Egyptian MIDBANK chooses Temenos to propel its digital transformation

0

Temenos (SIX: TEMN) (www.Temenos.com), the banking software company, today announced that AVERAGE BANK, a universal bank in Egypt providing retail, corporate and investment banking services, selected Temenos’ open banking platform to power its digital transformation. The bank will implement Temenos Transact as a core product and the Temenos Infinity digital banking platform to replace its existing systems and streamline its systems and processes as part of a visionary IT transformation strategy.

The Temenos banking platform will allow AVERAGE BANK to meet future customer needs and the bank’s strategic goals as an agile, high-touch and high-tech bank.

Leveraging Temenos’ modern technology stack will enable the bank to deliver new and improved digital banking services to customers. Temenos’ open technology will also allow AVERAGE BANK take advantage of the latest fintech innovations to improve customer service and experience. Ultimately, enabling the bank to expand its customer base and support the Central Bank of Egypt (CBE) efforts to stimulate financial inclusion and the transition to a cashless society.

AVERAGE BANK plans to transfer its existing banking services, including all retail and corporate customer accounts, savings and card facilities, as well as trade finance, treasury and investment and other products and services at Temenos Transact. It will also revamp and launch its mobile and online banking services with Temenos Infinity, introducing new digital experiences to differentiate its offering and tap the growing consumer and business demand for digital banking products and services.

Jean-Paul Mergeai, President – International Sales, Temenos, said: “We are delighted to support AVERAGE BANK, a visionary and renowned bank in Egypt, on its digital transformation. With Temenos, the bank has clear goals for achieving operational excellence, delivering the digital services and experiences customers want, and making financial services more accessible to everyone. With a strong local presence and extensive banking experience in the Egyptian market, working with many of the country’s leading banks, Temenos is the natural partner for AVERAGE BANK. Taking our model bank approach and benefiting from our unique knowledge and expertise will ensure rapid progress and a smooth path for the bank’s modernization journey.

Amr El Garhy, Chairman and CEO of AVERAGE BANK, commented :AVERAGE BANK is committed to a strategy dedicated to global development and growth. Essentially, this should help the bank keep pace with the plans and ambitions of the Central Bank of Egypt. The strategy also aims to expand the offer of retail banking products and services, which are based on the latest digital and technological means. In addition, it aims to diversify the customer base and banking activities. We are proud to partner with Temenos, the global leader in banking software, to grow our technology backbone while providing alternative and advanced digital channels, products and services.

Sameh Montaser, President Consultant for Digital Transformation and Restructuring, AVERAGE BANK, added:AVERAGE BANKThe vision of s devotes special attention to the development of technological infrastructure and thus ensures its readiness to launch the latest and most modern banking products and services to customers. The new partnership with Temenos is just a reflection of our new slogan, “Empowering your Future”, where the expansion of technological and digital services is a game-changer. We are very keen to update the Core Banking System, where the scope of services includes retail banking, business, credit, payments, trade finance, treasury and various support functions that support current and future business needs of the bank.

Temenos has a strong presence in the region, with AVERAGE BANK joining many large Egyptian banks in choosing Temenos for their digital transformation initiatives.

Distributed by APO Group on behalf of Temenos.

Media contacts:
Jessica Wolfe and Scott Rowe
Temenos Global Public Relations
Phone. : +1 610 232 2793 & +44 20 7423 3857
Email: [email protected]

Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Phone. : +44 20 7680 6550
E-mail: [email protected]

About Temenos:
Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks around the world, including 41 of the 50 largest banks, trust Temenos to handle both the daily transactions and customer interactions of more than 1.2 billion bank customers. Temenos offers cloud-native, AI-agnostic and AI-driven front office, core banking, payments and fund administration software, enabling banks to deliver frictionless omnichannel customer experiences and achieve l ‘operational effectiveness.

Temenos software is proven to enable its top performing clients to achieve cost-revenue ratios of 26.8%, half the industry average, and return on equity of 29%, or three times the average of the sector. These customers also invest 51% of their IT budget in growth and innovation versus maintenance, which is double the industry average, proving that banks’ IT investment adds tangible value to their business. business.

For more information, please visit www.Temenos.com

On AVERAGE BANK:
In March 2021, AVERAGE BANK launched its revamped brand identity in the Egyptian market with its new slogan “Empowering Your Future”. The bank is undertaking a total restructuring and transformation strategy to strengthen its positioning and market share in the Egyptian market by offering full-fledged banking products and services.

AVERAGE BANK focuses on developing its infrastructure to meet the latest technologies in banking services to align with market and country needs EUR 2030 by supporting financial inclusion and the transformation towards a cashless society.

AVERAGE BANK operates through a network of 16 branches spread across the country to include; Cairo, Giza, Alexandria, Delta and Upper Egypt. The bank aims to increase the number of branches and expand its network both horizontally and vertically with the support of over 700 highly skilled and knowledgeable employees to provide the best banking products and services to all of its customers.

Since its creation on May 27e 1975, AVERAGE BANK provides its banking services as an Egyptian joint-stock company in accordance with the provisions of Law No. 43 of 1974 on Arab and Foreign Capital Investment and Free Zones.

Download logo

Africanews provides APO Group content as a service to its readers, but does not edit the articles it publishes.

Share.

About Author

Leave A Reply