The novel coronavirus (COVID-19) pandemic has doubled the number of Bank Audi – Egypt’s mobile and internet service users, according to the bank’s CEO and Managing Director Mohamed Bedir.
Bedir revealed, in an exclusive interview with Daily News Egypt, that the bank has targeted the automation of some procedures relating to applying for loans and cards through digital onboarding systems.
Here, Bedir tells us more on how the bank was affected by the global health crisis, and how it managed its transformation plans.
How has COVID-10 affected the bank’s plans regarding providing banking services?
Despite the challenges that accompanied the spread of the coronavirus during 2020, employees of Bank Audi – Egypt were able to transform them into opportunities for success as the bank continued to be a pioneer in the Egyptian banking sector.
The bank overcame the crisis by conducting a careful study of the emerging market requirements, and recognising the needs of different sectors for new financial products and services.
These efforts contributed to the bank’s preservation of the quality of services provided to customers, which prompted its winning of the Best Bank in the Middle East and North Africa award. This was awarded on the basis of the shift to focus on data and the best management of the customer experience for 2020 from Trusted Advisors.
In 2020, the corporate credit sector increased the credit portfolio by expanding vertically to attract new customers. It also increased the utilisation rates of the granted facilities in the sectors less affected by the COVID-19 pandemic.
These efforts were evident in the bank’s strong growth, as the performance in the fiscal year (FY) ending on 31 December 2020 reflected an increase in the bank’s financial indicators. These efforts were also reflected in the success of the bank’s strategy and its insightful vision of market developments.
Total assets reached EGP 85.6bn by the end of 2020, compared to EGP 75.3bn in 2019, an increase of EGP 10.3bn, with a growth rate of 13.7%. The portfolio of loans and facilities for clients recorded EGP 30.3bn compared to EGP 26bn, an increase of EGP 4.3bn, with a growth rate of 16.5%.
The financial statements also revealed a surge in financial investments that reached EGP 34bn in December 2020, compared to EGP 17.6bn in December 2019, an increase of 93%.
These efforts were clear in increasing the net profit before taxes to EGP 2.1bn at the end of December 2020 compared to EGP 1.8bn at the end of December 2019. This reflected an increase of 16.7%, despite the consolidation of the impairment burden of credit losses by more than 51% compared to 2019.
The customer deposits portfolio recorded EGP 75.3bn at the end of December 2020, compared to EGP 65.5bn in December 2019, an increase of EGP 9.8bn, at a rate of 15%.
Total property rights reached EGP 8bn at the end of December 2020, compared to EGP 7.1bn at the end of December 2019, an increase of 12.7%. The financial statements also revealed that the net income from the return reached EGP 3.1bn in December 2020 compared to EGP 2.8bn in December 2019, an increase of 11%.
Has the crisis accelerated the implementation of the bank’s plans in providing technological services and digital transformation?
The coronavirus crisis accelerated the spread of customers’ use of electronic banking services, which is consistent with the bank’s expansion plans in providing electronic banking services and products.
It had a positive impact on implementing the plans and objectives of the bank in a record time, especially that the bank has turned to investing in its technological infrastructure before the spread of the coronavirus pandemic.
This qualified it to expand on providing technological banking services to customers during the pandemic, as well as provide a distinguished banking experience that meets the requirements of its customers.
What technological services does the bank currently provide, and what are the plans for the future?
The bank has an expansion strategy in the field of electronic banking services to provide services to customers wherever they are, without them having to visit need a branch. Some of these services include digital Banking iD, MobileWallet, and omnichannel experiences.
The bank aims to expand electronic banking services and products. It targets automating some of the procedures to apply for loans and cards through digital onboarding systems.
This would contribute to greatly facilitating the banking experience for customers and making obtaining loans and cards faster and easier. The bank is constantly working on updating its systems and mechanism to expand its electronic banking services and products to meet the needs of various customers.
How did the bank’s customers react to the services it provided?
The number of bank customers using technological banking services has increased. The number of users of mobile and internet banking services doubled, as well as the volume of electronic banking transactions executed through the bank’s electronic wallet Audi2Pay.
The bank is constantly keen on developing and updating the services it provides to customers to keep pace with the latest international standards and technologies.