BANQUE SAUDI FRANSI
“ BSF captures the voice of the customer , looks across all of our different customer journeys , and tries to find ways of removing friction ”
MIKE CUNNINGHAM CHIEF STRATEGY & DIGITAL OFFICER ,
BANQUE SAUDI FRANSI limited at this time . I think that hinders our ability to innovate at the pace that we want . The Saudi Central Bank has been amazing in opening the doors for digital banking . It ’ s got a great sandbox , not necessarily just for testing new products but also in terms of challenging and testing current and new regulations .”
It ’ s safe to say that BSF ’ s ultimate goal is to be nothing short of Saudi Arabia ’ s digital finance nexus , but Cunningham clarifies that there ’ s still some way to go . 2020 , by dint of the COVID-19 pandemic , was an important test of its digital integrity and values , both of which passed with flying colours . “ We were already set up to operate remotely . BSF ’ s first response was to look after our people , be there for them personally , and make sure that they received the support needed . What the pandemic has done is accelerate our digital plan and placed a renewed emphasis on digital and mobile channels .” Therefore , 2021 and beyond will serve to realise the fulfillment of that new vision , including the development of ‘ Project AVA ’ - BSF ’ s own digital challenger bank . With details still kept tightly under wraps for now , Cunningham calls the project an effort “ by Saudis , for Saudis ” that will go beyond being a mere replication of successful brands elsewhere . The bank will accomplish this by leveraging its close connections with the community and a campaign of ‘ hyper localisation .’
Indeed , BSF understands its customer demographic well enough to know that “ just lifting something up from one country and dropping in the other ” won ’ t work . Different markets have different needs , and BSF , whether considering new product launches or technologies in which to invest , always has the end-user in the mind . “ Mobile technology could fundamentally create a shift in not only the products , services and features that we have , but also our business and operating model ,” states Cunningham . “ Those benefits could be in terms of improved risk management for the institution , a better employee and customer experience , or better economics .”