In the embrace of new technology, every step counts in Egypt’s digital transformation, according to Jacques-Emmanuel Blanchet CEO, HSBC Egypt.
Egypt’s banking architecture is getting a digital upgrade. Efficiency and personalisation are at the top of the list of preferences as one of the world’s oldest civilisations undergoes a very modern disruption.
Progress and change
Two of Egypt’s national goals, to modernise its economy and to support a rapidly growing population, are being carried out within a positive economic outlook. The GDP in the fiscal year 2018 is expected to rise by 5.8%. Egypt’s proactive attitude is driving digital growth in the country’s banking sector and is filtering down to the consumer too. This is largely down to the government, the Central Bank of Egypt(CBE) with the support of the local banking community.
A progressive tone from the top is matched by an enthusiastic response from the banks and the public. This banking ‘marriage’ is bearing fruit.
Seamless customer experience
From the top down, the National Payments Council is putting in a general framework to shift to a less cash-based society, and to create a national system of payment and cards. Meanwhile, the CBE is investing heavily in developing a ‘seamless’ customer experience that is more efficient and easy to use.
Both aim to safeguard the value of human interaction i.e. intensifying the level of trust and loyalty in the customer-bank relationship. The country’s approach includes the promotion of innovative technologies in the design and delivery of financial services. This includes the review of digital banking regulations, and the launch of a fund for innovation and talent investments worth EGP 1bn ($558m).
Digital maturation
From the bottom up, Egypt’s banking community – banks and customers alike – is keen to embrace change. Nearly all respondents, 90.57%, to an HSBC digital survey carried out in Cairo, expect ‘the internet of things’ (the trend towards more devices being online) to have a major impact on their existing business model. Leveraging this appetite for digital maturation is key.
The same applies to tailoring services for different socioeconomic and digitally-able customers. Clear communication to improve understanding within the banking community is vital to build trust and adopt digital banking tools. Patience is also essential, as it will take time to shift the national psyche towards digital banking.
It’s about family
Egypt’s tightknit family and social network must be addressed in banks’ marketing and communication programmes as ‘word-of-mouth’ recommendations carry significant weight when it comes to building reputations and communicating change. The influence of informal knowledge sharing in Egypt will only heighten as the world’s most populated Arab nation gets busier. The United Nations (UN) expects Egypt’s 97 million population today to rise to 120 million by 2030 – a 23% growth in less than 12 years.
As one of the largest multinational banks in Egypt, and with a presence since 1982, HSBC’s unwavering dedication to build its digital knowledge will continue. The bank has been a leading and respected voice on digital advancements for over three decades. Plans to spend $15bn-$17bn on technology, worldwide, up to 2020 are underway, in addition to $6bn in recent years. Such efforts will undoubtedly enhance Egypt’s digital journey, be it through talent creation, research and development, or tech deployment.
Digital toolbox
There are many new digital methods that Egypt’s banking community can use. These include the next generation virtual accounts, enhanced liquidity management, and more streamlined mobile collections and payments. HSBC is always working on how to design and deploy new technologies, including machine learning, artificial intelligence (AI), biometrics and blockchain.
HSBC completed its inaugural blockchain transaction for trade finance this year. This is highly relevant for a growing banking community as each transactional step is entirely transparent and accountable. It is also attractive for Egypt’s growing trade finance market as the country’s gas exports, for example, are likely to rise significantly.
More than half, or 56.6%, of survey respondents to our digital research agreed that international trade has become more difficult over the last three years. This means that making cross-border trade easier by using digital tools is even more critical to sustain Egypt’s global competitiveness.
Challenges to overcome
As with any market in development, some areas need more attention. These include improving cybersecurity, legal frameworks, and scalability. Therein lies the value of collaboration and knowledge sharing, something that HSBC is able to facilitate.
To take an example – globally, banks’ ties with Fintechs are thriving. HSBC’s data showed that approximately $31bn was invested in Fintechs around the world last year. Collaboration agreements and sandbox environments, both promoted by regulators, can help test the relevance of new technologies in Egypt’s banking community.
We must not fear the unknown. Egypt must keep its best foot forward, for every digital step counts.
Source:zawya
Vicat Group to inject $34mln into Egypt’s cement sector
These investments will cover the market’s demand for cement, says company official
Vicat Group, the main developer and partner of Sinai Cement, is planning to invest EUR 30 million (EGP 615 million) in the Egyptian market over the coming period, Vicat Egypt’s CEO said.
These investments will cover the market’s demand for cement, Tamer Magdy added during a celebration at the French embassy in Giza.
For his part, the chairman of France’s Vicat said that the company will continue investing in Sinai despite the current situation.
The Egyptian economy has the potential to recover as it is moving forward on the back of the country’s policies, Guy Sidos stressed.
Source: zaway
4 Ecommerce Trends to Watch Carefully for in 2019
As the online retail space grows ever more competitive, entrepreneurs will need to adapt.
Ecommerce enjoyed a record-breaking year in 2018, with global sales revenues estimated to have reached $2.8 trillion, according to Statista. This year, this figure is expected to rise to $3.5 trillion. To put this in perspective, if the ecommerce industry were a country, it would slot into the fifth spot, ahead of the United Kingdom, whose GDP as of April 2018 was $2.61 trillion.
With such eye-opening figures, it’s little wonder there’s so much excitement surrounding the future of online retail. Amid all the hype about ecommerce, it’s easy to forget that this segment accounts for just 11.9 percent of the total retail sales around the world. Therefore, the market holds an extraordinary capacity for growth over the next decade.
Below, I identify the four trends that ecommerce entrepreneurs should pay the closest attention to:
1. Smaller businesses using big data
Yes, we’ve heard quite a lot about big data over the past two years, but it’s not going away. As more people come to grips with this new resource, this effort will increasingly separate the successful from the less successful ecommerce businesses. And this division will not be limited to behemoth ecommerce businesses either, because mid-range competitors too are now using their data reserves to mine unique insights.
Big data, in fact, helps entrepreneurs analyze shopping behavior, trends and what products it is that are selling. It's been proven to help ecommerce businesses make improvements in customer service, security and mobile commerce. It also powers the AI which is revolutionizing the industry (more on this below).
In short, big data is likely to power future developments in your ecommerce business. If you are planning on staying in the industry long term, you would be wise to study the latest developments.
2. Excellent customer service
Shoppers are growing used to the convenience of ecommerce, and entrepreneurs need to ensure that the customer experience meets those people's growing expectations. The purchasing journey needs to be smooth, reassuring and secure. Stores also need to be quick to respond to queries and resolve issues.
One American Express study has found that more than half of Americans surveyed had canceled a purchase due to bad service. But take heart; you needn't be the entrepreneur on the other end of that type of transaction. Instead, there are a number of ways you can deliver outstanding customer service:
Ensure a smooth checkout: Too many ecommerce stores still have unnecessarily drawn-out checkouts. Consider whether you need any more than two stages, i.e., you can fill in the details on one page; then confirm those details and items on the next.
Be responsive: Whether it’s on social media or your website or via email or phone, your business should respond to any queries in a timely and professional manner. An increasing number of stores offer live chat on their sites, and the response of customers has been overwhelmingly positive.
Deliver a personalized experience: Use your customer’s browsing and purchase history to deliver a personalized shopping experience. This is something Amazon has turned into an art form in recent years, directing its customers to the products that are most relevant to them and that they are more likely to buy.
Listen to your customers: Be proactive in looking for feedback and asking your customers about their experience. By asking for feedback, you’ll shape a more holistic view of your business and how it is perceived. Don’t be afraid to address criticism, either, even if it’s in public. In this way, you'll identify your weaknesses and prove to customers that you take complaints seriously.
Above all, understand that providing excellent customer service is no longer a bonus for an ecommerce business. It’s now the norm.
3. Enhanced AI
Without good, well-ordered data, you will not be able to embrace the latest technologies that can drive revenue to your ecommerce store. AI is already evident in many ecommerce stores. Those automated live chatbots, advanced data analytics and inventory management tools? They are all powered by AI.
However, there are examples of stores taking it to the next level to deliver a highly personalized experience. Outdoor wear brand, The North Face, has recently unveiled a digitalized personal shopper which can guide customers to products. There are also voice search and mobile shopping, which enable people to shop on the move.
4. Improved personalization
One of the factors behind Amazon’s success is its advanced product recommendations algorithm, which drives up to 35 percent of the company’s total sales. Using the buyer’s shopping habits, interests and even browsing history, the ecommerce giant is able to promote the products the buyer is most likely to purchase.
Looking beyond Amazon, product recommendation engines have proven effective at delivering a personalized shopping experience and driving up revenue for stores. The key is to place those recommendations at optimum points in the purchasing process.
First, ensure you have recommended products visible to your shoppers on the home page or after the point that they sign in. Then, once they have added items to their basket, ensure you have suggested complementary items. You can also suggest items at checkout.
Final thoughts
Entrepreneurs who take the proactive approach, embrace the latest advances in tech and make use of data will reap the rewards in ecommerce. As AI becomes more mainstream, it is essential that ecommerce business owners take personalization to the next level. Simply having a product recommendation plugin is no longer enough; you need to be proactive and utilize tools in the right way, with well-curated data, to maximize their potential.
Source: entrepreneur
سويسرا توقع إعلانًا مشتركًا مع مصر يتضمن استراتيجية التعاون الجديدة للأعوام 2017-2020 بقيمة 86 مليون فرنك سويسري
21 Dec 2017 Written by Admin SAE
تم مؤخرا التوقيع على اعلان مشترك بين الحكومة السويسرية والحكومة المصرية يتضمن استراتيجية التعاون الجديدة بين الطرفين وذلك وفقا لموقع (vetogate.com) الاخباري.
Swiss Business Council celebrates 20 years of trade cooperation with the UAE
01 Oct 2016 Written by Admin SAE
Translation from Middle East Business Magazine (Original text)
- UAE leads Gulf countries in terms of the value of Swiss imports
- Trade volume between Switzerland and the UAE reached up to nearly 33.6 billion dirhams in 2015
- Prestigious award for UAE nationals who have contributed to Swiss Business Council's support
