Transforming Banking in Saudi Arabia: Arab National Bank’s Digital Journey

By Naif Alharbi, Chief Information Officer and Nora Almonif, Head of Business Technology at Arab National Bank; and Sriranga Sampathkumar, Vice President and General Manager – Middle East and Africa at Infosys Ltd.

In the dynamic banking landscape of Saudi Arabia, the 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, explained, 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:

1. Modern Architecture: ANB has embraced open, modular systems to foster adaptability and seamless integration.
2. Smart Tech Delivery: The focus lies on deploying cutting-edge solutions, ensuring timeliness and effectiveness.
3. Exceptional IT Talent: The bank prioritises 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.

Nora Almonif, Head of Business Technology at Arab National Bank (ANB), highlighted the key business drivers behind the bank’s digital transformation. She pointed out that Saudi Arabia’s tech-savvy population is accelerating the shift towards cashless payments, with a target of reaching 70% by 2025. To support this transition, ANB is fast-tracking its digital transformation efforts. Recognising the rapid growth of FnTechs, Nora emphasised the importance of banks building strong ecosystems to remain competitive. ANB has been a pioneer in co-innovating with fintechs, adopting technologies like APIs, event-driven architectures, and artificial intelligence to explore new opportunities.

In line with Saudi Arabia’s Vision 2030, ANB implemented Finacle’s API-driven, scalable core banking platform. Nora noted that the next-generation architecture of Finacle’s open and flexible platform was the ideal fit for the bank’s modernisation goals, ensuring both technological agility and alignment with the country’s broader economic vision.

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. Nora proudly reflected, “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 Nora emphasised, “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,” Naif added. “Their extensive experience and componentised, 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. Nora highlights, “Arab National Bank is committed to empowering the Kingdom’s people and businesses with innovative financial solutions and a seamless banking experience.”

Sriranga Sampathkumar, Vice President and General Manager – Middle East and Africa at Infosys, highlighted the significance of Arab National Bank’s successful transformation through its partnership with Infosys Finacle. He emphasised that the bank’s adoption of Finacle’s next-generation core banking platform reflects a strategic commitment to modernisation and innovation. This move not only strengthens the Arab National Bank’s technological foundation but also aligns it with Saudi Arabia’s Vision 2030 goals. The collaboration serves as a strong example of how advanced technology can help banks seize new opportunities, enhance customer engagement, and set new industry standards across the region.

Through strategic investments, technological innovation, and an unwavering focus on customer satisfaction, ANB is shaping banking’s next in the Middle East.