Temenos selected by Arab Investment Bank for digital transformation

By Edil Corneille

Today, the banking software company – Temenos, announced that Arab Investment Bank has selected it to power digital customer experience. Arab Investment Bank chose the capabilities of Temenos Infinity and Temenos Payments to improve performance, drive its digital growth strategy and provide a boost to financial inclusion for millions of Egyptians.

Arab Investment Bank 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.

Arab Investment Bank already uses Temenos Transact as its core banking technology. Now, with Temenos Infinity, the bank benefits from the omnichannel digital banking product covering customer engagement from acquisition to account servicing, through to long-term retention. Using both products, the bank is said to be 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 delivers 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 drives 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 an open and agile SaaS product allowing banks to continuously extend and expand their solution for all or portions of the customer lifecycle.

With Temenos Payments, the bank benefits from a comprehensive, universal platform for efficient payment execution and distribution, thereby 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.”

Jean-Paul Mergeai, Managing Director – Middle-East & Africa, Temenos commented, “Internet and mobile banking are key to unlocking economic development and financial inclusion and so 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 deployed by Arab Investment Bank provides an agile platform to move forward at speed with its digital ambitions. By making it easier to open a bank account, receive and make digital payments, our technology is helping Arab Investment Bank dramatically improve the lives of 44 million Egyptians who currently do not have a bank account.”