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Technology is bringing change to the banking industry in the Arab world. The latest service in banking industry in the Middle East is e-Branches and smartphone applications.

In 2010, Insightsmena showed that people in the Arab world carry out financial activities twice per week on average. The strategic approach for several banks in Lebanon includes e-branches and smartphone applications. This approach comes as a unique offer as banks aim to present convenience for their clients and maintain their position among other banks in the region.

In November 2011, Byblos Bank opened a first-of-its-kind e-branch in Ashrafieh, that is accessible round-the-clock. The branch allows Lebanese Pound (LBP) and U.S Dollar (USD) cash, check, and envelope deposits, as well as LBP, USD, and Euro cash withdrawals. Customers can use their Visa Debit, Credit, or Charge Cards at the e-branch ATMs. Cash deposits transactions, which have instant value date, are free of charge. One of the reasons that motivated Byblos Bank to open an e-branch is the fact that cues have been increasing at their branches and affecting the customers as well as the productivity of employees. With this service, clients can do their self-service banking operations at their convenience. Byblos Bank is planning to expand its e-branch network in the coming months in several Lebanese regions.

“My BLF” is an application created by Banque Libano Francais (BLF) which enables users to check their accounts, transactions, pay bills, and transfer money anywhere at any time from their iPhones and Androids. The application provides secure e-banking and online directions to the nearest BLF branches or ATMs. The applicaion will soon be accessible on Blackberry and Windows mobiles.

With the availability of online banking and applications, we expect the activity of paying bills and completing transactions online will increase in frequency. E-banking and smartphone applications provide a convenient way for people to perform financial tasks without needing to go to the physical structure of the bank. Just think about how many long lines of people and traffic jams you’ll save yourself from!

To learn more about online and mobile banking and the exciting digital developments that are impacting banks, join us at Industry Day in Beirut on March 28, 2012. A first-time addition to the ArabNet Digital Summit, Industry Day will explore how web and mobile are transforming education, healthcare, travel, and banking. Register now.