The challenge of digitizing an Islamic bank

Al Rajhi Bank of Saudi Arabia to use digitization to bridge the gap between a traditional Islamic bank and a highly tech-enabled banking institution:

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Saudi Arabia's Al Rajhi Bank took the pandemic as a challenge and completed a digitization journey that it had started earlier. As the pandemic struck, customers were looking for end-to-end digital solutions that not only provided efficient accessibility, but also helped them better manage financial transactions in an increasingly cashless society. The bank started 2021 focusing on shifting its digital value proposition from execution to action and insights, and providing the best customer experience.

KEY ACHIEVEMENTS

The bank has, in the background of disruptions caused by the pandemic, brought transformational changes in its operations and customer offerings supported by a digital infrastructure and a flexible workforce. It has highlighted some of the key achievements as:

◆ 9.7 million active digital banking customers 

◆ An aggressive 145% yoy growth in digital onboarding with 90% of all retail customer accounts opened during the year opened via digital channels

◆ Payroll solutions for e-business customers

◆ A high performing, rapidly evolving mobile ecosystem with both the best rated retail and business banking mobile apps in the Kingdom 

◆ Delivery and roll out of end-to-end digitized mortgage and auto lease financing solutions

◆ A 275% increase in assets powered by digitized personal finance products