Driven by Vision 2030, non-oil activities now contribute nearly half (49.9%) of Saudi Arabia's GDP — an all-time high. The banking sector, designated as pivotal to this national vision, plays a major role in this achievement. Spurred by digitalisation mandates, government bodies such as SAMA, SIMAH, and the Ministry of Interior have collaborated to deliver remarkable outcomes. The seamless integration of governmental and banking systems, coupled with progressive regulation, havecreated a robust framework upon which the nation’s banks can build impressive digital offerings.
With Saudis under 30 comprising 63% of the population, demand for digital services is unprecedented. “Born into a digital-first Saudi Arabia, using digital services is second nature for this tech-savvy demographic. They view innovation as the norm and readily embrace world-leading advancements,” explained Ahmad Ghandour,Regional VP — Middle East at Backbase, a global pioneer in digital banking.
The Kingdom’s banking sector has risen to the challenge, seizing heightened expectations as an opportunity. Leveraging the nation’s banking framework, Saudi banks now allow new customers to be onboarded in mere minutes. Transactions are executed instantly, self-service options are accessible via multiple online channels, and all banking needs can be met without ever visiting a branch. Ghandour highlights how this momentum has culminated in Saudi Arabia’s first fully digital bank, NEO.
“Saudi National Bank's new digital initiative marks a tectonic shift in banking, from delivering services, to now being a way of life,” he said. NEO seamlessly combines advanced banking services — such as instant transactions and personalised financial management —with lifestyle features like hotel bookings, food delivery, loyalty programmes, and multi-currency cards.
“These developments are redefining banking, not only in Saudi Arabia but globally,” said Ghandour. “At the nexus of commendable government vision, digital native consumers, and pioneering banks, lies the opportunity for the Kingdom to become a leading force in global banking innovation.”
This potential to shape the next phase of global banking is encouraging international leaders in banking technology, such as Backbase, to strengthen their commitment to the Kingdom, yielding multifaceted benefits. “This is driving foreign investment and attracting top talent to the country, unlocking new conveniences for Saudi consumers and businesses, and giving Saudi nationals an unmissable opportunity to lead cutting-edge advancements in the sector,” said Ghandour.
Through its close collaboration with Saudi National Bank on NEO, Backbase has been able to ‘productise’ a feature-rich engagement banking platform that can now be offered to banks both in the Kingdom and beyond. Ghandour elaborated, “As Saudi banks lead the way, their global counterparts are paying close attention. The solutions being developed here can now be delivered as fully realised ‘Accelerators’, which help to fast-track and de-risk the digital transformation journey of the broader banking sector.”
With robust platforms that fulfil the current wave of digital convenience, Saudi banks are perfectly positioned to explore ‘What’s Next’. Ghandour notes that international partners like Backbase, deeply invested in the Kingdom, are eager to be a part of this journey. “We are witnessing the emergence of Banking Super Apps— powerful platforms catering to diverse customer segments and integrating a host of lifestyle services, all through a single, intuitive digital interface. This presents a unique opportunity for companies like Backbase, and we are investing heavily to secure our position as the partner of choice to Saudi banks as they boldly define the future of banking.”
