In 2019, a three-year strategy was finalised and implemented in 2020. The new strategy has been developed around the positive impact of agility, enabling and promoting close collaboration to drive efficiency and productivity, thereby reducing product launch cycle times. The strategy ultimately aims to drive continuous growth in key areas for the Bank, including long-term shareholder returns and profitability, return on equity, and outperform the Bank’s competitors in relevant performance indicators.
Key elements of the Three-year Strategy
Key enablers to support the strategy
SAIB has identified five key enablers that will support achieving its strategic direction.
Transform human capital
Through effective recruitment and headcount management, the Bank can manage staffing costs while efficient performance management will allow for clear accountability. The Bank will promote a supportive and open culture that enables employees to develop and grow. Training programs that focus on products and operations, required skills, and innovation will further support and enhance the culture that the Bank aims to cultivate.
Build an efficient organisation
SAIB aims to institutionalise fast and effective decision making with a focus on supporting the Bank’s clients. Creating clear accountability, supporting the Bank’s digital transformation, and effective governance and compliance with rules and regulations will help to inculcate a culture of efficiency within the Bank.
Strengthen IT capabilities
SAIB will strengthen its IT capabilities by institutionalising Agile methodology, improving internal capabilities, and reinforcing information security. Ultimately, the Bank aims to leverage its IT capabilities to support its business needs.
Strengthen the Bank’s affiliates
SAIB aims to strengthen cooperation through cross selling, referrals, and incentives to drive business growth.
Grow innovation capabilities
SAIB’s initiatives around innovation include building the Innovation Lab and a dedicated team focused on realising innovative ideas. The Innovation Lab and team will gather ideas from across the Bank to support the development
of value propositions to target customers and enhance product development.
Vision 2030
SAIB has designed its strategy to support the Financial Sector Development Program in the Kingdom’s Vision 2030. The Bank is focused on improving banking services and digital transformation to drive greater efficiencies and realise enhanced customer experiences. To achieve this, the strategy promotes cashless transactions, a savings culture, financial literacy, and supports the housing market through customised mortgage finance products.
