Egypt’s Faisal Islamic Bank taps iGCB to power its digital banking services
Faisal Islamic Bank of Egypt has selected Intellect Global Consumer Banking (iGCB), the retail and central banking solutions unit of Intellect Design Arena, to power its digital banking services.
Faisal Islamic Bank will deploy iGCB’s CBX-R solution
The bank is set to deploy iGCB’s cloud-native CBX Retail (CBX-R) solution to modernise and expand its offerings.
The bank will now be able to acquire and onboard customers digitally and perform real-time know your customer (KYC) checks during account creation.
The CBX-R platform also enables the bank to offer credit solutions such as buy now, pay later (BNPL) and connect with third-party fintechs via APIs to offer “curated experiences” to its customers.
iGCB adds that its digital banking solution “analyses the end customer’s behavioural, psychographic and social media interactions through artificial intelligence and machine learning (AI/ML) models to deliver hyper-personalised experiences”.
Egypt has seen a spike in digital banking adoption among consumers thanks to the government’s heightened focus on digital financial inclusion, rising internet penetration and the emergence of a number of fintech players in the region.
Abdelhamid Aboumoussa, governor of Faisal Islamic Bank of Egypt, says the firm “wanted to invest in a solution that is easy to deploy, manage, and evolves with changing market dynamics”.
Intellect secured the project with the help of long-term regional partner Summit Technology Solutions, which will assist with the implementation.
