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Core Banking Driving Efficiency at Egyptian American Bank: New Celent Report

Egyptian American Bank increased profitability, more than doubled its efficiency in the back office, and more than tripled the efficiency ratio of customers to IT employees with a new FLEXCUBE core banking system.
Egyptian American Bank (EAB) is a joint venture between the government-owned Bank of Alexandria and American Express with 32 branches across Egypt. In a new report, Core Banking Driving Efficiency at Egyptian American Bank, Celent looks at how the bank converted its core systems to i-flex FLEXCUBE using infrastructure technology from Oracle, Microsoft, HP, and Cisco.

EAB’s deployment plan was an accelerated one, with core selection starting in early 2003 and going live on October 3, 2004. The business benefits were profound. Having a single, modern integrated system allowed the bank to become more efficient in both IT and the back office. Back office staff dropped from 420 to 230, more than doubling efficiency. IT staff dropped from 65 to 28, more than tripling the number of customers per IT employee. Profitability increased by 32%. All of this occurred while the bank was increasing its number of customers and accounts.

"This was a soup to nuts core migration in a very short time," explained Bart Narter , author of the report and senior analyst with Celent’s banking group. "EAB has shown just how quickly a focused team can effectively restructure the IT department driving efficiency at the bank. This data confirmed that cost savings in the back office are as significant as cost savings in IT, which is an expected core banking migration benefit," he continued.