The Commercial International Bank (CIB), Egypt’s leading private sector bank, has revealed it achieved outstanding results in its digital transformation during 2020, and is currently the market leader in the field.
CIB provides an innovative, state-of-the-art banking experience to customers with the highest level of efficiency and quality, and in accordance with the latest international standards.
This is in line with the bank’s financial inclusion strategy, and follows the guidelines and standards set by the Central Bank of Egypt (CBE) and the Egyptian Government.
In the past year, the number of digital banking transactions performed through the bank’s Mobile Banking service has more than doubled. By the end of the year, CIB reported that transactions had jumped by 118% year-on-year (y-o-y), equivalent to EGP 53bn.
By fiscal year (FY) 2019/20, the number of individual customers subscribed to Online Banking increased by 35% y-o-y. CIB’s Smart Wallet application subscribers increased by 34% y-o-y, which was reflected in the value of executed transactions. These saw a 107% increase, reaching EGP 2.8bn, while maintaining an activity rate of 20%. The bank’s ATMs also increased by 11% y-o-y.
The bank is leading the digital way through its integrated range of digital products to its corporate and individual customers, providing them with a convenient and safe banking experience anytime and anywhere.
These digital products include Zaki the Bot, an artificial intelligence (AI) chatbot, available on the bank’s website and official Facebook page. Zaki the Bot uses the latest AI technologies that allow CIB customers to easily navigate the bank’s products and services in both Arabic and English.
This service aims to address the growing customer need for simple digital solutions that enable them to perform their banking transactions more efficiently.
“We are proud of our unwavering market leadership in the digital banking field,” said Mohamed Farag, CIB’s Deputy Chief Operating Officer, “The bank utilises the latest technologies and provides innovative digital banking solutions for traditional daily banking transactions.”
He added, “These solutions are customer-centric, and constantly developed to increase the spread of banking services and reach the largest number of people, thus effectively contributing to financial inclusion.”
The CIB Smart Wallet application provides customers with various services, including: bill payments; money transfers to other e-wallets in Egypt; cash deposits and withdrawals from ATMs; mobile credit recharge; and recharging prepaid electricity meters.
It also offers QR Code technology for new companies and merchants, to allow customers to pay using QR codes through the application.
Corporate Digital services have also witnessed a major leap since the beginning of the pandemic, as customers now completely depend on channels offering alternatives to cash transactions and paperwork.
The percentage of corporate internet banking transactions increased by 93% y-o-y, with the number of subscribers increasing by 45% in FY 2019/20.
Corporate customers can manage their company’s accounts 24/7 through a dedicated online platform called “CIB Business Online”. It allows them to perform various transactions, including: internal and external transfers; view transaction details and account balances; as well as perform all trade finance transactions such as LCs and LGs.
These services can be performed remotely without having to visit the bank, or directly interacting with people to maintain social distancing.
CIB has successfully expanded its customer base for governmental e-payments for corporations through its Corporate Payment System (CPS). It has become the leading bank in the market in terms of CPS service by the number of transactions performed.
By FY 2019/20, CIB achieved a 70% increase in the number of transactions y-o-y with a value exceeding EGP 15bn.
Its efforts to provide exclusive services to its corporate customers included launching a new programme designed to finance suppliers’ needs. This also aims to enable contracting through a single electronic “Supply Chain Finance” platform.
In its initial phase, the programme provides excellent financing opportunities for small- and medium-sized enterprises (SMEs) through an innovative electronic platform that meets global standards. It will also take place through programmes that finance supply chains at low costs and guarantee streamlined operations.
As part of its transformation into “The Bank of the Future”, CIB launched a digital transformation programme for its physical branches. As part of this, it has moved a number of banking services to its different digital channels.
It has also notified customers of the available services and increased awareness on how to use them. The programme comes as part of the Egyptian Government’s plan to achieve financial inclusion and transform into a cashless society and digital economy.
It also follows CIB’s efforts to spread a culture of digital banking among customers to provide the best banking experience possible and ensure the comfort and satisfaction of customers and employees alike. It also reduces in-bank transactions, resulting in a healthier and safer environment, and limiting the spread of the coronavirus (COVID-19) pandemic.
CIB’s aim is to become the leading digital bank in Egypt, providing safe and convenient solutions to customers through the latest banking technologies. The bank also aims to contribute to advancing Egypt’s digital transformation efforts.
The CIB Smart Wallet feature received the Best Technological Innovation in Payments Award at the 2020 Seamless Middle East Awards. This is one of the most prestigious awards in electronic payments, e-commerce, and retail, and is presented to institutions showing unparalleled success in this field.
Additionally, the CIB Smart Wallet has been ranked as the leading mobile wallet in the Egyptian banking industry, in recognition of the bank’s remarkable efforts in digital solutions.