Having had both my companies in Egypt since 2009, I’ve had firsthand experience navigating the banking sector here. While Egypt's banking sector has experienced significant growth and modernization, many businesses, including mine, still face serious obstacles in accessing timely and efficient banking services.
One of the most pressing issues is the disconnect between banking representatives' promises and businesses' reality regarding the Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. And let’s not forget trying to get your credit or debit card or even getting a simple reply about the status of your application.
The result? A slow and frustrating customer experience that stifles business growth and often makes you want to look elsewhere.
1. The Promises vs. The Reality:
Banking sales representatives often promote streamlined services and customer-centric banking. They promise ease of access, quick solutions, and personalized service. However, once businesses begin the onboarding process, bureaucracy starts to slow down, especially regarding KYC and AML checks.
The KYC and AML Delays: These regulatory processes, while crucial for preventing fraud and money laundering, are often bogged down by excessive paperwork, long approval times, and a lack of transparency. These delays can and are costly for businesses trying to establish or expand operations, preventing timely transactions and complicating cash flow management.
2. Lack of Personal Interaction:
Despite the strong push for digital banking services and online applications, businesses still feel a significant gap in personal interaction. Many of us can attest that we’ve never had a banking representative visit our offices to discuss our needs, offer additional products and services, or even introduce themselves to us and ask us to use more of their services.
The Missing Personal Touch: In countries with more developed banking ecosystems, it’s not uncommon for banking representatives to visit businesses, understand their unique needs, and recommend tailored services. In Egypt, however, banking staff's lack of proactive follow-up often leaves businesses feeling neglected and unsupported.
3. Lack of Follow-Up and Accountability:
Once the initial meeting with a banking sales representative is over, follow-up can be scarce—sometimes for months to nothing at all. Businesses are left in the dark, waiting for updates that rarely come. Whether it’s an inquiry about account status or questions about available services, the lack of proactive communication creates frustration.
The Broken Relationship Model: A solid customer relationship model involves regular communication, updates, and follow-through—not just through WhatsApp. In Egypt, many businesses experience the opposite: representatives vanish after the initial pitch, and businesses are left struggling to get answers. This lack of accountability can damage trust and discourage businesses from maintaining long-term relationships with banks.
4. The Impact on Businesses:
The combination of slow processes, lack of personalized attention, and poor follow-up leads to significant frustration for businesses. It wastes time and leads to missed opportunities and financial setbacks. For startups and SMEs that rely on fast-moving operations, these banking inefficiencies can make or break their ability to scale and stay competitive in the market.
5. Solutions for Businesses and Banks:
To improve this system, banks must focus on reducing the bureaucracy around KYC and AML processes, perhaps by investing in better technology and streamlining approval systems. Additionally, adopting a more proactive and relationship-driven approach—such as regular office visits, personalized consultations, and consistent follow-up—would help improve customer loyalty and satisfaction.
For Banks: There’s a real opportunity to redefine the customer experience in the Egyptian business banking sector by embracing a more agile, customer-first approach. It’s time for banks to provide services and create partnerships that evolve with their client's needs.
6. The Future Outlook:
Having encountered similar issues with banking in many locations globally, we are taking steps to provide a business advisory service that will help others navigate what we, as a group, have faced for the last twenty years.
I’ll share more about this initiative later, but looking ahead, Egypt’s banking sector must continue to evolve and adapt to businesses' needs. By focusing on faster KYC/AML procedures, proactive customer engagement, and personalized service, banks can establish themselves as true partners for business success, not just service providers. Businesses need more than transactional banking—they need partners.
Final Comment:
The business banking process in Egypt is ripe for reform, and so banks need to work with businesses to understand their needs. If banks want to keep pace with the needs of modern businesses, they must overhaul their slow-moving customer relationship models and create smoother, faster, and more personalized service offerings. Finding the right banking partner can and is a game-changer for businesses, but the process needs to improve for that partnership to be truly beneficial.
I encourage businesses to demand more from their banking partners and urge banks to reconsider their approach to customer service, focusing on the human touch and efficiency needed to support business growth in a fast-paced world.
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