The United Bank is expanding its banking solutions for SMEs and its smart digital services

12/11/2018

Within the events of the second day of “El Nass we El Bnouk” Annual Conference
The United Bank is expanding its banking solutions for SMEs and its smart digital services

Cairo: 24 October 2018
The United Bank participated in the second day of “El Nass we El Bnouk” Conference in two sessions, first: Small and Medium Enterprises and their importance and the positive impact of The Central Bank of Egypt’s initiative to support the growth of the sector and the national economy as a whole, and the second on retail banking and its relationship to financial coverage.
Farag Abdel Hamid, Deputy Chairman of The United Bank, highlighted the Bank's ongoing efforts to support and support the sector, which is of great importance in revitalizing the economic situation in general, providing jobs for youth and reducing unemployment, integrating the informal economy into the formalization of financial inclusion. As well as rely on the local product and improve its quality. In order to dispense with the imported foreign product, especially in light of the high price of foreign currency and the high prices of production inputs.
Abdel Hamid said that the bank was one of the first banks to believe in the important role of the small and medium enterprises sector in achieving comprehensive development. Therefore, the bank developed a strategy to engage in depth and national participation in financing this vital and influential sector of Egypt's economy.
Farag Abdel Hamid praised the efforts of The United Bank in this promising field with a series of important steps including: Agreement with I-Score for the Transferred Securities Register, which contributes to opening up new fields for investors as a guarantee of financing and reducing financing risks, which guarantees the protection of the rights of individuals and companies, whether financial or moral. It establishes a universal legal framework for the Transferred Securities Register which instills global confidence in local financial institutions. Also an agreement with I-Score to provide the SME assessment service within the package of solutions and services provided to this sector.
The bank also held a series of agreements with financing entities to help open new financing areas, whether traditional or Islamic, headed by the National Authority for the Development of Small and Medium Enterprises. As well as organizing workshops in cooperation with the European Bank for the teamwork on the ideal ways to support small and medium enterprises to qualify them for the development of projects.
The United Bank has also opened a bank representation office at the Egyptian Export Development Center, and the presence of influential in the places of industrial and productive gatherings, especially in the provinces of the axis of development and the governorates of Upper Egypt and Delta. It also contributes to the dissemination of banking culture and financial coverage among all producers and exporters through advisory and technical seminars to qualify them for banking work.
Digital banking solutions for investors in the SMEs sector
Among the smart and digital banking solutions offered by The United Bank for investors to help them compete with their products in the local and international market are the following:
1- Corporate Online Banking
Which enables the client to manage his accounts from his office through the following: company accounts - all funds - all deposits - documentary credits - letters of guarantee - checks deposited for collection. The owner of the company can perform all operations: opening documentary credits, issuing letters of guarantee, payment of government payments to customs, taxes and insurance, issuing checkbooks, issuing bank checks, deposit bonding, and foreign transfers by SWIFT, and internal transfers from one account to another within the bank - to establish a schedule for the repayment of loans, invoices and external payments.
2- Cash Management
Which qualify companies of all kinds, whether large, medium or small, to make maximum use of all their assets and accounts in the bank in an optimal manner to get the highest return. As well as the ease and speed of management automatically and without moving between branches of the bank 54 in the provinces. This is done by investing these funds in investment or savings funds that are managed electronically by virtue of a continuous mandate of these companies to do so and to manage them and follow them through digital solutions.
The second session on retail banking and its relationship to financial inclusion
The second session was on banking retailing and its relation to financial inclusion, and was attended by Ahmed Salah - General Manager of Branches at The United Bank. In which he identified the benefits of financial technology in four positive results at the national and social levels:
Benefits of financial technology
First: At the level of internal trade growth
It contributes to the growth of digital commerce for enterprises, traders and consumers. As well as accelerating the direction of Egypt towards a non-monetary economy and eliminate the cashew phenomenon. This is in addition to automation of electronic payments and payment of bills via mobile phone in the fastest and shortest time and completely safe and contributes to the integration of parallel economy formal.

Second: At the level of Foreign trade Export
Export in Egypt has become a very important issue to control the trade balance. The United Bank realized this and studied all the obstacles faced by the exporters. And to develop innovative solutions to overcome them: from granting the necessary funding to the exporters - a query about the importer and the bank and the state itself importing the Egyptian product - securing the shipment exported - and accelerate the collection of foreign currency so as not to affect the exporter.

Third: At the level of Retail Banking
Financial technology contributes to increased demand for retail banking and financial services. As well as the deployment of banking services and achieve financial inclusion and facilitate the customers and access to new categories of non-dealers with banks and motivate them to deal with the banking system, making it easier for them to offer the rest of banking services and finance.

Fourth: On the social level
Digital solutions contribute to increasing the productivity of the Bank's employees and increasing operational efficiency through the dissemination of digital knowledge, thus facilitating customer service according to international quality standards. As well as reducing the gap between cultures especially in solutions and financial transactions that directly affect the lives of ordinary citizens.

The bank has a series of digital achievements
Ahmed Salah said that The United Bank was able during this year to achieve many of the advanced centers in smart banking services.

As The United Bank obtained third place in a regional referendum on the best banks to provide services and solutions to digital financial technology in 2018 conducted by The Arab Banking Union.

The United Bank became one of the top 10 banks in the provision of digital services, including: electronic payments. In addition to offering a range of technological services such as: Internet banking and mobile banking with their high qualities. As well as cash flow management through corporate Internet banking, finally the digital wallet.