Spending on Information Tehcnology in Egypt is projected to reach USD 1,9 billion by 2013! E-banking is flourishing in the region with banks spending 25%-30% of their IT budgets on internet and web related banking technologies. While banks have been very proficient in acquiring significant IT systems, the challenges lie with incorporating technology and streamlining processes to drive down costs, increasing product innovation and even more so with raising customer service levels through new e-banking strategies.
Risk management systems are implemented to help improve financial performance by reducing losses, improving capital management and building a risk aware culture throughout the banking and financial services sectors.
The Central Bank of Egypt announced that it is about to introduce new reforms within the banking sector, including the adoption of the Basel II standards which will refine banks' risk management systems.
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