The impact of Vision 2030 on Saudi Arabia's banking transformation

Saudi Arabia's banking sector is undergoing a remarkable transformation, unlocking significant financial gains for the Kingdom and extending its benefits globally. This blog delves into the innovative strategies and technologies that are redefining banking in Saudi Arabia, illustrating how these advancements are creating a wealth of opportunities for businesses and consumers alike. Discover the impact of this transformation on the economy and the future of banking in the region.

With 63% of the population being Saudis under 30, I've experienced the unprecedented demand for digital services. This tech-savvy demographic, born into a digital-first Saudi Arabia, embraces innovation as their norm. As I see it, they readily harness world-leading advancements in technology and banking.

Our Kingdom's banking sector has truly risen to the challenge, transforming heightened expectations into opportunities. Leveraging our robust banking framework, I’ve seen Saudi banks onboard new customers in mere minutes. Transactions happen instantly, and with multiple online channels, all banking needs can be addressed without ever stepping foot in a branch. It’s a momentous journey that has led us to the launch of Saudi Arabia’s first fully digital bank, NEO.

I’ve marveled at how Saudi National Bank's new digital initiative marks a tectonic shift in banking—from merely delivering services to becoming an integral part of daily life. NEO combines advanced banking features—like instant transactions and personalized financial management—with lifestyle offerings such as hotel bookings, food delivery, loyalty programs, and multi-currency cards.

These developments are not just redefining banking in Saudi Arabia but have global implications as well. At the nexus of this commendable government vision, digital-native consumers, and pioneering banks lies our opportunity to become a leading force in global banking innovation.

I find it encouraging that our potential to shape the next phase of global banking is attracting international leaders in banking technology, like Backbase. This commitment yields multifaceted benefits, driving foreign investments and drawing top talent to our country. It opens doors for Saudi consumers and businesses, providing our nationals with unparalleled opportunities to lead cutting-edge advancements in the sector.

Through our close collaboration with Saudi National Bank on NEO, we at Backbase have productised a feature-rich engagement banking platform that we can now offer to banks both in the Kingdom and beyond. As I observe, global counterparts are paying close attention to the solutions we are developing here. These can now be delivered as fully realized ‘Accelerators’, helping to fast-track digital transformations across the broader banking sector.

With robust platforms that meet the current wave of digital convenience, I am confident that Saudi banks are perfectly positioned to explore ‘what’s next’. Collaborating closely with international partners like Backbase, we are eager to be part of this transformative journey. We are witnessing the rise of banking auper apps—powerful platforms tailored to diverse customer segments that integrate a variety of lifestyle services into a single, intuitive digital interface. This presents a unique opportunity for us at Backbase, and we are heavily investing to secure our position as the partner of choice for Saudi banks as they boldly define the future of banking.