Sampathkumar: In the GCC, what trends are driving change in the corporate banking landscape and how is BSF strategically maneuvering to stay ahead of the curve?
Almisfer: In the GCC region, we are witnessing significant shifts in the corporate banking landscape. The behavior of corporate clients is increasingly resembling that of retail customers, demanding more personalised, fast and digital-first experiences. This transformation is resulting in high expectations from corporate clients who now require seamless integration across digital channels and mobile-first solutions.
Another key trend is the widespread migration of corporates to cloud-based solutions, which has led to the introduction of more integrated and comprehensive corporate offerings.
Unlike five years ago, when corporate clients primarily chose banking partners based on cost, today’s corporates seek much more from their banking relationships. The digital maturity of a bank, particularly in terms of mobile and B2B integration capabilities, are now major factors influencing their decisions.
This shift is closely aligned with Saudi Arabia’s Vision 2030, which emphasises digital transformation and economic diversification. The government’s focus on fostering a digital economy is pushing businesses to adapt quickly to new technologies, and banks must respond with innovative and efficient digital offerings. At BSF, we are proactively responding to these trends by investing heavily in our digital capabilities. This includes the adoption of cloud technologies and the expansion of our digital offerings to provide a more personalised and efficient banking experience. We are committed to staying ahead of the curve by continually enhancing our digital infrastructure and ensuring that our services are aligned with the evolving needs of our customers.
Sampathkumar: BSF has set its sights on retaining its dominant position in corporate banking. Could you provide insights into three key initiatives that are pivotal to achieving this?
Almisfer: BSF is focused on several strategic initiatives to maintain and strengthen our position in the corporate banking sector:
- e-trade capabilities – As the demand for digital trade finance solutions is growing, we are ensuring that our offerings are not only competitive but also tailored to meet the specific needs of our corporate clients.
- Cash management services – Recognising the importance of liquidity management for our customers, we aim to deliver flexible and high-quality solutions that empower them to manage their cash flow with greater efficiency.
- Corporate lending and origination processes – This is a core area of our corporate banking strategy, and we aim to streamline the processes, making them faster and more efficient for our customers.
Additionally, we are looking to expand our customer base by tapping various digital channels to better serve SMEs and MSMEs. We are focused on creating seamless digital experiences that enable customers to open accounts and conduct transactions online, eliminating the need for branch visits. Our goal is to enhance the overall digital banking experience, ensuring that our services remain at the forefront of innovation and customer satisfaction.
Sampathkumar: Amidst the rapid digital evolution, what specific shifts in customer expectations and industry dynamics prompted BSF to embark on the journey of investing in a cutting-edge corporate online banking platform?
Almisfer: The shift in customer expectations towards greater speed and tailored solutions has been a key driver behind our investment in a cutting-edge corporate online banking platform. Corporates today expect banking offerings that are not only cost-effective, but also those that address their specific needs. They are looking for solutions that offer flexibility and can be accessed quickly, without the need to visit physical branches.
Leading banks now offer bundled products and services, designed to meet their customers’ unique requirements with the convenience of fixed fees. BSF’s investment in our corporate online banking platform is a direct response to these evolving expectations, and we are committed to delivering a solution that meets the market demands.
Sampathkumar: Could you walk us through the roadmap for accelerating BSF’s digital transformation within the corporate banking realm? What fundamental changes and initiatives are you employing to ensure a seamless transition?
Almisfer: BSF’s digital transformation journey is underpinned by a commitment to investing in both technology and talent. We are not just acquiring new technology; we are also bringing in the right people to drive our digital initiatives forward. Our transformation strategy includes several key initiatives:
- Overhauling our core banking system, corporate channels and retail offerings, to create a more integrated and efficient digital infrastructure.
- Embracing straight-through processing (STP) and adopting an “agile implementation” approach, which allows us to standardise processes and reduce complexity.
- Investing in cloud technologies to enhance our scalability and resilience, ensuring that we can continue to deliver high-quality services to our clients.
Our roadmap is centered on optimising costs, enhancing our competitive advantage and ensuring that our digital offerings are aligned with the needs of our customers.
Sampathkumar: Beyond immediate gains, how do you anticipate the Finacle Online Banking platform contributing to BSF’s sustained growth and scalability?
Almisfer: Finacle is one of the major players in this area, and we’re happy to have them as our technology partner. The Finacle online banking platform is a critical component of BSF’s strategy for sustained growth and scalability. The cloud-native composable platform offers us the flexibility, scalability and agility needed to respond quickly to the changing needs of our customers. By leveraging Finacle’s capabilities, we aim to introduce new features more rapidly, which is essential in today’s fast-paced banking environment.
We are also looking to expand our digital channels to tap small and medium-sized enterprises (SMEs) and micro, small and medium enterprises (MSMEs). This segment represents a significant growth opportunity, particularly in cash management services. By leveraging Finacle’s robust capabilities, we are well-positioned to capture this growth and enhance our offerings across the board.
Sampathkumar: Partnerships often pave the way for innovation. How do you envision the collaboration between BSF and Finacle shaping up in the future?
Almisfer: The partnership between BSF and Finacle is seen as a long-term, strategic collaboration. We view Finacle not just as a service provider but as a partner in our digital transformation journey.
Our future roadmap is built on six strategic pillars launched in 2023, with a strong emphasis on growth across various sectors. This includes expanding beyond corporate banking to become a distinguished player in retail, private and affluent banking. We are confident that with Finacle as our partner, we can scale and innovate in these areas.
