The Industrial Development Bank (IDB) has completed a full digital overhaul and modernisation of its technological infrastructure, according to the bank’s Chairperson Maged Fahmy.
The overhaul was designed to fall in line with the Egyptian government’s goal of greater financial inclusion, which has been led by the Central Bank of Egypt (CBE). It has also been put into effect as part of the country’s transition to a digital economy, and reliance on financial technology in implementing all customer transactions.
Talking exclusively to Daily News Egypt, Fahmy explained that the bank is now fully prepared to launch a number of electronic services to customers. These include mobile and internet banking services, ATMs, and expanded electronic payment card services, including the Meeza card, in the coming period, following CBE approval.
The IDB is currently issuing 20,000 Meeza cards out of a total of 40,000 as part of a first stage, and has completed final preparations for the launch of its digital service “Fawri” for collecting instalments and other payment services.
Fahmy added that the bank has allocated a significant budget for a comprehensive development of its technologies, and the establishment of electronic branches. The move comes as part of the bank’s strategy covering the next three years.
Since the current Board of Directors assumed its duties in 2016, the IDB has given top priority to its technology file.
The bank’s technological infrastructure had previously been in a poor state, with a number of important banking and service applications having been out-of-date. Over a period of many years, the IDB had not developed or modernised its technological features, which represented great risks for the bank’s continued presence, competition and provision of services to clients.
Fahmy added that the bank’s management adopted an ambitious plan for a comprehensive development of its technological systems, starting in 2018. The five-year plan, which is set for completion in 2022, saw the IDB’s management approve a large financial budget for the development to take place.
The bank has also restructured and strengthened its employment system, putting in place distinct elements and an organisational structure that is based on sound foundations and standards
The bank aims to balance out its physical branches with the establishment of electronic branches, to facilitate the financial services it can provide to customers. The increased digitisation of its banking services aims to convert customers away from traditional banking methods to electronic financial services applications. The move aims to achieve the bank’s goals of expansion, increasing its customer base and strengthening its competitive position.