FEATURE: DIGITAL TRANSFORMATION
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The Central Bank of Egypt
has digitised 100 million
documents using scanners
from Alaris and aims to
scan another 500 million
documents over the next
five years.
million documents over the next five
years by increasing the number of
scanner units.
At the same time an enterprise content
management system (ECM) will also
be implemented in order to improve
efficiency of operations, enhance security
of information and allow for easy retrieval
of information.
The digitisation of documents has resulted in
huge cost savings in terms of storage space.
Digital Transformation
T
he Central Bank of Egypt had 500
million documents which were
retained as paper records. Retention
of these records needs to be achieved in
accordance with the relevant legislation.
Storing these documents in paper format
was very expensive and there was also risk of
damage and loss as well as unsecured paper
handling. Under the old system retrieving
documents was difficult and time-consuming.
Although the task is huge, the bank’s goal
was simple: to dramatically reduce the cost
of document storage and make the task of
retrieving documents easier, more efficient
and cost effective.
Solution
A total of 100 million documents have
been scanned in two years using 20
scanners from Alaris. The second phase
of the project is to scan another 500
The Central Bank of Egypt is an autonomous
regulatory body responsible for different
roles that contribute directly to the
enhancement of the Egyptian economy,
mainly: insuring a strong, safe and sound
banking system through its regulatory and
supervisory role; managing the monetary
policy of the Egyptian economic system; the
country foreign exchange reserves; and the
issuance of banknotes.
As an institution that sets the standard for
other banks and financial institutions in
the country, Central Bank of Egypt decided
two years ago to embark on its Digital
Transformation journey.
Digitisation of documents was given
priority in order to meet regulation, security
and compliance demands,
reduce costs and to enhance productivity
and efficiency.
Kassem Mohamed, Head of Business
Technology Development at Central
Bank of Egypt, said: “In today’s mobile-
Central Bank of Egypt
embarks on Digital
Transformation
with Alaris
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