CASE STUDY
Confluent , Inc , a data streaming platform to set data in motion , recently announced that the Arab National Bank ( ANB ), one of the largest banks in the Middle East , has successfully leveraged the Confluent Data Streaming Platform to unlock the power of its operational and customer data .
According to ANB , the move has enabled the bank to introduce innovative new services that enhance customer experiences , and proactively collaborate with the Kingdom ’ s new breed of agile FinTech companies .
As a wave of digitalisation has been sweeping the banking sector in Saudi Arabia , a recent YouGov survey reports the vast majority ( 91 %) of Saudi residents now prefer online or app banking to traditional alternatives . Consequently , in the first quarter of 2022 , the Saudi Central Bank revealed that 13 bank branches and 81 ATMs were closed across the Kingdom . Recognising these rapidly evolving customer preferences , the Arab National Bank embarked on its Digital Transformation journey several years ago and recently partnered with Confluent to capitalise on new opportunities for growth .
“ One of the main drivers of our transformation was the disruption being caused by agile FinTech companies . Unlike other banks that are threatened by these organisations , we have embraced a collaborative approach with the aim of positioning ourselves as the banking arm of FinTech businesses in Saudi Arabia ,” explained Naif Alharbi , CIO , Arab National Bank .
“ By Implementing Confluent ’ s platform , we are able to harness the power of real-time data . Given the scale of our operations , we are able to use this to offer actionable insights to our FinTech partners . The value this provides is evidenced in the fact that we now support 65 % of the FinTech ecosystem across the Kingdom ,” Alharbi added .
Equally important has been the bank ’ s ability to create compelling new offerings for Its customers . One of these has been a service that simplifies and streamlines savings by analysing transactions in real-time , and automatically transferring funds to a customer ’ s current account based on their predefined savings criteria .
The Arab National Bank is also utilising the realtime transaction insights made possible by Confluent ’ s data streaming solution to implement a new loyalty programme .
“ Confluent empowers us to capture all the data a customer generates when interacting with us – be it at our branches or via our digital channels . Using this detailed information , we are able to assign loyalty points which customers will be able to exchange for rewards . Without the power of real-time streaming , we
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