{"id":607340,"date":"2023-10-02T00:00:00","date_gmt":"2023-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/whats-a-bank-anyway\/"},"modified":"2023-10-02T00:00:00","modified_gmt":"2023-10-02T00:00:00","slug":"whats-a-bank-anyway","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/whats-a-bank-anyway\/","title":{"rendered":"What\u2019s a bank, anyway?"},"content":{"rendered":"

Whether you call them digital banks, challenger banks or neobanks, this much is <\/strong> clear: The flavor of the decade in global banking is coming to Egypt in early 2024. <\/strong>That\u2019s when most of us expect the first homegrown digital bank to open its (virtual) doors. Digital banks are all about digitalizing the banking experience \u2014 but they go far beyond banks simply having digital or online banking services. These institutions go hand-in-hand with themes of financial inclusion, but have vastly different roles from NBFIs. <\/p>\n

On the second day of the Enterprise Finance Forum<\/strong>, we brought together leaders from the firm that\u2019s set to launch Egypt\u2019s first digital bank and a regional powerhouse that\u2019s already launched a neobanking proposition in the GCC + Pakistan: Group Head of Mashreq\u2019s retail banking Fernando Morillo<\/strong>, and Sherif El Behery<\/strong>, CEO of Misr Digital Innovation (MDI). <\/p>\n

So\u2026 what exactly is a digital bank? <\/strong>Digital banks globally have lower capital requirements than conventional banks, in return for their tech-driven contribution to the national strategies of financial inclusion, said Morillo. \u201cThey are characterized by their high percentage of digital interactions and a reduced reliance on physical branches,\u201d said Morillo. <\/p>\n

A core characteristic is simply that digital solutions are the foundation of operations: <\/strong> Digital banks \u201cinvolve being agile and focusing on solving problems with digital-first approaches,\u201d Morillo said. <\/p>\n

They\u2019re digital, but they\u2019re more banks than they are NBFIs: <\/strong>Oftentimes, digital banks have distinctive capabilities by virtue of their regulatory environment, allowing them to provide services such as taking deposits, providing loans and facilitating sizable transactions, while non-bank financial institutions (NBFIs) are not allowed to accept deposits, Morillo added. Digital banks are meant to provide a comprehensive suite of services and compete with traditional financial institutions, while fintech firms typically concentrate on specialized market niches, Morillo explained. \u201cWe\u2019re not inventing banking products \u2014 we\u2019re just packaging banking products and inventing a new way of delivering them,\u201d El Behery said.<\/p>\n

And \u201cwho\u201d is a digital bank? <\/strong>Some grow out of existing banks. That\u2019s the case with the brand MDI will launch \u2014 MDI is owned by Banque Misr, even though it is set up as a separate company. MDI was the first bank in Egypt to apply for a digital banking license<\/a>. It\u2019s also the case with Mashreq\u2019s various Neo propositions, all of which are brands owned by Mashreq and operated under the bank\u2019s existing licenses. Other times, they\u2019re fintech players or NBFIs that look to bulk up their range of what they can do by starting to take deposits.<\/p>\n

Corporate parentage makes a difference: <\/strong> Morillo pointed out that setting up a digital bank as a fresh entity represents a substantial financial commitment that could go up to USD 150 mn, while \u201cestablished banks can make use of their existing infrastructure and accumulated expertise,\u201d said El Behery. The approach taken by banks varies: While some favor distinct brands operating under the same corporate umbrella, others choose partnerships or establish entirely new digital bank entities. The choice depends on market conditions and specific objectives, said El Behery, noting that MDI is taking the latter strategy.<\/p>\n

Personalization + customization are key features of digital banks: <\/strong>Digital banks emphasize the fulfillment of customer requirements over the promotion of particular products, looking to craft a frictionless user journey by customizing their offerings according to individual customer needs, said El Behery. \u201cThe essential products are those that address customer needs, including receiving money, making payments, and lending,\u201d El Behery added.<\/p>\n

And the regulatory differences between digital banks and NBFIs has a massive impact on <\/strong> the potential growth of each: <\/strong> \u201cIn reality, what you see is that digital banks are born without limits, and therefore are born within a scope where the sky\u2019s the limit. When you set up a digital bank, you\u2019re going for all the businesses [as clients] eventually,\u201d Morillo said. <\/p>\n

Quality over quantity: <\/strong>Digital banks don\u2019t need to start with a large offering of products, but rather a few that are very well thought-out and seamless in terms of user interface and user experience, said Morillo.<\/p>\n

That forward-looking view also factors into the underlying infrastructure for digital <\/strong> banks: <\/strong> Digital banks deliver personalization for users \u2014 effectively infinite \u201ctiers\u201d and personal offerings \u2014 using advanced technology and data-driven solutions, El Behery said. The tech stack behind MDI\u2019s planned digital bank, for example, is a \u201crefreshed\u201d take on the tech stack already used for Banque Misr, El Behery said. \u201cWe redesigned the whole backend system to cater for the needs of the customers for the digital bank,\u201d he added. <\/p>\n

Digital banks are first a retail solution, but they can also serve the smaller end of the SME <\/strong> scale very nicely: <\/strong>Sole proprietors are a hybrid of SME and retail clients: \u201cThey behave like individuals, but they have a company of their own. Digital banking provides the solutions for this type of client,\u201d Morillo said. These clients lack the time needed to spend a full or half business day at the bank to complete a transaction, he noted. \u201cThat\u2019s where there\u2019s a big network to tap into. There\u2019s several hundreds of thousands of individuals that can be served from a digital platform.\u201d<\/p>\n

Corporate clients will eventually come along: <\/strong>When it comes to digitization, corporate clients are on their own path, especially given the complexity of their transactions, El Behery said. While they do have distinct needs, the essential shift towards digital banking primarily impacts the retail sector, he said The digitization process in corporate banking frequently revolves around enhancing procedures and managing data efficiently. Corporate banking won\u2019t see in the near term the type of profound tech- and methodology-driven changes that we\u2019re about to see in the retail segment, according to Morillo.<\/p>\n

What do digital banks need to truly take off? It\u2019s primarily about the right country, with <\/strong> the right mindset. <\/strong> \u201cYou need a country with a regulator that wants a clear and bold agenda of financial inclusion. A country with a young population that is hungry for these types of solutions. A country that is willing to embrace technology. It\u2019s not just about being young \u2014 it\u2019s a mindset and it\u2019s about wanting to leapfrog, which we can see in Egypt all over the place,\u201d Morillo said. <\/p>\n","protected":false},"excerpt":{"rendered":"

Whether you call them digital banks, challenger banks or neobanks, this much is clear: The flavor of the decade in global banking is coming to Egypt in early 2024. That\u2019s when most of us expect the first homegrown digital bank to open its (virtual) doors. Digital banks are all about digitalizing the banking experience \u2014 […]<\/p>\n","protected":false},"author":1,"featured_media":607341,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7318],"tags":[204,7317,72,7315,183,2373,7314,595,7316],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-finance-forum","tag-banking","tag-enterprise-finance-forum","tag-enterpriseam","tag-fernando-morillo","tag-fintech","tag-mashreq-bank","tag-misr-digital-innovation","tag-non-banking-financial-services","tag-sherif-el-behery","wpautop","entry"],"acf":{"mongo_id":"6b04bc34-a561-4766-9f9d-678b35e93f9a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/75.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Enterprise Finance Forum: Understanding the characteristics of digital banks + how they measure up against fintechs and NBFIs","related_issue":[607335],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.dcf33804-52d4-4c82-932b-53aad747922f.mp3"},"yoast_head":"\nWhat\u2019s a bank, anyway? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/whats-a-bank-anyway\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s a bank, anyway?\" \/>\n<meta property=\"og:description\" content=\"Whether you call them digital banks, challenger banks or neobanks, this much is clear: The flavor of the decade in global banking is coming to Egypt in early 2024. 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FORUM","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-finance-forum\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/2148.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605858,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/06\/this-evening-private-intl-schools-get-clarity-on-this-years-tuition-fee-hikes\/","url_meta":{"origin":607340,"position":4},"title":"THIS EVENING: Private + int\u2019l schools get clarity on this year\u2019s tuition fee hikes","author":"enterpriseam admin","date":"6 September 2023","format":false,"excerpt":"Good afternoon dear readers, and happy ALMOST-THURSDAY. We hope that you have been able to manage the heat, along with the increased traffic as schools are back in full-throttle. THE BIG STORY TODAY New adjustments to the cap on tuition fee increases in private + international schools : The Education\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/2853.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597115,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/16\/rayas-microfinance-arm-aman-in-negotiations-eyes-egp-500-mn-in-loans-from-five-banks\/","url_meta":{"origin":607340,"position":5},"title":"Raya\u2019s microfinance arm Aman in negotiations eyes EGP 500 mn in loans from five banks","author":"enterpriseam admin","date":"16 July 2019","format":false,"excerpt":"Raya Holding\u2019s microfinance subsidiary Aman is seeking to borrow EGP 500 mn from CIB, Suez Canal Bank, Attijariwafa Bank, Blom Bank Egypt, and United Bank, Chief Financial Officer Ayman Bassiouny told Mubasher. The company hopes to borrow EGP 100 mn from each bank, having already obtained EGP 500 mn in\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=607340"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607340\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607341"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607340"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607340"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}