Saudi Awwal Bank Becomes First Bank in the Kingdom to Receive Innovation Accreditation Certification

April 2024

Riyadh, Saudi Arabia, 29 April 2024- Saudi Awwal Bank has been certified as an Innovation Accreditation by the Global Innovation Institute. This achievement makes it the first bank in the Kingdom to receive this certification, affirming its leading position in innovation in the region. The certification is a culmination of “SAB’s” exceptional efforts in adopting innovation and integrating it across all sectors, including various initiatives like workshops, training camps, and hackathons. These efforts have resulted in raising the innovation culture among its employees to 90%.

Saeed Assiri, Chief Innovation Officer at “SAB” said: “This achievement reflects our steadfast commitment to innovation as an integral part of our strategy and is a recognition of the quality and effectiveness of the practices we follow in promoting the culture of innovation within the bank." He added: "We reaffirm our commitment to continue our path towards innovation and excellence as we recognise its importance in achieving growth and development. We work to embed it in all aspects of our business and look forward to providing financial solutions that meet our customer's needs in new and innovative ways."

This achievement comes at a time when the Kingdom is focusing on innovation as a fundamental element in its Saudi Vision 2030, making “SAB” a role model in enabling and empowering innovation in line with the best global practices, contributing to accelerating the Kingdom's position as a center for innovation and creativity in the region.

The bank's progress in driving innovation is a starting point to stimulate the financial sector in the Kingdom to adopt similar strategies. Innovation efforts at the bank are beyond developing products and services, which include improving internal processes and building a work environment that is conducive to creativity. The approach is a step towards achieving higher levels of efficiency and effectiveness and represents a model to be emulated in the Saudi business sector.

The Global Innovation Institute, headquartered in the United States, is a world leader in providing certifications and accreditations in the field of innovation. The Institute relies on precise methodologies in assessment and well-thought-out criteria to measure the maturity of innovation in organisations.

This certification is a significant milestone for SAB, as it represents a pivotal step towards the bank’s vision of pioneering innovation and shaping the future of finance in the Kingdom – solidifying its position as a forward-thinking institution.