GENEVA--(BUSINESS WIRE)--Temenos (SIX: TEMN), the banking software company, today announces that Banque du Caire has gone live with Temenos Infinity, the omni-channel digital banking product to transform the bank’s multiple banking channels into a fast, seamless and compelling customer journey. At this first stage of the Temenos Infinity implementation, the bank has gone live with digital channels servicing corporate and retail customers. The second phase of the implementation will deliver enhanced customer engagement with the Temenos Infinity real time marketing, digital engagement and digital analytics modules. Temenos Infinity will allow Banque du Caire, which currently operates a network of 225 branches, to increase product agility and take new products and services quicker to market.
Temenos Infinity was implemented through APIs as an independent front office platform on the bank’s existing third party core banking system. The bank is also undergoing a core banking system overhaul after choosing the cloud-native, cloud-agnostic Temenos T24 Transact, the next generation core banking product. By selecting Temenos’ integrated, packaged, open, upgradeable banking software Banque du Caire will benefit from accelerated project timelines which will massively reduce the cost of deployment.
With this end-to-end digital transformation project, Banque du Caire will be empowered to not only realize its growth strategy in a cost effective way, but also to bring cutting-edge banking services to its 2.9 million customers in Egypt and to continue working towards the bank’s vision to become the region’s leading bank.
With its open API-first design, Temenos Infinity will enable Banque du Caire to connect with a wider ecosystem of financial and non-financial providers as well as the developer community to innovate and bring products to market faster to satisfy the Egyptian public needs. Banque du Caire is a multi-award winning, full-service bank that provides a complete array of products and services to the corporate and retail markets. The bank plays an effective role in financing vital sectors of the national economy through participating in the syndicated loans serving different sectors, as well as in financing SMEs and Microfinance projects. By implementing Temenos packaged, open and upgradeable software, Banque du Caire continues to ensure that the 10,000,000 million transactions processed monthly are fast, secure, and compliant, as well as providing world-class products and services to consumers and small business owners across Egypt.
Amr El Shafei, Executive Vice Chairman, Banque du Caire, said: “We are delighted to be working with Temenos as our strategic technology partner for our digital transformation journey. The implementation of Temenos Infinity was on-time and on budget. Using Temenos Infinity, with its API-first technology, we will dramatically enhance our customers’ experience by leveraging emerging digital technologies and taking new innovative products and differentiated services to market rapidly. We selected Temenos’ integrated, packaged and open banking software for our front and back office as this will enable us to transform faster, drive out complexity and drastically lower our overall total cost of ownership. Temenos has a worldwide reputation for robust, innovative banking software and predictable, fast implementations combined with extensive presence and commitment in the Middle East."
Jean-Paul Mergeai, Managing Director – Middle East and Africa, Temenos, said: “Egypt is embracing the digital revolution and we see banks of all sizes embarking on digital transformation projects. We are delighted to be partnering with Banque du Caire. The bank has benefited with a fast implementation of its digital front office by selecting our integrated, packaged product, Temenos Infinity. By choosing to transform its operations front –to- back with our software products Temenos Infinity and Temenos T24 Transact on the same technology platform, Banque du Caire will benefit from a rapid deployment model and significantly lower costs. The bank will be positioned to leverage technology innovation to drive operational efficiencies and enhance their customer experience at a reduced cost.”
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About Banque du Caire
Founded in 1952, Banque du Caire, is one of Egypt’s oldest and largest banks. Banque du Caire is a multi-award winning, full-service bank that provides a complete array of products and services to the retail and corporate markets. Offering clients a full suite of personalized retail and corporate banking products and services, the bank has been able to leverage its extensive distribution network spanning the entirety of Egypt, its deep understanding of local and regional market dynamics, and a talented pool of industry professionals to become a leader in the retail banking sphere. It is renowned in the market for pioneering an institutionalized microfinance operation, spearheading a push for financial inclusion, community devilment, and entrepreneurial empowerment long before others in the industry. Its long-standing presence in the Egyptian market has seen it back economic growth for decades, with the bank having extended financing to corporations across numerous key sectors of the Egyptian economy.
Today, the bank continues to grow and evolve as part of its strategy to adapt dynamically to market shifts and customer needs by adding new products and more services to its already vast array of financial solutions in the retail and corporate segments. In 2018, to complement its corporate banking activities and benefit from synergies across its activities and lines of business, Banque du Caire launched a corporate leasing venture Cairo Leasing Corporation (CLC), which has already positioned itself as a leader in the Egyptian leasing sector. BDC also offers exclusive access to COMESA markets through its Ugandan subsidiary, Cairo International Bank (CIB) Uganda.
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications. For more information please visit www.temenos.com.