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Saudi Investment Bank, SAP announce digital deal

RIYADH, March 13, 2019

Saudi Investment Bank, one of the Middle East’s innovative banks, has announced a digital transformation partnership with global technology company SAP to support the digital banking market and enhance customer experiences.

The bank is doing major investment on the SAP Hybris platform powered by the SAP Hana in-memory platform, said a company statement.
 
In response to Saudi customer demands and appetite towards digitalisation, the kingdom’s retail and corporate banks are heavily investing in digital transformation and moving to digital banking models, it said.

With many analysts seeing the kingdom’s banking and finance sector as a reference for global trends, the global digital banking market will grow by 25 per cent from SR45 billion ($11.99 billion) in 2018 to SR56 billion ($14.92 billion) in 2021, according to a recent report from Deloitte.
 
The bank will gain real-time insights on customers, using solutions running on SAP’s digital platforms to provide more relevant and personalised products, it added.

The bank aims to enhance customer experiences in the end-to-end banking journey making it easier and faster to open accounts, apply for loans, acquire the different cards products, and enjoy all banking services via online channels, or on mobile devices.
 
The bank believe that the biggest ambition is to retain and provide consistent value to bank growing customer base while staying relevant to their banking needs, and Saudi Millennials are increasingly banking online.

In line with the Kingdom vision 2030, the bank innovation through the digital transformation with SAP sees more targeted digital segments to increase customer engagement, happiness, and loyalty.
 
SAP stated that the Saudi Investment Bank shows how intelligent enterprises can provide customers with faster and easier experiences, as in-person banking is replaced by digital banking, the bank can share insights on one digital platform to simplify business operations and customer journeys.

The Saudi Investment Bank can provide the right banking products at the right time on the right mobile device, it stated. – TradeArabia News Service




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