Al Rajhi Bank Saudi vs. Saudi National Bank - A Clash of Financial Powerhouses in KSA Lending Market - Ken Research

When comparing Al Rajhi Bank Saudi and Saudi National Bank (also known as Samba Bank), there are several factors to consider.

Both banks are prominent financial institutions in Saudi Arabia, but they have different strengths and areas of focus.

Here's a comparison between Al Rajhi Bank Saudi and Saudi National Bank:

History and Reputation:

Al Rajhi Bank Saudi:

 Inception in 1957, Al Rajhi Bank is one of the most popular and largest Islamic bank in the world.

It is popular among the masses for its enormous branch network and clients, as well as for operating in Sharia-compliant banking services.

Saudi National Bank (Samba Bank):

Founded in 1978, Saudi National Bank (Samba Bank) is among the leading banks in Kingdom of Saudi Arabia.

It has a great reputation for providing people, corporations, and organisations with a comprehensive range of banking products and services.

Size and Market Presence:

Al Rajhi Bank Saudi

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Founded in 1957, Al Rajhi Bank is Saudi Arabia's second-largest lender by assets (US$102.18bn) and the world's largest Islamic bank by capital.

It claims to have the largest customer base in Saudi Arabia with more than 12 Mn customers, also almost 10,000 employees and a network of more than 521 branches and 212 remittance centres across the Kingdom.

Al Rajhi Bank is well-known for its comprehensive market presence, thanks to its big client base and extensive network of branches and ATMs throughout Saudi Arabia.

It has a sizable market share and serves a variety of consumer sectors.

Saudi National Bank

SNB has more than 11 million customers, 500+ branches and a significant private banking proposition.

Samba Bank is also one of the largest banks in Saudi Arabia, with a substantial market presence. It offers its services to a diverse customer base, including retail and corporate clients, both domestically and internationally.

Technological Innovation:

Al Rajhi Bank Saudi:

Al Rajhi Bank has invested in digital transformation and offers a range of online and mobile banking services to its customers. Some of the key achievements included:

7 million active digital banking customers for the year under review
Aggressive 145% YoY growth in digital onboarding with 90% of all retail customer accounts opened during the year opened via digital channels
Payroll solutions for e-business customers
A high performing, rapidly evolving mobile ecosystem with both the best-rated retail and business banking mobile apps in the Kingdom
Delivery and roll out of end-to-end digitised Mortgage and Auto Lease financing solutions
A 275% increase in assets powered by digitised personal finance products, and a significant increase in liabilities fuelled by non-profit bearing liabilities

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Saudi National Bank:

ITC InfoTech successfully completes 10 years of strategic association with Saudi National Bank.

ITC InfoTech in these years has played a pivotal role in the Bank's modernization, digital transformation, and growth journey

Samba Bank has also embraced technology and offers innovative digital banking solutions. It provides online banking platforms, mobile banking apps, and digital wallets to enhance customer convenience and accessibility.

ITC Infotech has leveraged its extensive domain understanding and skills over the last decade to create best-in-class technology consulting solutions that assist customers in overcoming problems and accelerating growth in the Kingdom.

The organization will remain focused and committed to assisting clients in meeting Saudi Arabia's Vision 2030.

According to Ken Research, the analysis both banks have a massive market share and popularity, while choosing banking services as per individual vary based on different preferences and needs.

When choosing between Al Rajhi Bank Saudi and Saudi National Bank, it's important to look into major factors some of which are - specific banking needs curating to personal needs, general customer support, fees and charges, interest rates, and the overall convenience of banking services.

For more insights on market intelligence, refer to the link below: -

https://www.kenresearch.com/industry-reports/ksa-lending-market

Ken Research

Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.