COVID-19 crisis doubled mobile and internet banking users at Bank Audi Egypt: CEO


The novel coronavirus (COVID-19) pandemic has doubled the number of users of Bank Audi – Egypt’s mobile and internet services, according to the bank’s CEO and Managing Director, Mohamed Bedir.

Bedir revealed in an exclusive interview with Daily News Egypt that the bank has targeted the automation of certain loan and card application procedures through digital onboarding systems.

Here, Bedir tells us more about how the bank has been affected by the global health crisis, and how it has handled its transformation plans.

How has COVID-10 affected the bank’s plans for providing banking services?

Despite the challenges that accompanied the spread of the coronavirus in 2020, the employees of Bank Audi – Egypt knew how to turn them into opportunities for success as the bank continued to be a pioneer in the Egyptian banking sector.

The bank overcame the crisis by carrying out an in-depth study of the requirements of emerging markets and recognizing the needs of different sectors for new financial products and services.

These efforts have contributed to the bank’s preservation of the quality of services rendered to customers, which has earned it the award for the best bank in the Middle East and North Africa. This award was given based on Trusted Advisors’ 2020 Best Customer Experience Management and Data Focus.

In 2020, the business credit sector increased the credit portfolio by expanding vertically to attract new customers. It also increased the utilization rates of facilities granted in sectors less affected by the COVID-19 pandemic.

These efforts resulted in the strong growth of the bank, as the performance for the year ended December 31, 2020 reflected an increase in the bank’s financial indicators. These efforts have also resulted in the success of the bank’s strategy and its insightful vision of market developments.

Total assets reached EGP 85.6 billion at the end of 2020, compared to EGP 75.3 billion in 2019, an increase of EGP 10.3 billion, with a growth rate of 13, 7%. The portfolio of customer loans and facilities recorded EGP 30.3 billion compared to EGP 26 billion, an increase of EGP 4.3 billion, with a growth rate of 16.5%.

The financial statements also revealed an increase in financial investments which reached EGP 34 billion in December 2020, compared to EGP 17.6 billion in December 2019, an increase of 93%.

These efforts clearly translated into an increase in net profit before tax to EGP 2.1 billion at the end of December 2020, compared to EGP 1.8 billion at the end of December 2019. This reflects an increase of 16.7%, despite the consolidation of the loan impairment charge. losses of more than 51% compared to 2019.

The customer deposit portfolio registered EGP 75.3 billion at the end of December 2020, compared to EGP 65.5 billion at December 2019, an increase of EGP 9.8 billion, at a rate of 15 %.

Total property rights reached EGP 8 billion at end-December 2020, compared to EGP 7.1 billion at end-December 2019, an increase of 12.7%. The financial statements also revealed that the return net income reached EGP 3.1 billion in December 2020 compared to EGP 2.8 billion in December 2019, an increase of 11%.

Has the crisis accelerated the implementation of the bank’s projects in terms of technological services and digital transformation?

The coronavirus crisis has accelerated the spread of e-banking usage by customers, which is in line with the bank’s expansion plans in providing e-banking services and products.

This had a positive impact on implementing the bank’s plans and goals in record time, especially as the bank turned to investing in its technology infrastructure before the coronavirus pandemic spread. coronavirus.

This has enabled it to expand the provision of technology banking services to customers during the pandemic, as well as deliver a distinguished banking experience that meets the demands of its customers.

What technology services does the bank currently offer and what are the plans for the future?

The bank has an expansion strategy in the field of electronic banking services to provide services to customers wherever they are, without the need for them to visit a branch. Some of these services include Digital Banking iD, MobileWallet, and omnichannel experiences.

The bank aims to develop electronic banking services and products. It aims to automate some of the loan and card application procedures through digital onboarding systems.

This would help make the banking experience for customers much easier and make getting loans and cards faster and easier. The bank is constantly working on updating its systems and mechanisms to expand its electronic banking services and products to meet the needs of various customers.

How did the bank’s customers react to the services it provided?

The number of bank customers using technology banking services has increased. The number of mobile and Internet banking users doubled, as well as the volume of electronic banking transactions executed through the bank’s electronic wallet Audi2Pay.

The bank is constantly concerned with developing and updating the services it offers to its customers to keep pace with the latest international standards and technologies.

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