The Abu Dhabi Commercial Bank – Egypt (ADCB) will soon complete final preparations for launching the second phase of internet banking and mobile banking for individuals and companies.
In an exclusive interview with Daily News Egypt, the bank’s CEO and Managing Director Ihab ElSewerky said that the bank aims to launch an electronic wallet (e-wallet) in the first quarter (Q1) of this year.
He added that it aims to launch a corporate online banking platform to finance commercial operations soon.
During the interview, ElSewerky outlined more of the bank’s plans and how the novel coronavirus (COVID-19) pandemic affected its plans.
How has COVID-19 affected the bank’s plans regarding providing digital banking services?
The COVID-19 pandemic has contributed to the increase in customer demand for electronic banking (e-banking) services, which is in the interest of the bank’s plans. This is because it is concerned with strengthening its electronic banking services, based on the strength of the parent group in the UAE, which occupies a unique position in this regard.
The bank continued to expand its business activity despite the slowdown in some economic activities, affected by the lockdown associated with the spread of the pandemic to reduce coronavirus infections during 2020.
Our customer deposits portfolio recorded about EGP 29bn by the end of 2020, a rise of 14%. While the loan portfolio increased to EGP 17bn in the same period, marking a growth rate of 32%. ADCB Egypt’s corporate finance portfolio contributed to the growth of the total credit portfolio, as corporate financing increased by about EGP 3bn.
Did pandemic accelerate the bank’s implementation of digital transformation plans?
Since launching its brand in the Egyptian market in September 2020, ADCB has been operating according to an expansion strategy that focuses heavily on providing distinguished products that suit customers’ needs.
The bank focuses on providing a number of non-traditional electronic products through multiple digital channels that ensure simplicity, convenience, and security to our customers.
Therefore, the bank’s approach was in line with meeting the customer needs amid the pandemic. Before the spread of the COVID-19 pandemic, the group has been working to provide various and distinguished electronic banking services. The ADCB Group also won several important awards in the field of introducing digital banking products.
ADCB – Egypt plays an important role in the process of promoting financial inclusion and digital transformation in Egypt. This is in line with the goals of the state and the Central Bank of Egypt (CBE). We offer banking products and services that suit various segments of society, in addition to providing high-quality services and a distinctive experience to customers.
Can you elaborate on the digital services that the bank currently provides? Do you have any new services in the pipeline?
ADCB – Egypt relies on providing unprecedented and innovative banking services to our individual and institutional clients in the Egyptian market. It also has an ambitious plan to add new distinguished banking services commensurate with the group’s position.
At the forefront of these services are the ADCB Mobile Banking service for individuals, as well as the Internet banking service. This is along with the IVR telephone banking service that depends on the use of the latest technology and the most innovative and secure methods. These services provide all banking transactions for customers quickly, easily and securely.
The bank is currently finalising the final preparations for launching the second phase of our internet and mobile banking for individuals and companies. It will include external transfers for individuals and international companies.
We are also working to introduce new services on our website, which will include: an interactive chatbot service; a simplified loan calculator; and the launch of various opinion polls to measure customer satisfaction with the service provided in general and any of the products in particular, through the site.
ADCB – Egypt also aims to launch an electronic wallet in Q1 of this year. The bank is also striving to provide ATMs supporting deposit of cheques, and to launch a corporate online banking platform to finance current business operations and new/existing cash management products.
At the same time, it will design and implement processes that focus on providing a seamless customer experience and service from beginning to end, and developing our digital infrastructure to implement more new systems.
How did the bank’s customers react to the services it provided during the recent period?
Our internet and mobile banking users doubled during the past year, which indicates the increasing demand for e-banking services, in line with the bank’s plans in the Egyptian market.