising awareness of their importance as well as ensuring that secure and convenient digital products are provided. CIB has indeed contributed to the radical change of day-to-day banking transactions and successfully reached a large number of people.\u201d<\/p>\n
CIB recognizes the importance of financial technology (fintech) solutions and strengthens its relationships with the most promising companies such as CVentures, an early-stage, cross-border venture capital firm primarily focused on investing in companies creating meaningful change in the world of financial services.<\/p>\n
CIB partnered with AUC Venture Lab to support start-ups and entrepreneurs working on fintech solutions. It also directed its efforts to meet the needs of fintech start-ups with fast and agile solutions through the CIB Innovation Lab, the fintech and entrepreneurial hub of Egypt\u2019s banking sector.<\/p>\n
As part of CIB\u2019s corporate social responsibility efforts, the Bank rolled out talking ATMs designed for visually impaired customers. They allow customers to perform their banking transactions independently and make their own financial decisions. The ATMs are strategically positioned in several locations to reach the highest number of visually impaired customers.<\/p>\n","protected":false},"excerpt":{"rendered":"
Commercial International Bank (CIB) Egypt has played an integral role in the early adoption of digital technologies over the past few years.<\/p>\n","protected":false},"author":4,"featured_media":320003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[310],"class_list":["post-323394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-commercial-international-bank-cib"],"yoast_head":"\n
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