Within the framework of the Egyptian Banking Institute’s zeal to support and encourage innovation in the Egyptian banking sector, the Banking Institute organized the Innovation Competition 2022 for the second consecutive year. This is making fundamental changes in the banking industry.
The Research and Awareness Department of the Banking Institute received More than 80 ideas In the three topics for this year, the topics of this year’s innovation competition were:
- Innovation for cyber security (IT security) in the banking sector
Bankers are expected to identify cyber security and resilience risks in the banking sector, come up with innovative security programs to manage security and risks, and ensure appropriate levels of protection.
- Innovation for sustainable development in the banking sector
Bankers are expected to present an idea or product that encourages innovation for sustainable development. The challenge is to integrate the concept of sustainable development with the banking innovation approach as a marketing strategy that enables banks to be competitive.
- Innovation for retirement services in the banking sector
Bankers are being asked to create flexible and digital retirement products in the banking sector to improve financial inclusion by ensuring a better future for retired individuals.
Participants from the following banks took part in the competition:
Banque Misr, Bank of Cairo, Abu Dhabi Commercial Bank, Agricultural Bank of Egypt, Commercial International Bank, Egyptian Real Estate Bank, National Bank of Egypt, Qatar National Bank, Emirates Bank of Dubai, Bank of Alexandria, Arab International Banking Company Bank, The United Bank, Faisal Bank The Islamic, Central Bank of Egypt, Credit Agricole, Ahli United Bank.
The submitted projects were filtered and their number reached afterwards Filter 15 projects for evaluation By the jury composed of a distinguished group of experts in the banking and financial field, they are as follows:
- Mr. Ahmed Imam – CEO of Amlak Finance Company
- Mrs. Abeer Khader – Head of Information Security Sector – National Bank of Egypt
- Ms Rasha Ezzat – Head of Sustainability and Innovation Strategies – Commercial International Bank
- Mr. Hany Soliman – General Manager Paytabs Egypt
- Ms Laila Hosny – Director of Social Responsibility and Development Department – Bank of Alexandria
- Eng Hisham Mohamed – Head of Information Technology Security Sector – Emirates NBD
At the end of the evaluation, the committee made a selection 4 best ideas To win the 2022 Innovation Competition according to the following criteria:
- Determine the market need.
- Good product that fits the market.
- work plan.
- creativity and innovation.
- technology systems used.
Below we review the names of the winners of the three topics of the 2022 innovation competition:
- Winner, Innovation for Cyber Security (IT Security)
Mr Ahmed Adel – National Bank of Egypt
- Winners for innovation for pension services in the banking sector
Mr. Sherif Al-Nashar – Ahli United Bank
Ms. Marcel Mashreqi – Ahli United Bank
Ms. Mina Mohamed Farhat – Central Bank of Egypt
- Winner of the theme: Innovation for sustainable development in the banking sector
Mr. Hazem Mohamed Abdel Halim – National Bank of Egypt
About the winning projects:
The winning project on the topic of “Innovation for cyber security (IT security) in the banking sector” by Mr. Ahmed Adel Mohamed – National Bank of Egypt entitled” Trust mobile app“
The Trust mobile application provides a smart solution to reduce bank fraud by building a secure information channel between customers and employees of the banking system, in which data is exchanged in a secure and unbreakable manner, through the creation of OTP and sent to the customer become through the program, for the customer to use in determining the identity of the employee and the method of communication The requirement and the subject of the transaction …, so that communication with customers is predefined, registered and secure, and it also awareness increase among banking system customers the importance of securing their personal data, and thus the Trust program offers a solution that guarantees that the door of bank fraud is closed.
The winning projects in the topic of “Innovation for retirement services in the banking sector” are as follows:
A joint project between Mr. Sherif Al-Nashar and Ms. Marcel Mashreqi – Ahli United Bank titled ” Certificate for retirees.
The idea is a certificate for retirees above retirement age specially designed to cover all their needs to ensure a stable and high income, in addition to health services by enabling them to benefit from medical discounts on tests , medicine and doctor states with major medical insurance companies for free, as well as assistant services The personal, which allows them to perform all state or personal services without cost or effort (such as the renewal of the identity card – license, etc.), as well as the home delivery service, which allows them to receive the pension without leaving the house at a nominal cost and various discounts and promotions, and This certificate helps to achieve sustainability for retirees as well as the participating companies and sponsors of this certificate , thereby achieving the state’s vision of sustainability. and digital transformation in Egypt 2030.
The project of Ms. Menna Mohamed Farhat – Central Bank of Egypt titled “Mobile application Easy money” .
The Easy Money mobile application aims to provide digital solutions to pensioners by saving young people from an early age in the (eaZy Money) mobile application, so that banks in turn invest those deposits in various fields, in addition to serving set financial goals for the citizen’s pension to help him achieve them when Leaving the labor market.
The winning project on the topic “Innovation for Sustainable Development in the Banking Sector” by Mr. Hazem Mohamed Halim – National Bank of Egypt, entitled “Shortcut”.
In line with the sustainable development goals and in line with modern technological and banking developments, the Shortcut application was created, targeting fresh graduates and students at different universities, to be an effective link between the educational stage and working life. And this is by helping the target group to increase self-awareness and develop a personal development plan tailored for each user, identify the requirements of the labor market in banking and help identify suitable jobs for them according to the personality assessment, which will favor the supply of qualified cadres to join banking.
The ladies and gentlemen who won the competition were honored during the tenth annual conference of the Egyptian Banking Institute by Dr. Abdel Aziz Naseer – Executive Director of the Institute. The rest of the participants were also honored and presented with certificates of appreciation to encourage and appreciate the institute for their participation in the competition and the effort put in by all the participants.