At a Glance
● Supports a 25% growth in customer volumes and 20% rise in assets under management
● 50% decrease in time-to-market
● Return on equity reached 17%
● 40% decrease in customer acquisition cost
● Went live in just 10 months despite the significant disruption caused by the COVID-19 pandemic
Already one of the top five banks in Libya, Assaray Trade and Investment Bank (ATIB) has ambitious plans to become the leading digital bank not only in its home market but across the whole North African region. To achieve this, ATIB focuses on delivering first-class services that win growing numbers of customers, while building streamlined internal operations to attract the very best banking talent.
Farouk K. Laabidi, General Manager, ATIB, explains: “Traditionally, we have concentrated on the corporate market, but in recent years we have looked to expand into the retail banking space. In Libya, we are seeing demand for online and mobile banking services among consumers rise, especially in the wake of the COVID-19 pandemic. Targeting these digitally-savvy customers is a key strategic goal for us.”
Setting the standard for innovation
Operating in Libya presents significant challenges for banks, with limited national infrastructure and a history of political instability creating barriers to growth. Many banks have been slow to embrace digital technologies, with some not connected to the central banking network and unable to accept electronic transfers. But where other service providers see limitations, ATIB recognizes huge opportunities for building long-term success. ATIB believes that innovation is a matter of culture, it starts from the top and all employees need to embrace it.
Farouk K. Laabidi continues: “We have focused on digital transformation since 2014, bringing many innovative services to market. For example, we were one of the first banks to launch prepaid payment cards in Libya and offer an electronic wallet application that allows users to purchase goods via their mobile device. As well as enhancing and developing new digital services, we are now excited by the possibilities of Open Banking.”
However, ATIB realized that its existing core and digital banking solutions were starting to restrict its ability to innovate. Building tailored services for different customer groups was a difficult, time-consuming process, and the bank did not have the modern API functionality to interface with third-party services. To sharpen its competitive edge, ATIB started to look for a more advanced, customer-centric solution.
Choosing a solution with extensive capabilities
Keen to overhaul and modernize many components of its banking infrastructure, ATIB looked for a partner with extensive knowledge and experience of large-scale transformation projects. The bank decided to deploy an integrated suite of core and digital banking solutions comprising Temenos Transact, Temenos Infinity, Temenos Analytics, and Temenos Payments.
Farouk K Laabidi explains: “We knew that Temenos is a global leader for core banking solutions, and they demonstrated a deep understanding of our challenges and the future of the banking sector.”
“Temenos technology is very impressive, especially the product development and API integration capabilities, which would allow us to connect to many different third-party services.”
Farouk Laadibi, General Manager, ATIB
Adopting a remote deployment model
Working with Temenos and Temenos business partner Prema Consulting, ATIB kicked off the implementation of the solutions, starting with Temenos Transact in a two-phase project. Having gone live in just ten months, the bank is now working with Temenos to add the payments and digital banking solutions, which will make ATIB the first Libyan bank to harness the cutting-edge capabilities of Temenos Infinity.
Dunia M. Ajaj, Head of Project Management at ATIB, comments: “The implementation was complex, and we experienced huge disruption due to the COVID-19 pandemic. After one month we faced severe travel restrictions, but Temenos showed great flexibility by switching to a remote deployment strategy.
“Going live in ten months was a great result, with Temenos delivering excellent support to keep the project moving forward.”
Dunia M. Ajaj, Head of Project Management, ATIB
Muawiya Abu Jubain, CEO, Prema-C, added “We believe that the ATIB project is a strategic project for us, knowing the ambitions the bank management and employees have in deploying the world-renowned Temenos core banking system. And we wanted to be part of this exciting journey that brings growth and innovation to ATIB. Despite the pandemic, we managed to reach the bank’s goal of going live in a record time of ten months. This could have never been achieved without the dedication of our consultants, the bank’s team ,and the Temenos project management team and consultants.”
Transforming the customer experience
Using Temenos Transact, ATIB enhanced many of its customer services. For example, the bank used the rich integration functionality of the Temenos solution to deliver greater flexibility to customers using its prepaid payment cards. Whenever users need to top up their card with funds from their electronic wallet or account, they can now manage the process quickly and easily via their mobile device.
“We expect Temenos Infinity to give customers greater control of their accounts and to enjoy seamless onboarding online or via mobile. ”
Abdulmohaimen M. Matoug, Head of Digital Transformation, ATIB
Abdulmohaimen M. Matoug, Head of Digital Transformation, mentioned “Temenos Transact delivers so many great capabilities, from high levels of security to close control over lending arrangements. When deployed, we expect Temenos Infinity will also have a huge impact, giving customers greater control of their accounts with the option to process checks, request new cards, and enjoy seamless onboarding online or via mobile.”
Using Temenos Analytics, ATIB adopted a more customer-centric approach to development, as Farouk K. Laabidi explains: “With our old core platform, we could not gain a detailed picture of customer behavior. Using Temenos Analytics, we analyze their preferences and requirements in depth, and build more relevant, personalized offerings closely aligned with their business needs and lifestyles.”
Reaching new customers
The partnership with Temenos is helping ATIB to achieve its goal of increasing market share and becoming one of the banking leaders in Libya and beyond. The enhanced portfolio of products and services contributed to a 25% growth in customer volumes in one year with a 40% decrease in customer acquisition costs, and the bank grew its total assets under management by 20 percent in the 12 months ending in June 2021.
Dunia M. Ajaj comments: “Working with the Temenos solutions, we are reaching more clients than ever before. Not only are we consolidating our leadership in the corporate banking space, but we are extending our share of the retail banking market, too. As we launch more digital services with Temenos Infinity, we are confident that this upwards trend will continue well into the future.”
Staying a step ahead of the competition
Within ATIB, the Temenos solutions have had a significant impact on workflow efficiency. Higher Within ATIB, the Temenos solutions have had a significant impact on workflow efficiency, including a 50% decrease in time-to-market. Higher levels of automation remove the need for manual interventions during many key processes, enabling employees to work more productively and reducing overall costs. In addition, using temenos solutions, ATIB’s cost-income ratio has decreased by 10% and its return on equity has reached 17%. The bank believes that deploying a modern, world-leading suite of banking solutions will help to attract the brightest bankers in Libya.
As the Libyan banking market becomes more digitalized and embraces Open Banking, ATIB is in prime position to take full advantage, as Abdulmohaimen M. Matoug explains: “The Temenos solutions will enable us to connect with many different partners, not only among financial services providers but also airlines and utilities companies to support more convenient customer payment methods.”
“With Temenos, we believe the sky is the limit on what we can achieve. Whatever innovative ideas we conceive, we know we can develop and bring them to market using the solutions. Thanks to our partnership with Temenos, we are moving towards our goal of becoming the leading digital bank in Libya and the wider region, and staying well ahead of our competition.”Dunia M. Ajaj, Head of Project Management, ATIB