Saudi Arabia’s Al Rajhi Bank, one of the biggest Islamic financial institutions in the world, has announced plans to deploy an extra 300 Diebold ATMs across its branches.
The aim is to dramatically reduce wait times in the bank’s branches. A large majority of financial transactions in Saudi Arabia are done in cash, and that means long queues in the country’s banks. With its new ATMs, the bank believes it can significantly improve customer satisfaction while also cutting operating expenses by as much as 55 percent.
In a statement, an Al Rajhi executive explained that most customers forming the long lines in the bank’s branches are there “to perform routine transactions with a teller.” Now, the ATMs will not only reduce those customers’ wait times, but provide branch staff with “more time to assist with more complex needs and build deeper relationships.”
The bank isn’t stopping at mere conventional ATMs, though. Going forward, Al Rajhi intends to explore more advanced technology including printing new bank cards, and biometric authentication of customers. It’s forward-thinking, but pretty soon this kind of technology may be the new standard, and more and more banks will be compelled to adopt it to compete with the convenience of online banking services and mobile payment platforms.
May 26. 2015 – by Alex Perala