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Interview: Yasser Abdeltawab shares his views on the future of banking industry in North Africa
Yasser Abdeltawab (AGM, Head of Ebanking and Alternative Channels - Egyptian Gulf Bank) shares his views on the future of banking industry in North Africa
In your opinion, how can mobile and internet banking help in achieving a competitive edge?
"Banking customers are changing and also their needs and priority, and they are expecting a compatible change in the provided services. Most of the service providers in the vital day-to-day business were bold to change and innovate such as the telecommunication, tourism and hospitality sectors. While the banks still waiting in the comfort zone and providing the banking service in the same old style for decades.
The innovation in providing non-traditional services via the digital banking channels is capable to place the innovative bank in the top of the competition, and providing the entire banking services on the digital channels (Internet and mobile banking) is not a luxury in the time being, since the banks MUST provide services on the channels where the customers are used to use."
How do you see North African banking 5 years from now?
"The banking industry in GCC region is growing fast and utilizing the digital banking channels has been paced and became shoulder by shoulder with the banking in Europe and America.
While the banking industry in the North Africa region still following the obsolete processes and procedures and they not dare to change currently, however some giant banks like commercial international bank of Egypt started bravely to adopt the digital banking plan to meet the growing customers’ needs.
So banks in North Africa region have a good opportunity now to start thinking in providing different banking themes to face the disruption in the banking industry, and they will change the current banks model to the young and paperless model."
In your opinion, how can big data analytics transform the banking industry?
"The transformation of the banking must be done for the customer and based on the customers’ needs and behaviours, no successful transformation will be occurred unless it is preceded by a massive data analysis for the customers’ behaviour and their needs.
The common issue in the banks is the transformation is decided by the bankers and the top management, so we have to stop thinking as bankers and think as customers an analyze the entire data to adopt a successful transformation plan."
What do you think is the impact of contactless technology on a bank?
"The contactless payment drives a 10% rise in the global payment, as the customers currently prefer not to carry nor cash neither cards, and most of the customers currently prefer to have their bank on the smart phones they carry. also the contactless technology impact on the business will go beyond the payment industry and will be used for further services such as customer verification and different type of banking transactions’ execution."
How do you think this conference will benefit the participants?
"I expect that the conference will benefit the attendees by exchanging the experiences of the banking transformation and to get updated with the state of the art of the digital banking."
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