Top 10 Established Banks Modernizing Saudi Arabia’s Banking Sector: A Digital Revolution
From the ambitious mandates of Vision 2030 to the progressive open-banking framework set by SAMA, Saudi lenders are not just adapting—they are leading a profound digital transformation. Billions have been strategically invested in cutting-edge cloud cores, advanced AI, and innovative digital-only brands. The ten banks highlighted below, recognized for their publicly reported initiatives, vividly illustrate the rapid pace at which the Kingdom’s incumbent financial institutions are reinventing themselves and setting new benchmarks for the region.
What they do: As the Kingdom’s largest bank, boasting an extensive asset base and the widest branch network, SNB is a true titan of Saudi finance.
Modernization initiatives:
- Digital Lending Surge: SNB dramatically doubled its digital-loan sales in 2024. This impressive growth was fueled by a strategic migration of its retail origination to a agile microservices core and the successful rollout of "Champion" self-service branches, underscoring their commitment to accessible and efficient digital finance. (annual report)
- Enhanced Mobile Banking: The SNB Alahli mobile app now offers sophisticated real-time FX capabilities and personalized robo-advice, significantly broadening the bank’s product offerings and enhancing customer value without the traditional overhead of physical branches.
Why it matters: SNB’s sheer scale means that every digital triumph it achieves reverberates across the national landscape, fundamentally reshaping adoption metrics and accelerating Saudi Arabia's digital financial future.
What they do: Globally recognized as the largest Islamic bank and commanding the most-downloaded banking app in Saudi Arabia, Al Rajhi Bank is a digital powerhouse.
Modernization initiatives:
- Pioneering Open Banking: Al Rajhi has launched a public open-banking portal, a strategic move that empowers third-party fintechs to seamlessly pull data and initiate payments. This initiative is a direct and impactful alignment with SAMA’s forward-thinking open-banking framework. (open-banking page)
- Data-Driven Personalization: Their 2024 "Digital & Data" strategy leverages advanced analytics to deliver hyper-personalized offers, resulting in a remarkable 35% increase in mobile-sales conversion. This demonstrates a sophisticated approach to customer engagement. (digital-transformation brief)
Why it matters: Al Rajhi Bank isn't just innovating locally; it's actively setting the global standard for user experience (UX) in Islamic digital finance, influencing the industry far beyond Saudi borders.
What they do: An influential, HSBC-backed lender, formerly known as SABB, SAB is a key player in the Kingdom's financial evolution.
Modernization initiatives:
- AI-First Digital Transformation: SAB has embarked on an ambitious AI-first digital-services program, designed to intelligently automate critical risk, customer experience (CX), and compliance processes. This holistic approach signals a deep commitment to leveraging AI for core operations. (newsroom)
- Award-Winning Innovation: Recognized as "Best Bank in Saudi Arabia 2025" by Global Finance, SAB's consistent track record of digital innovation and excellence was a key factor in this prestigious accolade. (award article)
Why it matters: SAB stands as a powerful testament to the fact that integrating AI can not only elevate service quality and operational efficiency but also garner significant recognition and praise from regulatory bodies.
What they do: A venerable 70-year-old universal bank, Riyad Bank is boldly embracing the future with ambitious technological aspirations.
Modernization initiatives:
- Dedicated AI Centre: Riyad Bank has established the Saudi banking industry’s first dedicated AI Centre. This strategic hub is driving advancements in predictive credit modeling, intelligent chatbots, and sophisticated fraud analytics, positioning the bank at the forefront of AI adoption. (Arab News)
- Pioneering Metaverse Engagement: The bank has successfully piloted a metaverse branch and innovative VR advisory sessions, demonstrating a clear vision to engage and serve the next generation of customers, particularly Gen-Z, through immersive digital experiences. (press release)
Why it matters: Riyad Bank is a leader in transforming futuristic pilots into robust, production-grade services, showcasing a remarkable ability to operationalize cutting-edge technology.
What they do: A rapidly expanding Sharia-compliant bank serving both retail and corporate clients, Alinma Bank is a dynamic force in the Saudi financial sector.
Modernization initiatives:
- Robust API Portal: Alinma has launched a public API portal, strategically exposing payments, account data, and financing endpoints. This move actively fosters collaboration with fintech partners, expanding the digital ecosystem. (API portal)
- Accelerated Digital Growth: Through its Digital Factory and cloud core, Alinma has significantly reduced time-to-market for new services. This agility contributed to an astounding 680% year-over-year surge in open-banking transactions in 2024, highlighting their successful digital strategy. (earnings PDF)
Why it matters: Alinma’s aggressive open-API strategy is a crucial catalyst, actively fueling the Kingdom’s burgeoning fintech ecosystem and driving innovation across the industry.
What they do: A universal bank with robust corporate and retail franchises, BSF is a significant player with a strong focus on customer-centric innovation.
Modernization initiatives:
- Next-Gen Omnichannel Platform: BSF has partnered with Backbase to deploy a state-of-the-art omnichannel platform across its mobile and web channels. This powerful platform enables sophisticated AI-driven personalization, delivering a seamless and tailored customer experience. (Fintech News)
- Unified Customer Journey: The rollout of this new platform provides customers with unified onboarding processes and instant card issuance, representing critical advancements towards achieving the ambitious goals of Vision 2030. (IBS Intelligence)
Why it matters: BSF’s comprehensive omnichannel upgrade serves as a powerful example of how established banks with legacy cores can successfully leapfrog to modern, intuitive user experiences.
What they do: A diversified lender with strong retail, corporate, and treasury arms, ANB is committed to enhancing its digital capabilities.
Modernization initiatives:
- Digitized Core and Front-End: ANB has successfully digitized its core and front-end systems in collaboration with Infosys Finacle. This transformation has unlocked real-time processing capabilities and facilitated the rapid launch of API-based products, significantly boosting operational efficiency. (MEA Finance)
- AI-Powered Customer Support: By integrating voice-biometric login and advanced AI chat support, ANB has achieved a remarkable 22% reduction in call-center volume, enhancing customer service efficiency and satisfaction. (Diginomica deep dive)
Why it matters: ANB demonstrates that even mid-tier banks can achieve tier-one user experiences and operational excellence by strategically partnering with the right technology providers.
What they do: An Islamic bank dedicated to serving retail, SME, and treasury clients, Bank Albilad is a key innovator in Sharia-compliant finance.
Modernization initiatives:
- Explosive Open-Banking Growth: Bank Albilad witnessed an impressive 680% surge in open-banking transactions after launching its Banking-as-a-Service (BaaS) APIs and comprehensively revamping its mobile application. This highlights a successful strategy for leveraging open banking. (annual report)
- Digital Lending Uptake: BaaS volumes grew by a robust 24%, while digital personal finance sales skyrocketed by 178% year-over-year, providing clear evidence of strong app-driven lending adoption and market responsiveness.
Why it matters: Albilad’s BaaS playbook offers a compelling template for other institutions seeking to effectively monetize open banking initiatives and drive digital growth.
What they do: A prominent wholesale lender, GIB also owns meem, the GCC’s pioneering digital-only Islamic bank, showcasing a dual focus on wholesale and innovative retail banking.
Modernization initiatives:
- Core System Migration & Digital Storefront: GIB successfully migrated to Oracle FLEXCUBE, enabling advanced international real-time payments and e-cheque issuance. Concurrently, they launched the meem Digital Banking Store, providing a cutting-edge retail experience. (JMR Infotech)
- Fintech Innovation Hub: GIB actively sponsors flagship fintech events and operates a dedicated innovation lab, continuously testing embedded-finance pilots and fostering a culture of forward-thinking financial solutions. (Arab News)
Why it matters: GIB masterfully bridges its wholesale banking strengths with remarkable retail digital agility through meem, demonstrating a comprehensive approach to modern finance.
What they do: A universal bank with a strategic focus on corporate, retail, and investment services, SAIB is committed to continuous digital enhancement.
Modernization initiatives:
- Continuous Digital Investment: Investor presentations consistently highlight SAIB’s ongoing, significant investments in digital channels, including the development of a new customer platform and powerful AI-powered tools specifically designed for SMEs. (SAIB Q2 2024 slides)
- Strategic Digital Pillar: Open-banking volumes are steadily rising, and digital propositions are firmly positioned as a core strategic pillar within their comprehensive 2023–25 plan, underscoring their long-term digital vision. (Integrated report)
Why it matters: SAIB’s enterprise-wide technology upgrades are strategically designed to provide a seamless, integrated platform experience for its mid-market corporate and affluent retail clients, ensuring continued satisfaction and loyalty.
Saudi Arabia’s traditional lenders are not merely keeping pace with global trends; they are actively setting the regional agenda for advanced AI, open APIs, and robust cloud cores. Their collective scale and substantial technology budgets are ensuring that the Kingdom’s
