CASE STUDY
The 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 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
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 topmost 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-first era , paper-based processes are no longer viable , and as a forward-thinking organisation , we needed to digitally transform our information management strategies to
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