Egypt is one of the biggest economies in the North Africa and Middle East region and the country’s retail banking industry has achieved significant growth over the last decade in a context of the privatisation of several State-owned banks. Moreover, banks have invested significant resources to upgrade their IT infrastructure and improve staff skills, while deploying multi-channel strategies. In addition, the entry of several global and regional multinational banks has intensified competition in the retail banking sector. However, a large segment of the population still does not have access to financial services.
Furthermore, a large part of the economy is still undocumented, which restricts the ability of banks to provide credit to a significant number of retail and small business customers. The challenge facing banks is to ensure that their products and services remain relevant for customers, especially young customers, in a context of rapidly changing customer preferences and increasing use of social media.
The International Retail Banking Summit in Egypt, which will be attended by senior retail banking executives, will focus on the best ways of developing a more inclusive financial system.
The key issues discussed during the summit will include:
The best way of promoting financial inclusion to reach a larger segment of the population
The right approach, combining digital and physical channels for reaching out to customers, while ensuring that it is relevant for an emerging market such as Egypt
The best way of managing innovation and change within organisations and across the industry to make them relevant for the younger generation