As technological advances dominate the globe, banking processes are being redesigned by the digital transformation.
Indeed, Egyptian banks seek to provide their customers with the latest technological services.
“Digital banking is definitely needed to keep up with the upgrades of global banking,” said Omar Abdel Wahab, CEO of Valify, an Egypt-based regulatory technology company.
Digital banking is done through a digital platform without any paperwork required, to be achieved as soon as possible.
While digital transformation is about offering the existing bank processes and services through technology and online. However, some in-person procedures still exist.
Local economists say that digital transformation has greatly contributed to supporting the speedy transfer of money within banks, in addition to enhancing financial inclusion. Also, it contributes to saving cost and effort, and simplifying various services.
They believe that digital transformation has become indispensable to the banking sector in the short and long terms.
Digitisation in banking targets narrowing the gap between increasing the number of people who use the digital economy and government contribution to the process.
Abdel Wahab said that banking services such as loans, money transfers and following accounts are offered on banks’ mobile applications.
Ayman Gamgoum, head of branches group at the National Bank of Egypt, said that the expansion of digital transformation in banking directly and indirectly impacts banks’ revenues and supports financial inclusion.
The Central Bank of Egypt has endorsed a national plan to enhance financial inclusion and expand digital services within the banking sector, as well as the switch to a cashless society.
Digital Banker magazine recently announced Banque Misr the best in the Middle East and North Africa in providing payment services to wholesalers and retailers in 2021, and in the electronic payments initiative.
Abdel Wahab told the Egyptian Mail that the digital transformation contributes to expanding the client base and increasing profits.
He added that digital transformation in banks has been adopted due to the rapid life changes imposed by Covid-19, alongside technological advances.
People who had trust issues with the electronic banking systems have found themselves with no other option to go for e-banking, especially in post-coronvairus period.
Meanwhile, modernising banking applications with artificial intelligence, besides dramatically reducing bank charges, may help in revamping the users’ experience and deepening trust and loyalty.
According to a recent survey conducted by Finastra, a London-based financial software company, online banking portals are expected to be top priority in 2025.
