Saudi Awwal Bank has won the innovation accreditation from the US-based 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 efforts in adopting innovation and integrating it across all sectors, including various initiatives such as workshops, training camps, and hackathons. These efforts have resulted in raising the innovation culture among its employees to 90 percent.
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 continuing our path toward innovation and excellence as we recognize 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 customers’ needs in new and innovative ways.”
This recognition 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. This in turn contributes 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 go beyond developing products and services and include improving internal processes and building a work environment that is conducive to creativity. The approach is a step toward achieving higher levels of efficiency and effectiveness and represents a model to be emulated in the Saudi business sector.
The Global Innovation Institute 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 organizations.
This certification is a significant milestone for SAB, as it represents a pivotal step toward the bank’s vision of pioneering innovation and shaping the future of finance in the Kingdom — solidifying its position as a forward-thinking institution.
