Intelligent CIO Africa Issue 20 - Page 38

FEATURE: DIGITAL TRANSFORMATION ///////////////////////////////////////////////////////////////////// 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 38 INTELLIGENTCIO www.intelligentcio.com