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Banque Saudi Fransi Streamlines Trading Operations and Consumer Cashback Capabilities

Banque Saudi Fransi (BSF) has successfully implemented the first phase of the Refinitiv Electronic Trading (ET) Platform System as part of its mission to standardise its Foreign Exchange (FX) trading operations, alongside the introduction of a new cashback credit card offering. 

Refinitiv ET FX online platform, a London Stock Exchange Group (LSEG) offering, provides an enhanced customer experience and a powerful suite of solutions in order to deliver efficiencies for the bank through improved automation and faster transaction execution and hedging; whilst also streamlining risk management.

The release, which is part of BSF’s strategic initiatives is a critical move that will enhance, automate and standardize the bank’s Foreign Exchange (FX) trading operations, and will be rolled out to customers gradually to improve the digital banking experience.

The addition of this agile automated solution will add a competitive advantage to Banque Saudi Fransi while reducing operational risk. The bank’s clients will now be capable of dealing with any available currency pair in real-time, 24 hours a day, for any value date up to Spot Date as per market standards.

Head of Treasury Zuhair Mardam
Zuhair Mardam

Speaking on the automation of its trading services, the bank’s Head of Treasury Zuhair Mardam said: “As banks focus on improving returns on capital and meeting new regulatory obligations, the treasury occupies a unique position at the very centre of a bank’s operations and its revenue stream.

“Automating FX Trading part of the business means that we can manage FX treasury trading operations with high levels of efficiency and compliance, yet still manage risk effectively. Ultimately this will provide an excellent customer experience and will help us grow our market share.”

Banque Saudi Fransi's Chief Operations Officer Thamer Yousef
Thamer Yousef

BSF’s Chief Operations Officer Thamer Yousef added: “We are on a journey towards transforming and digitising our business by bringing in more innovative agile services that have a competitive advantage, to make sure that we extend our business capabilities to provide the best experience for all our customers. Treasury falls in the heart of this key initiative.”

Whilst securing its initiatives,  the bank has also introduced its first cashback credit card through the formation of a recent partnership with Mastercard. The offering will provide customers with the opportunity to pick and choose the features they want to access to complement their lifestyle and preferences.

Banque Saudi Fransi Lifestyle Credit Card will provide its consumers with a total of eight cashback categories which are all aimed at enhancing the cardholder’s lifestyle with instant cashback. The card’s digitised feature aims to further enhance customer experience by personalising the cashback categories.

“The launch of BSF Lifestyle Credit Card is another step towards being the most modern, innovative, client-centric bank in the region. By putting our clients’ needs first, we were able to design this unique product, which is first of its kind in the region, and we are confident that it will offer our clients a seamless customizable experience with the new technology being used,” said Mohammed Alsheikh, Head of Personal Banking Group, BSF.

“Currently, under 15 per cent of the bankable population in Saudi Arabia use cashback credit cards and we are constantly tracking the changing habits and needs of our clients on a monthly basis. Equipped with such working data, we produced a flexible cashback credit card with eight different categories that are customisable and that caters to the changing needs of our clients. It is important to mention our lifestyle categories to emphasise their diversity: Dining and Restaurants, Grocery and Supermarkets, Travel, Hospitals and Pharmacies, Education, Home and Furniture, Car Services and Maintenance, E-commerce and Online Shopping” he added.

J.K. Khalil, Country Manager, Saudi Arabia, Bahrain and Levant, Mastercard.
J.K. Khalil

“Rapid digitisation has influenced customer trust and engagement with both non-traditional and traditional financial players. Consumers’ expectations of financial services have shifted through their experiences, offering speed, lower costs, and personalization. Our partnership with Banque Saudi Fransi anticipated consumer demands to offer a relevant product with valuable features that cater to their needs and lifestyle – the region’s first customizable cashback credit card in the region,” said J.K. Khalil, Country Manager, Saudi Arabia, Bahrain and Levant, Mastercard.

Authors

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

  • Executive Economic Development Advisor (Emerging Markets) | Contributor

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