In an exclusive interview, Nahim Bassa, Senior Vice President and Head of Strategy & Transformation Group at Bank Aljazira, shared his insights on the rapid transformation happening in Saudi Arabia’s financial sector. With over 50% of the population under 35, the country is embracing digital innovation and Vision 2030 to diversify its economy and unleash the power of its young population.

A Dynamic Environment

Nahim described the current environment as “phenomenal” with a “rate of change and transformation unlike anywhere else in the world.” He highlighted the impact of Vision 2030, the Crown Prince’s leadership, and the influx of tourists (100 million in just a month to date) on the country’s transformation.

Digital Transformation in Financial Services

Nahim emphasized the importance of digital transformation in financial services, citing the need for banks to adapt to changing consumer behaviors and technological advancements. He mentioned STC Pay, which has now become STC Bank as a unicorn company that has transformed the industry, and the growth of FinTechs (from 10 to nearly 200) in the Kingdom.

Saudi Central Bank Initiatives

Nahim praised the Saudi Central Bank for its supportive initiatives, such as the FinTech sandbox, open banking platforms and data sharing. He also highlighted the importance of mentorship and sustainability for FinTechs.

Bank Aljazira’s Approach

Nahim discussed banking and financial services approach to – holistic transformation, focusing on strategic partnerships, customer journeys, and learning from global best practices. He emphasized the need for banks to think as an ecosystem, collaborate with regulators, and prioritize customer-centricity.

The Qualitative Change

Nahim emphasized the importance of combining enablers and opportunities to capture qualitative change. He highlighted the need for banks to think as an ecosystem, collaborate with regulators, and prioritize customer-centricity. He also stressed the importance of learning from global best practices and institutions.

Combining Enablers and Opportunities

Nahim advised that banks should choose their battles wisely and combine enablers and opportunities to achieve qualitative change. He emphasized the importance of strategic partnerships, collaboration with regulators, and a customer-centric approach.

Conclusion

In conclusion, Nahim’s insights highlight the exciting transformation happening in Saudi Arabia’s financial sector, driven by Vision 2030, digital innovation, and a young population. Banks must adapt and embrace partnerships, customer-centricity, and global best practices to thrive in this dynamic environment.

Key Takeaways:

• Embrace digital transformation and think strategically through partnerships.
• Collaborate with regulators to drive innovation.
• Focus on customer journeys and jobs to be done.
• Learn from global best practices and institutions.
• Combine enablers and opportunities to capture qualitative change.