The Commercial International Bank (CIB) set up the Bank of the Future program to revamp well-positioned digital platforms as a primary service channel. CIB has invested strategically in digital transformation, data analytics, machine learning, and robotics; while keeping a focus on our core business activities. The CIB’s overarching digital strategy has been constructive, as 66% of its customer base shifted to use Internet banking services, recording a 25% annual spike to 1.3 million users.
According to its statement, the CIB recorded an internet banking transaction increase of 13% to 2.2 million with a total value of EGP 65.6bn. The bank also announced that the volume of mobile application services transactions witnessed an annual increase of 57%, reaching 11.4 million transactions with a total value of EGP 216.4bn, an annual growth rate of 59%.
The bank’s digital infrastructure has been upgraded to complement the ever-changing demands of digitalization through the dynamic use of data to assess internal and external elements of our business, such as performance and risk.
CIB also keeps on updating the phone banking service, as it launched this service for smart wallet customers, allowing them to choose the services they want to obtain before transferring them to customer service representatives, and entering the personal identification number to determine the services related to the category of each caller and facilitate access to them. The CIB efficiently deployed the latest AI solutions to harness the quality of its virtual digital assistant service. Accordingly, the AI customer service interaction reached 488,000 interactions during the year 2022, either through the bank’s website or through the Facebook Messenger application, which led to a cost reduction of EGP 8m.
CIB also scaled up government electronic payment services in the Egyptian market, through corporate payment service platforms (CPS), after making a set of improvements aimed at promoting and enhancing sales of corporate e-government payment products.
The bank also witnessed an increase in the volume of transactions at a level rate of 37% to 160,000 transactions, with a total value of EGP 31.4bn. The annual growth rate is estimated at 34%. The corporate customer base of electronic government payment platforms increased by an annual rate of 35% to include 4,000 customers. This was accompanied by an increase in the rate of conversion of transactions to digital platforms by an annual rate of 56%, and thus rationalization of costs at an annual rate of 87%, to EGP 18.3m.
