Faisal Islamic Bank of Egypt has chosen Intellect Global Consumer Banking (IGCB), the retail and central banking solutions to power its digital banking services.
To update and broaden its offerings, the bank will use iGCB’s cloud-native CBX Retail (CBX-R) technology. The bank will now be able to do real-time know-your-customer (KYC) checks during account formation, as well as digitally acquire and onboard customers.
The CBX-R platform also enables the bank to connect with external fintech via APIs to provide its clients with “tailored experiences” and credit solutions like purchase now, pay later (BNPL).
The digital banking system from iGCB also “studies the end customer’s behavior, psychographics, and social media interactions through artificial intelligence and machine learning (AI/ML) models to offer hyper-personalized experiences,” according to the company.
Digital Banking In Egypt
Due to the government’s increased emphasis on digital financial inclusion, rising internet usage, and the establishment of several fintech businesses in the area, Egypt has experienced a rise in consumer adoption of digital banking.
The company sought to invest in a solution that is simple to adopt, maintain, and evolve with shifting market conditions, according to Abdelhamid Aboumoussa, governor of Faisal Islamic Bank of Egypt.
With the assistance of long-term regional partner Summit Technology Solutions, who will help with the implementation, Intellect was able to secure the deal.
Conclusion
Digital banking has become increasingly popular in recent years as more people have access to smartphones and the internet. It offers a convenient and efficient way to manage personal finances and conduct transactions from anywhere, at any time.
It also offers benefits for banks and other financial institutions. It can help them reduce costs associated with physical branches and staff, streamline operations, and offer new services and products to customers.
Overall, digital banking has transformed the way people interact with their banks and manage their finances, making it easier, faster, and more accessible than ever before.
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