Open banking is a new concept in the financial sector that aims to enable customers to share their financial data safely with Third-Party Providers to benefit from new and innovative financial products and services, ranging from bringing all accounts into a single dashboard to finding smoother patterns in everyday banking activities. Open banking relies on sharing data securely, requiring customers to allow Third-Party Providers to access their financial statements through explicit and informed consent.
 

Open Banking Benefits

  • A secure way for customers to take control of their financial data
  • Ability to share financial data securely with any Third-Party Provider permitted by the Saudi Central Bank.
  • Open banking contributes to the provision of innovative and customized services and products suited to the customer's needs.
  • Open banking requires the client to share his/her financial data with Third-Party Providers, and no Third-Party Provider can access the customer's information without his/her consent.
     

How Open Banking Works

If you want to use open banking to share your SAIB account information you will need to give your consent to the Third-Party Provider. To give your consent, you will be directed by the Third-Party Provider website or application to The Saudi Investment Bank's Open Banking Secure Authentication website.

You will then need to use your SAIB account internet banking login data at SAIB's Open Banking Secure Authentication website so that we can confirm your identity, and through this step, you can authorize Third-Party Providers to access your financial data. You can then return to the Third-Party Provider website or application and complete the required services. Customers can access the details of authorized Third-Party Providers through SAIB’s Mobile Application or Internet banking.

You can also manage or cancel the authorization to share data or any transactions made by the authorization at any time through the same channels or through the Third-Party Provider’s website or application. If you'd like to speak with us, please don't hesitate to contact us on: 8001248000 and we'll be happy to help.