EBI Publications

4 w w w . e b i . g o v . e g • The growth in Financial Advisors, financial media and information has encouraged many customers to move money from traditional low interest accounts to a wide range of savings providers. This has had a significant impact on the cost of retail deposits, and as a result retail banking profitability. • Changes in delivery mechanisms for basic retail banking services: Banks have encouraged the use of electronic payment methods to reduce cheque and paper transactions to reduce costs. There is an increasing provision of telephone and internet banking in an attempt to further reduce processing costs by allowing simple transactions to be completed by customers with minimal involvement of bank staff. The Future for Retail Banking: Technological change will continue to have a profound effect on retail banking, with the following trends likely to continue for the foreseeable future. As for the next 10 years we shall see the wide usage of Mobile Banking. The greater penetration rates of mobile phones mean that they are ideal to utilize Internet Banking services without the customer having to access a PC, and therefore used in conjunction with the ability to store value on a mobile phone means that financial services will really become twenty four hours – seven days a week and truly interactive. Furthermore, there will be more convergence between banking and insurance and other financial services to enable ‘one stop’ providers to utilize an effective data base to cross sell and gain a greater share of the customers wallet. Also further mergers and acquisitions of banks with extensive retail banking operations in an attempt to drive down operating costs. This process is already well advanced in the UK, but is now accelerating worldwide. EBI Headquarters: 22, Dr. Anwar El Mofty St. - Tiba 2000 Bulding - Nasr City, Cairo, Egypt Tel: (202) 4054472 Fax: (202) 4054471

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