https://arab.news/vtu2b
Alraedah Finance has been awarded the Gold Award for “SME Financier of the Year 2024” by the Global SME Finance Forum, a recognition that underscores Alraedah’s commitment to empowering small and medium-sized enterprises across the Kingdom with tailored financial solutions and customer-focused support.
The SME Finance Forum, a global organization dedicated to improving financial access for SMEs, is supported by the International Finance Corporation, a member of the World Bank Group. With this significant backing, the SME Finance Forum has become one of the most reputable global organizations in the finance sector, boasting a network of more than 240 members, including major financial institutions, technology providers, and development finance organizations. Through its Global SME Finance Awards, the forum annually celebrates financial institutions and fintech companies that are setting new benchmarks in delivering innovative and impactful financial services to the SME sector.
In July 2023, Alraedah Finance launched a first-of-its-kind Customer Success Department, designed to enhance client experiences and deliver tailored support to SMEs. This strategic initiative reflects the company’s commitment to ensuring that its SME clients not only succeed but thrive. By offering personalized assistance and proactive engagement, the Customer Success Department has become a cornerstone of Alraedah’s mission to foster long-term partnerships with its clients.
“Our focus has always been on fostering long-term partnerships with our clients, and the establishment of the Customer Success Department is a clear reflection of that commitment,” said Abdulaziz AlDawood, CEO of Alraedah Finance. “We are dedicated to ensuring that SMEs across the Kingdom have access to the tools, guidance, and resources they need to grow and succeed.”
The impact of Alraedah’s Customer Success Department has been remarkable. In Q1 of 2023, the company’s SME payment default rate was 6.7 percent. By Q1 2024, the average default rate was 3.3 percent, marking a significant 50 percent reduction in merchant defaults. These impressive figures highlight the department’s success in providing the critical support SMEs need to stay financially healthy.