10 Questions to Determine: Is Your Bank Really Digital?

This is an old article from Forbes written by Alan McIntyre of Accenture and still a good one. Take a read of it and ask these questions of your bank.

One of my team shared it with me today, and it got me thinking. At Banque Saudi Fransi, are we 'really' going digital? According to the Forbes article, there are a number of attributes that separate the 'talkers' from the 'doers'. So here's my 2021 assessment of how digital we really are. (I plan on reflecting back on the same set of attributes next year)

1. Mobile-first distribution model |

Yes, but we're still building it out. For now, we also believe in omnichannel but are strategically minded to design our future as mobile-first for all segments. Both Wholesale and Consumer. A super exciting new proposition is on the way this year that is 100% mobile-only.

2. Tech to reduce back-office |

Yes, but we can do even more here. Under the leadership of Thamer Yousef, the IT and Operations teams have done some great RPA work and we now need to scale it. We've got the smarts in this space and we see a lot of the use cases to remove both customer and employee friction. Self-service is the way forward.

3. Embrace Open Banking |

Hell yeah! We're so up for the opportunities it brings and we want to be the center of the KSA digital financial ecosystem. We're fanatical about playing a pivotal role in this space and also see the vast benefits for all 'actors'. Safe to say, we've got a plan (wink, wink).

4. Pushing the boundaries of our business model |

It's been a struggle to change traditional 'banker mindsets', but we are getting there. We've thought of ways to change both our business and operating model. From new partnerships with Fintech (i.e. giving our balance sheet to them to deploy on our behalf) and a JV strategy that will push the boundaries for sure. This has the possibility to become a BIG space that I believe will be both a strong defensive and offensive move, in times ahead.

5. Data-driven organization |

Not yet, but Safdar Hussain et al have put in all of the infrastructure required for it to become a reality. Now we have to prove the use cases and scale. We've got the most amazing talent in this space and I'm convinced we'll be a leader here.

6. Public cloud as default |

Not as default but we are leading the way in KSA and our (limited) use of the public cloud. We know we can do more here, but need to follow the cloud strategy of the country just as much as define our own.

7. True enterprise agility is a team sport |

A M E N. I couldn't agree with this statement anymore! Turning a juggernaut into a hypercar overnight is never going to happen. Some may say that it will never happen. That doesn't mean we won't try and change it though. We're implementing some new ways of working, increasing individual accountability (and empowerment), and the latest in collaboration tools to get stuff done. We're setting things free and trying to remove the shackles of 'big bank' bureaucracy. This is THE differentiator and can make or break the execution of your digital strategy. Grant Niven, Fara Remtulla, Saeed Al Kakah, and Ali Al Ghamdi have this big job but also have the tenacity to make it happen.

8. The bank’s business strategy emphasizes innovation at the core |

Hmmm - no it doesn't. But maybe I don't agree with this one, 100%. What our business strategy does emphasize at its core is 'Customer Experience'. At BSF we are on a journey to build loyal fans. Loyal fans buy more, tell their friends, and ultimately stay longer. I agree that innovation is key, but maybe being fanatical about 'Customer Experience' will drive innovation. Watch this space with Saiyfe Cosantini and Carl Whiteside.

9. A disciplined Fintech engagement model |

We're getting there. Slowly. But we've got the makings of one. If we're to meet our ambition to be the center of the KSA digital financial ecosystem, then this is something we can't get wrong. As we work up our strategies around corporate venture capital, Bank-as-a-Service and JV/M&A this will undoubtedly become crisper.

Abdelrahman Ahmed is doing some great things here.

10. A culture and HR approach that values technology and engineering skills |

2021 will be a big year for us in this space. Gone are the days where programmers were once considered the 'geeks' and locked in dark rooms out of sight. Now, they have a new name to befit their skill and profession. Enter the Digital Engineer. Sure, there are lots of different flavours of Engineer, but they all (at least the good ones) share a key attribute. They know how to solve the tough problems laid out by the evangelical Digital Product people like our very own, Ben Lloyd.

We're so highly invested in showing the world what KSA can do, that we'll also be launching our very own Digital Engineering Apprenticeship in 2021. This will take the best local emerging talent, pair it with the greatest experienced engineers so we can continue to build a healthy pipeline of Digital Engineers for the future. After all, Engineers are fast becoming the Rock Stars of Banking :-)

If you got this far, you can see I called a lot of people out that are key to making our strategy a success and ultimately making BSF really digital. I have only scratched the surface. There are many more behind the scenes working hard to make stuff happen.

I'm excited about the future. The future of both KSA and BSF. It's gonna be a great ride getting there too!

#WeAreBSF