Banks would have to face winds of changes, modernize their technology infrastructure: CIB Chairperson

Banks would have to face winds of changes, modernize their technology infrastructure: CIB Chairperson

Future onboarding of new clients, growing customer base may be faster, less dependent on physical premises compared to previously, says Sherif Samy He is currently serving as Chairperson of the Commercial International Bank - Egypt (CIB), having previously served as Chairperson of Egypt's Financial Regulatory Authority (FRA). He has also previously served on the Boards of the Central Bank of Egypt (CBE) and Banque Du Caire. Samy sat down with Daily News Egypt to provide greater insight on how the novel coronavirus (COVID-19) pandemic has affected Egypt's banking sector. He also outlined what the bank's plans are in the post-pandemic era. How have the banking sector's plans and approaches changed after the COVID-19 pandemic? Have the opportunities and challenges been affected by the health crisis? What are your expectations for the banking sector in the coming period? Obviously COVID-19 and the precautionary measures taken to fight the pandemic impacted banks, not only in Egypt but across the world. The first challenge was to balance the wellbeing and safety of bank staff and clients with the need to remain operational and providing services. Creative solutions were adopted for work-from-home for those whose jobs allowed it, including introducing alternating shifts for branch