Banque Misr is planning to launch innovative banking solutions in Egypt in the coming months through stimulating the bank’s retail sector, said Yehia El-Agamy, head of retail department in Banque Misr.
El-Agamy disclosed, during the 7th annual conference of the Egyptian Banking Institute (EBI), that his bank will launch a “Remote Teller” product. This will allow customers to obtain all banking services, not only deposit and withdrawal, 24-hours-a-day through small kiosks near branches and commercial malls.
Banque Misr has set a plan to develop retail banking services through adopting “creative financial solutions” that will allow the bank to increase its customer base, El-Agamy said. He added that the plan includes increasing the network of branches and ATM machines, the activation and diversification of credit card types and the expansion of the scope of small branches.
Discussing innovation in banks, El-Agamy said banks should adopt a developed technological infrastructure that aim to develop communication channels with customers. Banks should also work towards discovering new channels that serve customers and their needs.
El-Agamy said retail banking plays a major role in stimulating the economy through activating the sectors it finances. These include mortgage finance that helps develop 93 direct and indirect sectors, durable goods that help in increasing sales in addition to funding tourism and religious trips.
“Retail banking is linking the customer to a specific price for the service he needs, with repaying its instalments on a long period of time to benefit from today’s prices and avoid price increases in the next years,” El-Agamy said.
He noted that Banque Misr is also seeking to activate mobile banking services to include all services delivered in banks through mobile phones. He added that the bank is also finalising the internet banking product, to be launched to customers soon.
El-Agamy also stressed on the significance of increasing ATM machines in Egypt to 40,000 ATMs instead of the current figure of 7,000, adding that this means that each machine should serve 2,500 customers.