Saudi SABB’s International remittances grow by over 50%

The number of new accounts open digitally exceeded 100,000 accounts

  
General view of SABB bank as the government eases lockdown restrictions amid the coronavirus disease (COVID-19) outbreak, in Riyadh, Saudi Arabia June 3, 2020.

General view of SABB bank as the government eases lockdown restrictions amid the coronavirus disease (COVID-19) outbreak, in Riyadh, Saudi Arabia June 3, 2020.

REUTERS/Ahmed Yosri

RIYADH - In its endeavors and consistent efforts to provide the best digital services to customers and take advantage of the state-of-the-art technologies, SABB has developed international transfer services through its digital channels, in partnership with the financial technology companies "MasterCard Send" and "Ripple ".

Thus, the bank allows its customers to transfer funds instantly and securely to international beneficiaries, whether to bank accounts, electronic wallets, or via cash delivery to more than 30 international destinations. Now, SABB customers can transfer to more than 170 countries and use 38 different currencies.

The improvements also included development of relations with correspondent banks to include delivery of remittances on the same day for the selected currencies and providing a full remittance deposit service for beneficiaries for the US dollars corridor.

These efforts were positively reflected in the growth of SABB’s international remittance service. Hence, the value of remittances executed through SABB’s digital channels up to August 2021G grew by more than 50%, and the market share of SABB in the retail international remittance market for individuals increased to 11.85%.

Mr. Bashar Al-Qunaibit, Deputy Managing Director of Retail Banking and Wealth Management at SABB, commented: “In light of the Kingdom’s rapid technological development in response to the Kingdom’s Vision 2030, and in implementation of the bank’s strategy aimed to digital transformation, SABB is focusing on accelerating transformation steps at all levels, including international remittances, which constitute an important pillar to provide a leading banking experience.

On this basis, we have intensified efforts to enable customers to transfer international funds instantly and securely, according to the best technologies provided. We will continue to strive for ongoing development of all our products and services in a manner that ensures our leading position in the market and effectively supports our competitive strength”.

It is worth noting that SABB has been named recently by Global Finance the “Best Digital Bank for Customers in Saudi Arabia in 2021”. This recognition is in appreciation of the bank’s efforts in developing innovative digital solutions that provide customers with advanced digital banking experience. Notably, 86% of the total number of new current accounts in SABB were opened through digital channels. The number of new accounts open digitally exceeded 100,000 accounts.

Recently, it has been witnessed a significant increase in the number of users of SABB digital channels. The bank has successfully managed to transform a wide range of its services and manual operations to its digital platforms. More than 130 banking services are currently provided to retail customers through SABB Mobile application.

SABB is one of the first banks to obtain approval of the Central Bank of Saudi Arabia - within the framework of the experimental environment SandBox - to provide the service of updating customer data electronically "Know your Customer" through digital channels without the need to visit the branch, which has contributed positively to enhancing customer experience and currently represents 60% of the total customer updates for the targeted groups

 

© Copyright 2021 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services