Banque Saudi Fransi has proved that agile thinking and a willingness to adapt are key to success for a bank whose account holders might be tempted by the fully digital experience offered by challenger banks and payment service providers . BSF has opted to address the threat by working with technology partner eMcREY on a key project to help deliver digital transformation . This is part of a new generation of customer-centric banking solutions linked to the rapidly developing external digital financial services ecosystem in the Kingdom of Saudi Arabia and beyond .
What BSF has demonstrated is that true digital transformation goes far beyond adding new digital services in response to market opportunities or immediate threats . Transformation involves a visionary approach to reassessing the scope and ambition of the core business , implementing a digital-first culture and re-imagining the value proposition to proactively anticipate customer needs . Technology is integral to this way of thinking , says eMcREY CEO , Mona Yahchouchi . The future is about embracing collaboration and partnerships , as well as adopting a mindset that is open to learning from those who are making waves in the industry .
eMcREY has significant expertise in developing digital solutions for the financial services domain , with projects at many of the leading banks in the Kingdom of Saudi Arabia and the Middle East region . The company has worked closely with BSF on its digitization journey , as a partner on the bank ’ s AVA project , which will see BSF launch its own challenger bank on a separate platform and under the new brand .
Designed as a mobile-led service and targeting digital native millennials , the new bank is a significant milestone for banking in Saudi Arabia , clearly signalling the Kingdom ’ s intention to lead rather than follow in the field of digital financial services and compete with best-in-class fully digital providers . AVA includes innovative features that will certainly make it attractive internationally , not only to customers within the Kingdom . This includes a digital wallet which will be integrated with global payment schemes for worldwide acceptance .
eMcREY was chosen to partner with BSF thanks to the speed to market achievable using its Software as a Service ( SaaS ) subscription-based licensing and delivery model . The company has considerable expertise in delivering a range of business-critical digital implementations in the Kingdom , linking financial institutions to national , regional and global payments infrastructure . An integrated end-to-end platform for virtual payments , the SaaS solution creates a proven foundation for growth and unlimited scalability across a complete range of payment services .
Mona Yahchouchi says that the speed with which financial institutions in the Kingdom are innovating is impressive . Banks have recognised the need to define agile strategies to enable rapid and seamless delivery , focused on building strong relationships with customers and increasing revenue by introducing new services .
Going forward , reputations will be established on the ability to innovate and willingness to embrace the next generation of new technologies . Security of transactions and customer data will be key to success , along with a focus on omnichannel payments strategies as the differences between payment types and markets become increasingly blurred . In technology terms , this means handling real-time account-to-account transactions and rapidly growing volumes of contactless and mobile payments . It calls for robust back-office solutions for customer acquisition and authentication , alongside scalable acquiring and reconciliation capabilities . There are new possibilities presented by blockchain and cloudbased , on-demand payment services ; but there are also challenges associated with compliance and customer demands in an increasingly global payments market .
Since 2006 , eMcREY has been using state-of-the-art technology as a powerful force for creativity in KSA . A Saudi company with offices in Riyadh , Dubai , Canada , Cyprus and Lebanon , eMcREY delivers dedicated solutions for financial services , government and fastgrowing market segments such as smart energy and smart transport to help achieve Vision 2030 goals . Its 200 + specialists in the Kingdom have built a reputation for strong technical expertise , commitment to customer service , quick-to-market solutions and excellent support for ambitious , future-focused businesses .
“ Our collaboration with BSF has been exciting and fruitful ,” concludes Mona Yahchouchi . “ It is one of a number of key projects that are really beginning to show the results of Vision 2030 investment in the financial services digital ecosystem . We look forward very much to extending our work with BSF and helping them to fulfil their own dynamic , customer-centric vision .”
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