We were the first bank in
the Kingdom to allow customers to open accounts online,
and we continue to be at the forefront of new innovations that remove friction and deliver a fully integrated end-to-end service to our retail and business customers.
The digitalisation of Bank Albilad banking products and services have been rapid and have taken place over a relatively short period of time. We have now reached a position where digital is now integrated into all of our activities and is a clear expectation across our customer groups, - retail, corporate, and 3rd party players (TPPs) engaged in BaaS and Open Banking solutions. However, this does not mean that innovation stops there, we remain focused on future innovation to add value to our customers, increase efficiency, and drive future value to shareholders and the Kingdom as a whole.
We have leveraged our expertise to carry out development of new digital products in personal finance and home finance. This work has led to the development of two new products which will launch shortly and will provide full end-to-end customer journeys in both areas.
In 2022, we have successfully launched end to end digital process for Personal Finance and Credit cards. Moreover, we have seen significant growth of some of our products. Customers can open savings accounts within minutes via Albilad App or Albilad Net; This has helped deliver a 22% year-on-year increase in the number of mobile app users and 70% of new customers from retail have onboarded digitally. Our Investment Wakalah term deposit account has found strong market support, with deposits growing by 42x during the last 12-month period, and number of deals growing by 37.5x over the same period. These products are now providing digital Islamic savings solutions to over 11.8K customers.
Our strategy is focused on embracing digital as a core value, introducing Open Banking to empower strategic alliance and partnerships, and transforming businesses digitally for more inorganic growth which will serve our customers, partners, internal processes and enhance overall experiences.
Our Investment Wakalah term deposit account has found strong market support, with deposits growing by
X
in organic growth which will serve our customers, partners, internal processes and enhance overall experiences.
For both business and retail customers, in 2022 we have continued to develop our product range to provide new and innovative banking solutions. We partnered with Careem to streamline earnings for Careem Captains, simplifying payments and supporting SAMA’s aspiration to reduce cashless transactions in the Kingdom. Also, we successfully launched a full suite of services for Mobily Wallet, a new mobile wallet in partnership with a major telecom provider, Mobily.
Bank Albilad has also made major advances during 2022 to consolidate our position as a sector leader when it comes to service innovation. The world of finance is rapidly changing in Saudi Arabia and worldwide. The emergence of fintech companies and new challenger banks that are developing new products and services represents both a threat to incumbent providers but also an opportunity for new partnerships.
A key part of our strategy to engage with new entrants and established businesses is the Bank’s Horizon Innovation Centre, launched in 2022. This Centre will support Bank Albilad in connecting with emerging fintech companies to deliver new financial products/solutions to them. We see these strategic alliances as a key pillar to deliver sustainable and organic growth of the business and to maintain our position as a sector leader in digitalisation.
Digital islamic savings solutions to over
.
k
customers
The new Horizon Innovation Centre is vital to achieving our long-term aims as a bank. We know that finding the right partners and partnerships is increasingly important for building unique and agile digital platforms. As the increasing integration of the digital economy and financial services continues and accelerates, the new Centre will position Albilad to successfully exploit the many opportunities that will come with the pivot to Banking as a Service (BaaS).
Central to our partnership approach will be continuing to expand our work on Open Banking to deliver a suite of new services that integrate seamlessly with third-party applications. In 2022 we have achieved an initial release of our Open Banking platform. Innovations delivered with partners through Open Banking integration will be a key part of our strategy moving forward. Not only will these new products meet the changing needs of customers and businesses, but they will also expand our offer to reach new groups and increase financial inclusion in the Kingdom. This will support us in delivering key strands of the Kingdom’s Vision 2030.