Revolutionizing Banking in Beirut: Bank of Beirut's Post-Crisis Transformation Beyond Core Banking Offerings Qorus Banking Innovation Awards 2023

Bank of Beirut recognized the need to create a supportive system where customers can continue performing their transactions. It was critical to provide them access to complimentary solutions in replacement of the bank services deemed inexistent in this time frame. Therefore, a new business model relying on diversity and complementary business was put in place whereby we could propose to our customers (individuals and merchants) where the solutions needed to process their businesses and their payments in light of the financial and economic restrictions applied in the country. The new model relied on brand extension, pivoting the business from Bank of Beirut Parent Brand to the bank’s subsidiaries as Complementary Business, going beyond the core banking offerings and transitioning the banking business to the Bank’s: - Fintech and Money Transfer Arm: Bob Finance, to cater for the retail segment and provide financial services for individuals - Insurance Arm: Beirut Insurance Group to c