The Industrial Development Bank (IDB) has revealed the completion of its technological infrastructure modernization, as well as its move towards digital transformation as part of its e-services launch.
The IDB's move has been part of the state and Central Bank of Egypt's (CBE) strategy to achieve financial inclusion and rely on financial technology, rather than using cash-in-hand transactions.
In a statement, the bank has also revealed that it is, in the coming period, ready to launch several electronic services that would be of interest to customers, after obtaining the CBE approval. This includes online services, mobile banking, ATMs, and electronic payment cards.
The bank has rebuilt and developed its basic data centre, and is currently establishing an alternative 'Disaster recovery site" data centre, which is scheduled to start operating within a month. Moreover, the IDB's basic banking application will be updated to the latest versions in preparation for the start of providing electronic services.
IDB Chairperson Maged Fahmy said that the bank has allocated EGP 600m in investments, which may go up to EGP 1bn, on achieving comprehensive technological development. This would also see the establishment of electronic branches, and expand the IDB's geographical spread as part of its strategy during the next three years. The bank will also be implementing network and information security solutions to secure customer data and update banking applications.