Intro :

Following the Consumer Finance Law issued in 2020 by The Financial Regulatory Authority in Egypt. Banks and Fintech providing consumer finance products saw an increase in demand of production of Consumer durable goods, which in turn improved their production efficiency and profitability. On the national economical level, this helped increase domestic demand and consequently, increase investments, employment and spur economic growth.

Socially, Consumer Finance development in Egypt contributes to achieve social justice by granting medium classes and low-income sector access to financial services as provided by this Law instead of restricting it to the benefit of large companies and high-net worth individuals

The contexte

In September 2021, ADIB Bank – One of the leading banks in Egypt engaged in the provision of retail, corporate and investment banking services – obtained the approval of the Financial Regulatory Authority to launch the ADI-Consumer Finance (ADI-CF) subsidiary. ADIB launched the company with a capital of EGP 10m with the aim of providing diversified and fast financing solutions with easy terms to the Egyptian consumer.

The launch of ADI-Consumer Finance is a pivotal milestone in our journey in Egypt, reflecting our strategic ambitions to strengthen our leadership as an organization and pioneering the digitisation of finance in support of our customer’s aspirations,

Mohamed Aly, CEO and Managing Director of ADIB-Egypt.

 

Goals and Challengs

With ADI-CF, ADIB wanted to address the Consumer Finance Market providing a personalized customer experience that is accessible, swift and seamless and offers financing options tailored to the needs of each customer. This solution provides customers full transparency, allowing them to clearly foresee their repayment plans, easily manage their instalments options and plan their finances. Moreover, the solutions would allow customers to purchase products and services with Sharia-compliant financing while giving them the freedom to choose a payment plan that is appropriate and personalized for them.

From an operational point of view, ADIB’s Core Banking Sytem couldn’t support the flexible and rapid creation of personalized consumer fiance product. 

Customer Services representative couldn’t handle properly the growing demand over consumer finance. CSR used to receive, qualify and treat customers request manually at the branch. The process was too heavy and relied on too much paperwork that CSRs were only able to provide a standard CF offer to a limited number of customers due to time shoratge.

To translate the Bank vision about Consumer Finance in Egypte and to address the mutiple operational challegnes related to CF Demand Management, ADIB called on the expertise and the delivery excellence of proxym to develop and implement a Digital Consumer Finance End-2-End Solution within only 6 months. ADIB had to go live with its ADI-CF solution within only 9 months otherwise relaunch another costly request to Financial Regulatory Authority.

 

The Solution

To help ADIB Proxym provided an End-2-End Digital solution based Bankerise Digital Engagemnt platform connected to iScore solution and other government institutions IS on the top of Abacus loan management system integrated with the help of our integration partner Talys.

Functionally, Automate credit scoring / Automate demand / application mobile B2C / Onboarding avec Valify(OCR, Face recognition,…)/ Dashboards & operations tracking

CSR,

Business owner defines criteria of “octroi de crédit” defines and execute the rules directly

CIO setup the solution

CEO Dashboard & Analytics

The Added Value