Central Bank of Egypt, Alaris partner to digitise 100m documents
Information management solutions vendor to help Egypt’s top bank on digital transformation journey
Alaris, a Kodak Alaris business, has partnered with the Central Bank of Egypt (CBE) to help that country's top bank to digitise 100 million documents using scanners from the vendor.
The partnership also aims at scanning another 500 million documents over the next five years.
According to the CBE, the digitisation of documents has resulted in a number of benefits including huge cost savings in terms of storage space, quick and easy document retrieval and completion of certain processes in a few minutes as opposed to weeks.
Kassem Mohamed, head, Business Technology Development at CBE 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 improve operational efficiency and ensure profitable growth."
Mohamed added that: "We had over 500 million documents that were stored in three warehouses that had to be retained as per regulatory requirements. Not only was there a huge storage cost, but these documents were at risk of damage and getting lost. There was a lot of sensitive and confidential information within those documents and the paper handling process itself was unsecure, which threw up cyber security challenges."
He added that it was a very difficult and time-consuming process trying to retrieve a particular document. "Digitising these documents and implementing an enterprise content management (ECM) system was imperative," he said. "Electronic storage is a lot faster, easier, cheaper and more reliable. If you have a warehouse fire, your documents are gone. But if you have files on a server that is backed up, you can't lose them."
The CBE decided two years ago to embark on its digital transformation journey.
According to the CBE, the first phase of the project has been completed with 100 million documents scanned and digitised in a period of two years.