Suez Canal Bank selects Temenos to transform Digital Banking in Egypt

By Pavithra R

Temenos, the banking software company, has announced that Suez Canal Bank, an Egyptian joint-stock company, has selected Temenos Infinity to reimagine the digital customer experience for its retail, corporate and Islamic banking services.

The partnership aims to help Suez Canal Bank drive sustainable growth and financial inclusion in a country where more than 40 mn are unbanked. Temenos Infinity provides a complete digital platform for Suez Canal Bank, covering the entire customer lifecycle from customer onboarding, account opening and digital servicing. The bank will leverage the platform to launch new products to market faster, increase front office efficiency to achieve a market-leading cost-income ratio, and accelerate digital customer onboarding.

“We are delighted to partner with Temenos to take our digital banking to the next level. Temenos is the market-leader in digital banking technology and has a strong local presence and record of success with banks in Egypt and the MEA region. Enabling and building engagement with our customers via digital channels is a key growth driver that will help Suez Canal Bank to attract a new generation of customers. This is a priority to support our growth plans but also as a boost to financial inclusion in Egypt,” said Hussein Refaie, Chairman and Managing Director of Suez Canal Bank.

By making more banking products and services accessible and optimized for mobile devices and leveraging advanced technologies, Suez Canal Bank aims to accelerate the shift from serving customers in branch to its digital channels. With Temenos Infinity, the bank will empower its customers’ decision-making with smart banking solutions using personalized data and AI capabilities. 

“Suez Canal Bank has a long history with over 40 years of leadership in the banking sector in Egypt. The bank is undergoing an ambitious digital transformation, and we are proud of the coordination between Temenos and the Information Technology division to finalize this phase in Suez Canal Bank’s development. The impact of Covid-19 has accelerated the need and opportunity for digital banking, and with Temenos Infinity, Suez Canal Bank is primed to fast-track the digitization of products for its retail, corporate and Islamic banking customers and drive innovation in the market,” said Jean-Paul Mergeai, President of APAC and MEA, Temenos.

Suez Canal Bank is in the process to upgrade its Temenos Transact core banking. Together with Temenos Infinity, It is now able to achieve an end-to-end digital banking transformation.