Arab National Bank leverages Confluent to advance collaboration and innovation with fintechs in Saudi Arabia

Arab National Bank leverages Confluent to advance collaboration and innovation with fintechs in Saudi Arabia

Riyadh, Saudi Arabia – Confluent, Inc., the data streaming platform to set data in motion, today announced that Arab National Bank, 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. This is enabling 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/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, 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