Modernizing investment services to deliver seamless customer experiences
Al Rajhi Capital, one of the leading financial services companies in the Middle East, faced an urgent need to modernize its infrastructure in an increasingly digital-first world. As competition grew and customer expectations shifted, the company encountered infrastructure challenges in the pursuit of enhancing its digital offerings.
The main challenge was Al Rajhi Capital’s fragmented technology landscape. Over the last two decades, the business had accumulated siloed systems built using varying approaches and technologies. The monolithic architecture made it difficult to integrate services, adapt to market changes and scale to meet the company’s ambition of becoming a leader in Saudi Arabia’s, and indeed the region’s, financial sector.
"We recognized that to continue growing and to meet the expectations of modern investors, we needed to break down these silos and offer a seamless, unified experience. We understood that the company had to embark on a journey to unify its platforms, enhance operational efficiency and deliver a superior customer experience," Khalid Abu El-Soud, Lead Solution Architect and IBM Champion, Al Rajhi Capital.
In addition, with Vision 2030 (link resides outside of ibm.com) inspiring transformational ambitions across the country, the company sought to shift its business model and operations toward a digital, client-centric approach. This shift would also help the company deliver enhanced customer experiences and round-the-clock availability.
To address these requirements, Al Rajhi Capital turned to its trusted technology partner, IBM. The two teams set out to solve the company’s digital architecture dilemma and, in essence, to digitally transition its business model and operations to a more client-centric approach fit for modern times. After deliberations, the teams landed on IBM’s AI for business solutions.
Al Rajhi Capital, with the aid of IBM, implemented IBM Cloud Pak® for Integration. The solution also featured IBM App Connect, IBM MQ, IBM API Connect®, IBM® DataPower® Gateway and the Red Hat® OpenShift® platform to create a modernized middleware that unified the disparate systems. The implementation enabled the development of Al Rajhi Capital’s new digital mobile application—the Super App, as it is called internally. The new app permitted the company to aggregate all investment services—brokerage, asset management and investment banking—into a unified, user-friendly interface. The integration layer, coupled with event streaming capabilities from IBM Event Streams, facilitated seamless communication between diverse systems and external data points.
"Our ambition to enrich the customer experience and our position as a market leader enlightened our transformation journey, which in turn was not just about technology but about redefining how we deliver value to our customers. Through our app, we now offer exclusive, innovative services that set us apart from the competition. Customers can access real-time information from different bourses such as the Tadāwul and others around the world, enabling them to explore new investment opportunities instantly, diversify their portfolios and maximize returns," said Ahmad Al Rifai, Chief Information Officer, Al Rajhi Capital.
Additionally, the company automated critical processes within the Super App. This included creating a digital workflow management platform, empowering customers with a more intuitive and responsive service. With a hybrid cloud strategy enabled by IBM Cloud Pak for Integration, the company ensured dynamic scalability. The IBM Instana® observability platform also played a key role by providing real-time observability and operational efficiency for the newly built digital environment. By leveraging IBM's expertise and technology, the company has drastically improved its time to market for deploying new features and updates, lowering it to days from months.
Lastly, the process has led to a notable skills transfer and upskilling of individuals within the internal IT team. The collaborative effort also saw Al Rajhi Capital scaling its IT staff to a team of 250. And as demand for its services and products continues to grow, this effort demonstrates the agility and innovation that modern financial services call for.
Post-modernization, Al Rajhi Capital has firmly established itself as a trailblazer in Saudi Arabia's financial sector. Business volume has surged by 40% on the brokerage side since the launch of the app while customer onboarding for asset management has increased by 1,000%, thanks to the streamlined digital processes.
"IBM's technology allowed us to innovate at an unprecedented pace. International customer growth also saw a dramatic rise, with onboarding increasing 10,000% as the app simplified access for investors worldwide. In the last year, we went from being the number two brokerage firm in Saudi Arabia to number one. At the same time, we went from being the sixth largest mutual fund in the country to the second largest. Our growth has been exceptional,” said Ghassan Lama, Vice President and Head of IT DevOps at Al Rajhi Capital.
Additionally, through the app, Al Rajhi Capital has introduced an in-app wallet that has simplified fund deposits into customers' accounts. Clients, both individual and retail, can now deposit funds from various sources into their wallets to buy the various financial instruments offered. The company was also able to launch an AI investment assistant called “Alrajhi Mashorah”, which means adviser in English. All these features have enriched the customer experience further, offering convenience and personalization, and expanded investment opportunities.
Competitors have taken notice of Al Rajhi Capital’s success and as they work to replicate it, the company has doubled down on its commitment to innovation and meeting customer expectations. It is continuously integrating real-time data and analytics and bolstering cybersecurity measures to protect its growing customer base. Additionally, Al Rajhi Capital’s employees have shared that the transformation has fostered a greater sense of purpose and collaboration, furthering the company’s vision of financial excellence.
Founded in 2008, Al Rajhi Capital (link resides outside of ibm.com) is a leading Saudi Arabian firm dealing in financial services and products. It provides a wide range of innovative and structured financial products and services across brokerage, asset management and investment banking. Al Rajhi Capital is a dedicated partner to its customers, with an open model and commitment to excellence. Having extensive experience, deep knowledge and a national presence across the financial market, the company enables businesses and the economy to fund innovation, manage risk and create jobs. Al Rajhi Capital is a subsidiary of Al Rajhi Bank, one of the most prominent Islamic banks in the world. Al Rajhi Capital combines the strength and resources of its regional presence with best-in-class investment advice and insightful research to deliver fully integrated and streamlined solutions.
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