Big data and advanced analytics have been playing a vital role in transforming the way business is done and is influencing the behaviour of customers in all walks of life, and the banking industry is no exception. To implement these rapid developments, bold and swift action was required from our side to lead change in the industry.
Data has evolved from being a tool to becoming a commodity in itself. It represents a fundamental shift in how we do business by opening a door to a new approach to strategy. Big data analytics provide a colossal opportunity for banks to excel by giving them a clear edge to lead the market. Banks that can transform enormous amounts of data into valuable insights and then actions will be able to create a unique and differentiated customer experience.
As CIB has always taken the road less travelled to benchmark itself against top global institutions, we are now the first bank in the region to have an advanced analytics and data management team and will soon become the first to harness the power of big data for the benefit of our customers.
We understand the importance of moving from a descriptive analytics model to predictive analytics and fully comprehend the challenges and difficulties this entails. Therefore, we are investing aggressively in our IT and Human Capital to develop exceptional infrastructure that can support us through this journey.
CIB invested in data storage and computation platforms to increase structured data capacity, improve reporting performance as well as invest in self-service Business Intelligence and real-time information delivery systems to manage petabytes of data for advanced analytics and new regulatory requirements. Those infrastructure investments will be the platform by which CIB will conduct our advanced big data analytics.
We strongly believe these developments will prove transformational not just for CIB, but for the banking industry in Egypt as we know it. We look forward to embarking on this transformational journey with our shareholders as we continue to create more value with our ever-increasing resources.