Head of Retail Banking of AAIB Himanshu Shrimali explained the different retail services of the bank and its future plans in an exclusive interview with Daily News Egypt.
What do you expect the target growth rate in 2016?
We are targeting an average growth of about 30% in different business parameters pertaining to retail (liabilities, assets, profit, etc.)
What are the most prominent retail services offered by the Bank?
AAIB is keen that innovation becomes a key feature in its products and services. The bank aims to provide products that are customised for our clients and have flexible features. AAIB offers payroll solution, transaction, savings, and investment products like current and savings accounts and time and certificate deposits.
Additionally AAIB offers a wide variety of card products; Visa Classic, Gold and Platinum, MasterCard Classic, Titanium credit cards, Visa and MasterCard debit cards, prepaid cards, and payroll cards. We also offer loan products ranging from cash to auto via ValuePlus Secured loan bouquet and EduInvest Education Loan bouquet.
AAIB has a strong merchant proposition in the form of POS acquiring, eCommerce payment gateway, merchant loan, and overdraft. The bank also has an exclusive wealth management proposition for affluent customers and Western Union Money Transfer Service.
Are there new products and services that will be provided by the bank during the new year and the next period in general?
In the upcoming period in addition to enhancing our current product portfolio, we plan to offer further segmented products for select sectors like medical sector professionals, home buyers, etc. We also plan to launch mobile wallet issuance and acceptance in addition to establishing a microfinance company soon.
What is the retail sector’s role in attracting new customer segments in the banking sector and achieving financial inclusion?
Consumers are the bedrock of any modern economy and making their financial lives easier plays a fundamental role in economic growth. This is achieved by a thriving retail banking sector. Financial inclusion is critical for uplifting the lives of people at the bottom of the pyramid, which generally leads to a more robust, balanced, and less volatile economic growth of any country.
What is the bank’s role in adding new retail products and services to the Egyptian market?
AAIB has been at the forefront of introducing many new products to Egypt. Way back, the bank was among the first issuers and acquirers of cards and also among the first to launch smart-chip EMV compliant cards and the eCommerce payment gateway. In the recent period, the bank was the first to launch a comprehensive ValuePlus secured loan bouquet, a Mobile POS (MPOS) proposition, and most recently the EduInvest Education Loan bouquet.
