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Banque Misr Achieves Leadership in Digital Innovation Award – Egypt 2021 from IDC
04/07/2021
Banque Misr has recently achieved the Leadership in Digital Innovation Award from IDC research company, which is considered a global provider of market research, consulting services and IT, telecom and consumption technology functions. The company had launched the IDC CIO Awards 2021 to celebrate the efforts made by leading IT pioneers in Egypt, as part of envisioning comprehensive digital transformation initiatives in Egypt, with the aim of laying the groundwork for entrepreneurship and offering outstanding IT strategies. Worth noting is that this award was based on three criteria; the first being the Bank's vision, which includes long-term innovation, promoting the creation of inspiring and talented in-house teams and creating innovative technological solutions for resolving various business challenges. The second is that of business outcomes; which gauges whether the adopted digital innovations and technologies fulfil expected and measurable business outcomes within a specific timeframe; and the third criterion is the degree of digital innovation, which includes the extent to which the Bank has utilized digital changes and technologies in re-designing its business processes and achieving the highest efficiency and productivity. The initiatives and digital products launched by Banque Misr have contributed to enhancing customer loyalty, which is one of the pivotal criteria for which the Bank has been awarded the accolade of Leadership in Digital Innovation.

Banque Misr had recently launched the "Express" loan for small projects, which is considered the first integrated digital loan in Egypt. This product allows Banque Misr's small projects customers to submit a financing application online via the website, without the need to visit the branch, on a step-by-step basis at minimum procedures. The small project financing loan is the fastest loan in Egypt and can be obtained within 5 days from the date of submission, subject to applicable terms and conditions.

Also worth noting is that Banque Misr has taken numerous strides towards digital transformation and innovation; such as, for instance, updating and developing its internet banking service "BM Online" and offering a bundle of new banking services to customers. Banque Misr has also launched electronic banking services to customers via mobile phones through the mobile banking application, becoming one of the first amongst its counterparts to offer this service via the "BM Wallet". Banque Misr has also recently – and for the first time in Egypt – utilized artificial intelligence technologies to offer the "Automated Assistant Chat Bot" through its web portal, to serve customers around the clock. Moreover, Banque Misr is considered the first bank to offer purchasing technology via POS and websites through the QR Code for mobile wallet customers.

The Bank consistently supports digital transformation and innovation efforts by providing electronic solutions that cater to customer requirements, for technology today has become the most rapidly-changing variable governing the global economy. As such, Banque Misr is keen on incorporating various financial technologies in its offerings, so as to improve the provisioning of banking and financial services, while paving the way for capitalizing on new pathways towards economic and financial development. Banque Misr always strives to improve its services, maintain its long-term success and effectively participate in offering services that fulfil the needs of its customers. This is since the values and strategies of Banque Misr reflect its commitment and dedication to sustainable development and to achieving prosperity for Egypt.

The awards acquired by Banque Misr in the domain of digital innovation include "Innovative Digital Bank of the Year – MENA 2020" from British The European magazine; "Most Innovative Bank – Egypt 2021" from National Investor magazine; and Most Innovative Digital Bank – Egypt 2020" from The Global Economics magazine.