CIB Announces Digital Transformation Results for Q1-2023

Commercial International Bank - Egypt (CIB) - the largest private sector bank in Egypt - announced the highlights of its digital transformation strategy. The bank has achieved numerous accomplishments in enhancing the digital banking experience for its customers and solidifying its leading position in providing the best banking services using the latest technological solutions.

CIB has invested further in technological and innovative solutions to ensure that customers have access to the latest digital banking services. The bank has also launched several digital initiatives to enhance service quality and customer experience.

In 2022, the volume of digital banking transactions conducted through mobile banking increased by 57%, and the value of transactions conducted through digital channels increased by 43% to reach EGP1.2 tn, the number of subscribers to internet banking increased by 25% annually.

During the first quarter of 2023, compared to the same period in 2022, the recorded volume of transactions conducted through digital channels reached EGP30 mn, with a value of EGP474 bn. This represents an 83% increase in value and is expected to reach nearly EGP2 tn by the end of 2023.

CIB also launched Bank of the Future program in 2020, which is one of the digital initiatives introduced by the bank. It was developed to include services provided to the business banking sector in mid-2022, with the aim of encouraging customers to use digital banking channels for more daily transactions instead of visiting branches.

Within the Bank of the Future program, the percentage of certificates and term deposits linked through electronic banking services accounted for 51% of the total bank transactions by the first quarter of 2023, while the percentage of opening additional accounts reached 77% in the same period.

The demand for downloading the mobile banking application increased by 19%, reaching 1.8 million downloads compared to the same period in 2022.

This significant growth in mobile banking service results can be attributed to the bank's continuous efforts to enhance the application's capabilities and provide innovative digital products and services to offer customers a secure, user-friendly, and environmentally friendly banking experience.

As a result, customers have shown increased interest in the mobile banking application, making it their preferred digital channel that allows them to access most banking services anytime and anywhere.

Furthermore, CIB Business Online banking service for corporations witnessed a significant increase in customer demand, with many customers relying on it entirely to complete various business transactions.

In addition, the number of platform subscribers increased by 80% after the launch of the Bank of the Future program. Moreover, transfers of business banking sector clients conducted within branches decreased by 50% after the introduction of this service through the program, reflecting customers' trust in the platform and the digital services provided to them.

Furthermore, the bank has focused on expanding its customer base by providing government electronic payment services for corporations through the Corporate Payment System (CPS) electronic payment platform and solidifying its market position in terms of the number of transactions conducted.

In the first quarter of 2023, the number of transactions on the platform increased by 96% compared to the same period in 2022, making CIB the leading bank in the Egyptian market in terms of the volume of government electronic payment transactions for companies, with a market share of 34%.

It is worth noting that CIB's success in accelerating digital transformation is an exemplary example. It has successfully leveraged digital technology to create value for its customers and enhance efficiency in its operating model.

CIB's efforts in digital transformation have been recognized through several prestigious awards, thanks to its range of digital products and services offered to its customers. These awards include Best Cash Management Bank, Best Local Trade Finance Providers, Best Supply Chain Finance Provider in Africa by Global Finance, and Best Trade Finance Bank of the Year at the MEED Banking Awards.

Moreover, Mohamed Farag · Chief Digital Officer and Global Transaction Services Head at CIB Egyp, stated that the bank is proud of its digital transformation strategy's results, which reflect its commitment to providing its customers with the best possible banking experience.

He added that the bank has invested in developing the technological infrastructure to deliver high-quality services through all channels. The bank believes that its digital transformation is not only a competitive advantage but also a key driver of economic growth and development in Egypt.