The Bank launched the commodity tawarruq product by signing cooperation agreements with a group of retailers and service providers. The product enables customers to apply for consumer financing in exchange for a service or commodity. Thereby, the Bank arrives at a discount agreement with the service provider or commodity merchant. In addition, the Bank launches the personal finance service from wherever the customer is located. This gives customers the opportunity of obtaining new financing or refinancing services through electronic channels. Riyad Online – The platform was created in partnership with the Ministry of Justice and gives customers direct access to all services provided by the Bank from the comfort of their homes.

The Bank has taken steps to implement a set of financing initiatives and services to diversify the real estate financing services it provides while catering to new customer segments. Among the key highlights in this regard are:

• The Flexible Instalment Service - A service that allows flexible monthly instalments (flexible instalments) that are commensurate with the income level of clients. Customers are allowed to obtain real estate financing for long periods and also at the post-retirement stage and up to 77 years.
• Reducing the duration of mortgage applications to ten days.
• An agreement has been signed between the Bank and the Real Estate Development Fund to provide assessment services, real estate visits, and building services to customers. The project falls under a larger program called “Sakani” that is done in partnership with many other funding agencies such as the Real Estate Development Fund and the Ministry of Housing .This agreement adds a new link to the existing constructive partnership between the public and private sectors, and is an endeavour to harness all capabilities in order to provide the best services and financing solutions to customers and enable them to obtain adequate housing with flexible payment plans.
• A joint cooperation agreement has been signed between the Bank and the King Abdullah Economic City. This agreement aims to provide financing solutions to customers who wish to invest in housing opportunities in the Economic City. In accordance with the terms and financing standards approved by the Bank, this partnership will contribute to developing the real estate market by providing financing solutions to various segments of customers who wish to own property in a residential environment as well as providing real estate facilities to all sectors approved by the Bank.

The Bank launched several initiatives and products aimed at improving the customer’s experience in addition to increasing the Bank's sales and market share. The following are some highlights:

1. The launch of the Cashback Card: A credit card for daily purchases which targets families and provides a cashback value of up to 10% of the total purchases.
2. The launch of the World Elite Card: Targets private banking customers and gives them unique advantages. It is one of the most competitive cards in the market for this customer category.
3. The launch of the Ladies Card: Targets women and has a cashback program for fashion and related purchases.

There are a total of 2,486 devices spread throughout the Kingdom, including 13 especially for foreign currencies. The ATMs allow customers of the Riyad Bank and clients of other banks who are Mada card holders to complete their banking transactions over a period of 24 hours from different locations. The Bank also provides ATMs for events etc. to meet the needs of its customers.

The Bank has also initiated the project of expanding its services by installing self-service machines in 80 branches in addition to those already installed at 20 branches, bringing the total number of self-service machines to 100. These devices will be gradually made operational during the first quarter of 2021 – they provide several services, including the facility to print the ATM card and the account statement.

The Customer Contact Centre proved useful during curfew in 2020. It had a significant impact on customer service and exceeded customers’ expectations by maintaining professionalism during the period. The centre also continued to gain attention through the Bank’s social media channels, which grew in popularity. The social media channels were also managed effectively and surpassed the expectations of the customers.

The Bank also launched a mobile customer relationship management device (Mobile CRM) which enables the branch employee to move around with a tablet to provide services for customers in waiting areas. The tablet can also be used for external marketing purposes.

Private banking

Private banking has maintained its position as one of the key areas of retail banking. In 2020, the Bank launched a new identity for private banking and has introduced a host of products and services that cater to the needs of its customers.

The effective communication maintained by the relationship managers in retail banking have helped develop its customer base and maintain distinguished relations by providing the best banking and investment solutions.

The Bank was also awarded the “Best Private Bank in the Middle East for the year 2020”, by the world famous EMEA Finance.

Priority banking – Diamond and Gold Banking programs

Privilege banking continues to be a success particularly since the introduction of the Diamond and Gold Banking programs. Priority banking also achieved strong growth rates in terms of its products and customer base compared to the same period the previous year.

By the end of 2020, the number of Diamond Banking centers reached 33 with premium banking services and exclusive benefits, and the number of relationship managers increased to 200 to ensure the provision of the highest levels of service to clients of the program. The relationship managers were positioned in all cities and regions of the Kingdom, while electronic services also continued to be developed for these programs.

The service offices and lounges for Gold banking also witnessed rapid expansion and by the end of the year 180 private offices were opened to serve these elite customers.

Digital banking for personal banking

In the year 2020, the Bank continued to pursue its goal of being the most innovative and trustworthy in the digital field. It also positioned itself as a reliable partner for entrepreneurs and innovators in the digital and financial technology field. The key achievements made in this regard are as follows:

• Personal financing/refinancing services are available through the Riyad Online Channel; allowing customers to deposit money without having to visit the Bank. The process of documenting and signing is achieved electronically through the “Nafez platform” which was created in partnership with the Ministry of Justice to establish the conservation and management of implementation bonds electronically.
• The launch of the Riyad Mobile includes improvements to speed and performance to meet the needs of its customers. The Bank has worked to improve and facilitate the user experience which led to the application evaluation rate of 4.6 out of 5 for customer satisfaction.
• The Bank has launched a new system to operate ATMs that is more efficient and improves the customer's experience with a modern, user-friendly design.
• The Bank launched a platform to redeem the points of the Hassad Rewards Program on Riyad Online and Riyad Mobile. At the Hassad Digital Mall, customers of Riyad Bank can use the ATM to obtain vouchers to experience an integrated digital experience. Customers can also exchange their points for digital vouchers at many merchants locally and internationally and directly obtain the voucher via text message and email message. The digital coupon can also be added to the Apple Wallet. Hassad has also provided a digital card for the loyalty program which enables customers to redeem points and use them in a number of stores.

To capture the interest of future generations and to ensure they choose Riyad Bank at every stage of their lives Riyad Bank launched the following programs:

• A token program was launched for children and adolescents which provides a banking experience that is appropriate for each age group. The program is delivered in an educational tone and is conducted under the supervision of parents. The program covers the following aspects:
  • Prepaid card
  • Token bracelet
  • Token application
  • A savings program in collaboration with the Social Development Bank.
  • An educational program that establishes the importance of financial knowledge among children and adolescents is available on the application and Riyad Bank’s website.

As part of its digital transformation strategy, Riyad Bank launched a digital assistant service to respond to customer inquiries regarding the services and products offered by the Bank (accounts, credit cards and Mada, financing, investment, digital channels, remittance fees etc.) Assistance can be received through WhatsApp on the number 920002470.

Other digital transformations include:

• Submission and implementation of requests for cards through Riyad Online.
• Introduction and implementing of credit cards (prepaid and digital cards) through Riyad Mobile.

The Bank is also working towards transferring some services provided by phone banking to other electronic channels. Customers who wish to follow-up regarding money transfers and want to raise financial claims could do so through the Bank’s digital platforms in the near future.

Islamic banking

Riyad Bank offers a wide range of banking products and solutions that are Sharia-compliant. This year, the bank continued to expand its portfolio of Islamic products, which include financing and investment services and solutions that serve the Banks customers and also those of Riyad Capital.

During the year, seven meetings were held between the Islamic Banking Department and the Sharia Committee during which 18 products and financing solutions were approved. In the retail banking sector car leasing, checking accounts and credit cards were approved. The Islamic Banking Department also approved the investment solutions developed by Riyad Capital through the approval of the Sharia Committee to issue Sukuk. The Islamic Banking Department obtained the approval of the Sharia Committee to establish the Riyad Global Fund for Finance and agreed to the terms and conditions of the fund. The Committee also approved a number of Islamic banking solutions offered by the Treasury through the adoption of the product repurchase agreement and the Islamic account of the Islamic product yield. Islamic banking has also adopted legal solutions to buy and save gold bars and issue gold savings certificates.