According to the CEO and managing director of the bank, Mohamed Bedir, the pandemic of the new coronavirus (COVID-19) has doubled the number of users of mobile and Internet services at Bank Audi – Egypt.
Bedir revealed, in an exclusive interview with Daily News Egypt, that the bank has targeted automating certain procedures relating to loan and card applications through digital integration 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 the provision of banking services?
Despite the challenges that accompanied the spread of the coronavirus in 2020, Bank Audi – Egypt employees were able to turn them into opportunities for success, as the bank continues to be a pioneer in the Egyptian banking sector.
The bank overcame the crisis by conducting a careful 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 preservation of the quality of services provided to customers by the bank, which has earned it the award for the best bank in the Middle East and North Africa. This award was presented on the basis of Trusted Advisors’ Data Orientation and Best Customer Experience Management for 2020.
In 2020, the business credit industry increased the credit portfolio by growing vertically to attract new customers. It also increased the rates of use of facilities granted in sectors less affected by the COVID-19 pandemic.
These efforts were manifested in the strong growth of the bank, as the performance for the fiscal year (FY) ending December 31, 2020 reflected an increase in the bank’s financial indicators. These efforts were also reflected in the success of the bank’s strategy and its insightful view of market developments.
Total assets reached EGP 85.6 billion at the end of 2020, up from EGP 75.3 billion in 2019, an increase of EGP 10.3 billion, with a growth rate of 13.7% . The portfolio of loans and customer facilities recorded EGP 30.3 billion against EGP 26 billion, an increase of EGP 4.3 billion, with a growth rate of 16.5%.
The financial statements also revealed a sharp increase in financial investments which reached EGP 34 billion in December 2020, up from EGP 17.6 billion in December 2019, an increase of 93%.
These efforts resulted in an increase in net income before tax to EGP 2.1 billion at the end of December 2020 from EGP 1.8 billion at the end of December 2019. This reflects an increase of 16.7%, despite the consolidation of the credit impairment charge. losses of more than 51% compared to 2019.
The customer deposit portfolio recorded EGP 75.3 billion at the end of December 2020, against EGP 65.5 billion in December 2019, i.e. an increase of EGP 9.8 billion, at a rate of 15%.
Total property rights reached EGP 8 billion at the end of December 2020, against EGP 7.1 billion at the end of December 2019, an increase of 12.7%. The financial statements also revealed that the net income from performance reached EGP 3.1 billion in December 2020 from EGP 2.8 billion in December 2019, an increase of 11%.
Has the crisis accelerated the implementation of the bank’s projects in technological services and digital transformation?
The coronavirus crisis has accelerated the spread of the use of electronic banking services by customers, which is consistent with the bank’s expansion plans in the provision of electronic banking services and products.
This had a positive impact on the implementation of the bank’s plans and goals in record time, especially as the bank turned to investing in its technology infrastructure before the spread of the coronavirus pandemic. .
This qualified it to expand the provision of technological banking services to customers during the pandemic, as well as to provide a distinguished banking experience that meets the demands of its customers.
What technological 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 them having to visit a branch. Some of these services include Digital Banking iD, MobileWallet, and omnichannel experiences.
The bank aims to expand electronic banking products and services. It aims to automate some of the loan and card application procedures through digital integration systems.
This would go a long way in facilitating the banking experience for customers and making getting loans and cards faster and easier. The bank is constantly working on updating its systems and mechanisms to expand its electronic banking products and services 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 technological banking services has increased. The number of mobile and internet banking users has doubled, as has the volume of electronic banking transactions executed through the electronic wallet of Audi2Pay bank.
The bank is constantly keen to develop and update the services it provides to its customers to keep up with the latest international standards and technologies.