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Hello, I am Bhavya Kumar,
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and I'm in Riyadh today
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to talk about the digital transformation success story
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at Banque Saudi Fransi.
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Banque Saudi Fransi is a leading bank
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in the Kingdom of Saudi Arabia,
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and the bank has undergone a major digital transformation,
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including implementing a new, modern core banking system.
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Today, I have the pleasure
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to meet the bank's CIO, Mohammed Almisfer.
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So let me go inside and talk to Mohammed.
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Banque Saudi Fransi has gone through a major refresh
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of its go-to-market strategy
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and a very complex
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core banking system implementation program.
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And I'm pleased to be joined with BSF CIO Mohammed Almisfer.
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Thank you, Bhavya.
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The first thing, you need sponsors
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and the stakeholders, management, CEOs,
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board members need to embrace that digital transformation
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alongside the business alignment and the trust
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in that journey.
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What I mean by trust is not only that they look at it
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as a technology transformation;
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they look at it as new processes,
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new organizational effectiveness,
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and a new way of dealing with the market.
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Third, you need to do it in a phased approach
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and be able to release as you go to see
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how the customers, how your clients are adopting
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and your business alongside it.
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And definitely, you will need continuous governance,
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be it from the business, be it from the technology,
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be it from the consortium
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that you have developed in your digital transformation,
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and make sure
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that you have an intensive care towards your clients
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and not lose your customer trust.
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Building on the partnership point, Mohammed,
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how has BCG helped BSF
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and yourself in this journey
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so far in achieving your strategic objectives
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for the core banking program?
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They played a big role in enabling our governance.
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The rapid and continuous pressure
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that they are putting towards all our transformation
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was actually massive.
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Alongside it is how they benchmark our bank with others.
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They're able to always tell us how other banks are doing,
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and this is fundamental
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to our key transformation that we have done.
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So Mohammed, as CIO, what has been the highlight
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of this core banking
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and technology transformation program for you?
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Actually, this program
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is not only a core banking implementation.
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BSF embraced this with multiple challenges.
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The investment compared to others was very competitive
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and we also had the time that we wanted
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to really go and challenge the banks in the KSA market
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where we can lead.
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From a technology side,
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we moved to one unified core banking system.
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We also introduced a new branch
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and payment hub with a new integration
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for 15 years down the journey
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of our digital transformation.
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And this is, by one month,
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we started to see 35 decommissioned applications.
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We started to see actually straight-through processes
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and first to market.
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And this journey will continue going forward
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for our stakeholders, investors,
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and for our competitive advantage.