In the dynamic banking landscape of Saudi Arabia, Arab National Bank (ANB) has emerged as a transformative leader. Headquartered in Riyadh, ANB is one of the largest banks in the Middle East, with a mission to empower the Kingdom’s people and businesses through innovative financial solutions and seamless banking experiences. This vision aligns with Saudi Arabia’s ambitious Vision 2030, which aims to reduce dependence on oil, diversify the economy, and establish the country as a global hub for innovation and technology.
A Vision Rooted in Leadership and Innovation
As Naif Alharbi, Chief Information Officer at ANB, explains, the bank’s journey in digital transformation began in earnest in early 2021:
“In early 2021, our focus shifted towards accelerating growth and making a significant impact in line with Vision 2030. Our mission is not only to keep pace but to lead in several critical areas.”
By focusing on empowering SMEs, enabling fintech collaboration, and leading retail and affluent banking, ANB is aligning its mission with a future driven by digital innovation. With a forward-thinking approach, ANB is redefining the banking experience and setting new benchmarks for innovation and efficiency.
At the core of ANB’s success is its three-pronged technology strategy, which ensures agility, innovation, and scalability:
- Modern Architecture: ANB has embraced open, modular systems to foster adaptability and seamless integration.
- Smart Tech Delivery: The focus lies on deploying cutting-edge solutions, ensuring timeliness and effectiveness.
- Exceptional IT Talent: The bank prioritizes hiring and nurturing top talent, ensuring a future-ready team capable of driving innovation.
Next-Generation Core Banking: A Seamless Transformation
A cornerstone of ANB’s transformation has been its core banking upgrade program, leveraging Infosys Finacle’s next-generation architecture. This decision was driven by the need for a modern, flexible, and open platform capable of supporting ANB’s ambitious goals.
Talking about the business drivers behind this transformation, Nora Almonif, Head of Business Technology at ANB, explains:
“Our tech-savvy population is driving a shift towards cashless payments, targeting 70% by 2025. Thus, we are accelerating our digital transformation to enable this shift. Fintechs are on the rise, and banks that build strong ecosystems will thrive. Arab National Bank has been a pioneer in co-innovating with FinTechs. Like the rest of the world, we are embracing APIs, event-driven architectures, and AI to unlock possibilities.”
In alignment with Vision 2030, ANB adopted Finacle’s API-driven, scalable platform. Reflecting on the initiative, Almonif adds: “To align with Vision 2030, we initiated our core banking upgrade program with Finacle’s next-gen architecture. The API-driven open and scalable platform aligned perfectly with our needs”
Through this partnership, ANB has achieved remarkable milestones, including the integration of multiple applications, the migration of millions of customer accounts, and the seamless transition of massive data volumes in under 12 hours. Almonif proudly reflects:
“To my mind, this has been the best migration ever in the region.”
The benefits of this transformation are already evident. ANB has reduced branch turnaround times by 80%, and a cost-to-income ratio of 33.24%. Further, it has enabled streamlined operations, and accelerated product launches. Fintech collaboration has also been enhanced, enabling ANB to respond faster to market demands. As Almonif emphasizes:
“This transformation has truly set the stage for an exciting future for Arab National Bank.”
Building a Future-ready Bank
With a robust platform for continuous innovation, ANB’s digital transformation journey is a testament to strategic foresight and effective execution. "Choosing Infosys Finacle as our partner was a strategic decision," Alharbi adds. "Their extensive experience and componentized, API-driven architectures enhance our scalability and ability to serve clients effectively."
As ANB continues to innovate, it reaffirms its role as a trailblazer in Saudi Arabia’s financial sector. Almonif highlights, “Arab National Bank is committed to empowering the Kingdom's people and businesses with innovative financial solutions and a seamless banking experience.”
Commenting on the successful transformation and partnership, Sriranga Sampathkumar, Vice President and General Manager – Middle East and Africa, Infosys said "Arab National Bank’s transformation and partnership with Infosys Finacle is a testament to the power of collaboration and forward-thinking strategy. By embracing Finacle’s next-gen core banking platform, they have not only modernized their technology platform but also positioned themselves as a pivotal player in realizing Saudi Arabia’s Vision 2030. This partnership exemplifies how technology can empower banks to unlock new opportunities, deliver unmatched customer engagements, and set benchmarks for the region’s banking industry."
Through strategic investments, technological innovation, and an unwavering focus on customer satisfaction, ANB is shaping banking’s next in the Middle East.
Originally published in IBS Intelligence.
