Temenos the banking software company has announced that Egyptian National Post Organization (ENPO) has selected cloud-native, cloud-agnostic Temenos T24 Transact, the next generation in core banking, Temenos Infinity, the leading omnichannel digital banking product covering customer engagement from acquisition, to account servicing, through to long-term retention as well as the Advanced Analytics module.
Temenos scalable technology will enable ENPO to replace over 20 disparate legacy systems and digitalize its front office to power Egypt’s Governmental initiative for financial inclusion in one of Africa’s most populous countries, with over 98 million people.
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ENPO, one of the largest and oldest postal, financial and governmental service providers in the Middle East, has an extensive services portfolio supporting over 30 million registered as well as walk-in customers. ENPO has an extensive network of 4,000 branches as well as thousands of Points of Sale (PoS) and channels such as iPost, Post Express, Post Cars and field officers with hand-held devices. ENPO provides financial services, including current and savings accounts, instant remittances, electronic collection with notification services, which are geared towards both retail and corporate customers and are available via an in-branch teller services window. Furthermore, ENPO provides non-financial services including governmental and postal services to Egypt’s population.
By replacing and consolidating ENPO’s legacy IT architecture, Temenos will deliver a single, packaged and upgradeable banking platform to provide rich digital functionality and unparalleled cost efficiencies. Temenos Infinity with its open, API-led architecture will enable ENPO to have an omnichannel, unified teller for all financial and non-financial services helping employees to serve customers faster and relieve overcrowding in branches. It will also enable ENPO to provide enhanced digital products and services to market and transform the customer experience. Temenos’ Advanced Analytics will allow ENPO to analyze profitability for both registered and walk-in customers as well as for products and services. Temenos’ technology will enable ENPO to realize cost efficiencies and in turn offer lower cost, more accessible financial services to the Egyptian population.
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ENPO aims to contribute to Egypt’s National Financial Inclusion Initiative sponsored by Egypt’s Government, which aims to promote the use of digital financial services throughout the nation. With ambitious timescales to deliver, ENPO selected Temenos T24 Transact and Temenos Infinity to provide a pre-integrated, digital technology stack and deliver rapid time to value for new digital products that can power financial inclusion. Temenos technology will help ENPO optimize its operations and achieve the differentiation it needs to compete in a market where privatization, deregulation and globalization are accelerating the postal industry.
Andreas Andreades, Executive Chairman, Temenos, said: “We are excited to partner with ENPO on its digital transformation journey. Temenos is committed to enabling Egypt’s Digital Economy Transformation and Financial Inclusion program. Egypt is a country of great importance for Temenos; we are the leading banking software provider serving over 12 banks in the country and have been in the region for over two decades. Temenos’ innovative technology can help make the banking industry better and improve people’s lives. I am really proud to see that over 500 million people globally rely on our software for their banking services. We believe that ENPO’s end-to-end digital transformation will help them realize this digital vision and promote financial inclusion in Egypt.”