In a bid to reposition itself within Egypt’s commercial banking landscape, aiBANK — the commercial banking arm of EFG Holding — has unveiled its rebranding effort. Now known as Bank NXT, the bank is embarking on a new path to offer timely and accessible financial services all while continuing investments in its workforce and technological framework to better serve its customers and achieve its shareholders’ goals.
In this interview, Tamer Seif, chief executive officer and managing director of Bank NXT, shares the motivation behind this decision and how it aligns with its long-term objectives. He also sheds light on how the bank sets itself apart amid fierce competition — and why they are focusing on personalized client solutions and superior service quality.
What was the motivation behind the rebranding from aiBANK to Bank NXT?
The bank’s rebranding from aiBANK to Bank NXT was motivated by its desire to position itself as a forward-thinking, boutique financial institution focused on driving change. The new name, “Bank NXT,” reflects the bank’s commitment to next-level banking in terms of the value it brings to clients, stakeholders and communities. The word “NXT” suggests focusing on the future and innovation, aligning with the bank’s mission to create tailored, high-quality solutions for individuals, entrepreneurs and businesses.
How do the new name and branding align with the bank’s current and future goals?
The new branding aligns with Bank NXT’s goal to become one of Egypt’s top 10 banks in terms of Return on Equity (ROE) and Return on Assets (ROA). Recognized by its convenience, speed and distinctive quality, the bank is positioning itself to meet the needs of modern clients while staying competitive in a fast-evolving financial landscape. The rebranding also aligns with the bank’s vision to be the bank of choice for individuals, entrepreneurs and businesses looking to drive sustainable and meaningful change.
Following the rebranding, what are Bank NXT’s key strategic priorities for the next five years?
Over the next five years, Bank NXT plans to focus on:
- Expanding its customer footprint among key customer segments, particularly individuals, entrepreneurs and innovative businesses.
- Enhancing the quality and speed of its services, with an emphasis on personalized customer experiences.
- Leveraging technology to streamline operations and improve financial services offerings.
- Continuing to drive sustainable growth by balancing shareholder returns with positive contributions to communities and the economy.
- Expanding its branches footprint to 50 branches by 2027 with a focus beyond Cairo.
- These priorities reflect the bank’s goal of delivering seamless, high-quality solutions while becoming a market leader in ROE and ROA.
How does Bank NXT plan to differentiate itself from other banks in the market, especially given the increasing competition in the financial services industry?
Bank NXT differentiates itself through its boutique approach, emphasizing personalized and tailored solutions for each client. This is reflected in its core values of agility, distinctive quality and partnership. The bank is committed to changing the often painful banking experience by coming to clients wherever they are and offering services through a specialized team for most banking needs. This proactive, client-centered approach ensures that Bank NXT delivers a seamless and unique banking experience that stands out in the competitive financial services industry.
Ultimately, it’s all about the customer experience. Turnaround time is the name of the game. The quality of service during the client’s journey is a main pillar of success. The way we address clients’ problems creates a significant difference in how clients perceive the bank and distinguishes us from competitors.
How does Bank NXT measure and prioritize customer satisfaction? What steps do you take to ensure a seamless and personalized customer experience?
Bank NXT measures and prioritizes customer satisfaction through a comprehensive approach that includes satisfaction surveys and mystery shopping conducted by external agencies. These methods assess clients’ willingness to recommend our services to others and evaluate the speed of client transactions through both internal and external research.
To ensure a seamless and personalized customer experience, we utilize holistic, non-financial KPIs for all frontline staff, focusing on how distinctly they serve our clients. This framework enables us to identify areas for improvement and enhance the overall client experience, ensuring that our services are aligned with their needs and expectations.
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