“Digital adoption has facilitated more and more payments,” said Przemek Henschke – CIO at D360 Bank at this year’s 4th Annual Future Banks Summit & Awards KSA, in Riyadh, Saudi Arabia.

Over the course of a few years, we’ve witnessed the Middle East make bold moves in order to propel the region’s financial sector toward a future driven by digital transformation. Recognizing the pivotal role that technology has played in the global economy, the Kingdom of Saudi Arabia is set to revolutionize its banking industry, introducing cutting-edge technology and best practices such as Open Banking and Synthetic AI.

Notable insights and discussions emerged through the course of the event, reshaping views on a highly dynamic, transparent economy for instance. “In a world like the one we’re in today, every transaction takes place in real-time, and risks increase. With this in mind, real-time payment analytics and transaction risk scoring systems are essential for adept functioning.” Said Suresh Ramamurthi – Chairman of CBW Bank. Transparency is vital – if not of utmost importance – in maintaining customer loyalty, and trust in an industry maintained by fintech organizations. Ultimately, banks, NBFIs, and regulators work hand-in-hand, to maintain balance while simultaneously providing risk mitigation amongst customers; “We are not competing with banking institutions, we support them as they support us.” Said Abdullah AlShahrani – Director of Digital Transformation at Tamweel Aloula.

Overall, this year’s summit was marked by discussions that overarched the realm of success, and the prestigious Future Banks Awards which recognized long-standing achievements within the banking and fintech industry.

Highlights –

Best Fintech Firm of KSA 2023 Tweeq – the spending account app built on the foundation of trust – was the proud winner of Saudi Arabia’s Best Fintech Firm 2023.

Rising Star Bank of KSA 2023 D360 Bank was the well-deserved winner in this category, for their continual innovation driven by customer-centricity.

Best NBFI of KSA 2023 Morabaha Finance won the award for ‘Best NBFI’; their unwavering commitment to providing long-term sustainability makes Morabaha deserving of this recognition.

Leading Islamic Bank of KSA 2023 Alinma Bank was the winner of the award, recognizing the value their team continually adds to every aspect of their operations – from the customer experience to quality standards.

Best Banking Customer Experience SAB won the award for this category; being one of Riyadh’s largest banks, Saudi Awwal Bank has been an effective partner in supporting the Kingdom’s economic development, as a consequence of providing an unparalleled customer experience.

Best Banking Technology Initiative Riyad Bank was the winner in this category, at the Future Banks Summit & Awards this year. Riyad Bank strives to develop sustainable client initiatives, making them a reliable financial solutions partner, and a worthy awardee.

Best Retail Bank of KSA Banque Saudi Fransi was applauded for its sustainable pattern of growth, positioning the dynamic bank as an institution geared to meet the expectations of the future.

Top Digital Bank of KSA Bank AlBilad’s team was recognized for continuing to strive for excellence in the Islamic Banking sector, thus transforming the needs of their stakeholders into reality.

The organizing committee was proud to have worked alongside reputable partners, through the course of the two-day event:

Gold Partners – Denodo, Uniphore, Kyndryl, and Zypl.ai;

Bronze Partners – Finshape, AQM Technologies, iGCB + Intellect Design, Creatio and NetXD;

Networking Partners – Evam and Selaa;

Associate Partners – Synechron, BankCube, AtlLabs and Andersen;

Support Partner – IGOAI.

Through this initiative, Verve Management strived to recognize the resilience, dedication, and success encompassing the works of some of the Kingdom’s top financial institutions. The awards ceremony was the icing on the cake, working to exemplify the commitment of banks and NBFIs in driving innovation and customer-centricity.