CIB’s business strategy rests on three main pillars

Hossam Mounir
5 Min Read

The Commercial International Bank – Egypt (CIB) has outlined its business strategy based on three main pillars. The first pillar is to leverage its unique brand strength and position in the market. The second pillar is to grow and diversify its customer base and revenue sources, enhancing its flexibility and sustainability. The third pillar is to cement its leadership in the digital domain, by focusing on customer service and various banking activities and services.

The bank reaffirmed its commitment to update its growth strategies, ensuring continuous development and alignment with various banking trends and innovations, benefiting all stakeholders.

In a report to its board of directors, the bank expressed its intention to continue its growth trajectory and expand its activities and operations, by making the most of its extensive network channels and innovative digital services and products, as well as optimizing its decision-making processes, supported by the latest data processing and analysis systems.

The bank stated that it is intensifying its efforts to further improve customer service, meeting their diverse needs, maximizing revenues from the targeted customer base, seizing promising opportunities in the retail banking sector, and services for small and medium enterprises, in line with its commitment to enhance financial inclusion efforts.

CIB added that, in this context, it will continue to develop its digital capabilities, increasing the value of the products and services it offers, using the latest tools to improve the pricing methodology of these products, as well as supporting small and medium-sized enterprises, major clients, and other segments, through the latest digital means.

The bank also asserted its efforts to boost revenues from banking services for non-resident Egyptians, in line with government efforts to support nationals abroad, aiming to become the preferred choice for this segment, by providing comprehensive coverage and a package of remote services, meeting their needs optimally.

The bank emphasized its focus on continuing to offer innovative and creative services and products in the field of digital banking, by developing innovative solutions, introducing digital channels, and enhancing services, ensuring the highest levels of customer service and satisfaction, and meeting their various needs.

CIB pointed out that, in this context, the digital services and international banking transactions sector is making continuous efforts to upgrade the operations system and enhance digital capabilities, understanding the various needs of customers, and providing them with a unique banking experience, while continuing to expand digital services, covering the needs of corporate and individual customers, encouraging them to conduct their banking transactions through digital channels, rather than branches.

The bank explained that customers’ preference for using digital channels, to benefit from the various services offered by the bank, has enriched their banking experience in general.

CIB reported that Internet banking transactions achieved an annual growth rate of 24%, amounting to EGP 81.4bn during 2023, with a customer base for this service of about 1.5 million users, with an annual growth rate of 15%.

The bank noted that the volume of transactions via mobile application services increased annually by 17%, reaching 13.3 million transactions, with a total value of EGP 348bn, with an annual growth rate of 61%.

The bank observed that the rate of transactions transferred to digital platforms, from the total branch transactions, increased to 98% for credit card transactions, 97% for internal transfers, and 88% for external transfers, resulting in a cost reduction of 30% annually.

CIB also reported an increase in its ATMs to 1,339 machines across various governorates of the republic, with customers conducting 79 million transactions through these ATMs, growing 9% annually, and the value of transactions reaching EGP 196bn, growing 28% annually.

The bank noted that 97% of total deposits were made through ATMs rather than branches, while 99.1% of total cash withdrawals were from ATMs.

The bank expanded its network of mobile ATMs in selected locations, enabling customers to access banking services from their cars easily. Moreover, the bank activated contactless service technology on its ATM network, improving customer experiences and banking transaction efficiency.

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