WEBVTT

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- Riyad Bank has recently
replaced its mobile app

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and became a leader in
the GCC region in respect

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of digital banking,

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and it happened in a record time,

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well under a year from
the start of the program.

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So what specific challenges did you

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have with the previous app?

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- The retail banking
sector [is] changing rapidly.

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Recently, we have come to
see our app falling behind.

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The challenge that we have comes first the

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technology that we had.

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So every time we need
to certain development

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or new features, it would
require us a lot of time

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to produce and go to market.

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Second, actually, the lack
of understanding where

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to start from the design perspective

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to take the customer feedback into account

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before starting the design.

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And the third, it's the ways
of working that we have.

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So in order for us to move
from concept to production,

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it used to take at least like
more than three months,

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four months, five months sometimes.

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- How did BCG help you
address these challenges

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with the Formula X program?

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- So the Formula X program
first comes as a name formula as

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the speed and X as in the
gaps within the delivery.

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So we applied the InQbate methodology

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provided by BCG, where it
comes to cover three pillars.

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The first one basically is
the user-centric design,

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where we come to design
more than 200 functionality

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with very user-friendly seamless journey.

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The second one, basically, where we come

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to focus more on the infrastructure

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and how we build the micro-surfaces layer

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to enable the developer and
the program to deliver faster.

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Third, we come to the ways of working

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and how you can bring
different teams from different

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functions within the bank

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to work together under one umbrella.

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- You have launched the
app a few months ago.

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Have you already seen
some concrete results?

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- Since we launched, honestly,

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we have seen customers are
becoming more interactive with

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us. That was reflected as well by growth

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and customer acquisition on
the online account opening

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since we have simplified
most of the process

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and made it more user friendly.

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- What would be your advice to other banks

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that are considering
similar transformation?

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- My recommendations to other banks is

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to adopt the user-friendly design

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and the modern infrastructure.

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Second, they
need to look into the ways

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of working and how to adopt agility.

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Third, they need to have a good team, work

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with good partners.

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All of these together are
become good ingredient for you

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to start investing in your digital.

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- Amazing. Bandar, many
thanks. Thank you so much.

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- It was my pleasure and
thanks for having me.