Our strategy

In 2021, Alinma Bank rolled out its ambitious five-year Strategic Plan anchored to three primary goals that reflect the Bank’s envisioned positioning by the year 2025; to be recognized and celebrated as the fastest and most convenient bank in the Kingdom, to obtain the top Net Promoter Score (NPS) in the rapidly evolving Saudi Banking sector, and to be the leading employer of choice across Saudi banks in a booming and highly competitive job market.

The Bank’s 2021-2025 Strategy is aligned with the Saudi Vision 2030 – the transformative economic and social reform blueprint that is opening up the Kingdom of Saudi Arabia to the world. The financial sector serves as a key enabler of the Saudi Vision 2030, which created a number of growth opportunities for Alinma Bank in line with its own strategic goals and objectives; such as increasing SME and private sector contribution to the Kingdom’s GDP, improving women’s economic participation, lowering unemployment rate, promoting home ownership, improving household savings, and accelerating the journey towards a cashless society as one of the largest, digitally transforming banks in the Kingdom.

The strategy – developed by the Executive Management under the far-sighted guidance and vision of the Board of Directors – details overarching goals, objectives, and a clear list of initiatives with ambitious financial and non-financial Key Performance Indicators (KPIs). The progress of these KPIs against strategic objectives are monitored and reviewed on a monthly basis by Senior Management, and on a quarterly basis by the Board.

Over 150 KPIs were set up to achieve the broader goals and objectives of Alinma Bank’s Strategic Plan 2021-2025, covering regular financial, business and operational KPIs as well as digital transformation, customer experience, employee satisfaction and operational targets.

Alinma Bank’s strategic positioning

Making headway in 2022

All strategic KPI targets for 2022 were largely met, with minor deviations having negligible impact on the Bank’s bottom-line. The continuous revision of KPIs and strategic initiatives is an on-going process at Alinma Bank; by monitoring the progress against the Strategic Plan, the Strategy Execution Steering Committee chaired by the CEO introduced 10 more strategic initiatives during 2022, taking the total number of initiatives to 76. Benefit realization of completed strategic initiatives are monitored to track and report on the success of the overarching Strategic Plan, and taking necessary action to address any deviations between actual result and planned KPI.

With the shift of customer banking practices and changes in the operating model post-COVID, the Bank also faced challenges from its external operating environment including increase of rates, risks of finance defaults, scarcity of appropriate talent, added competition for new products and services, pricing pressures, and disruption from Fintech companies. The Strategy Execution Steering Committee also monitors external impacts during their monthly meetings to ensure changes in the operating environment and competitor activities are adequately and immediately addressed to the advantage of the Bank.

With the successful roll-out of the Bank’s 2021-2025 Strategic Plan, Alinma Bank leveraged future-ready digital technologies, innovative Shariah - compliant products, unrivaled customer experience and strategically developed talent pool nurtured within a thriving work environment, to successfully overcome the challenges posed, and achieve the strategic objectives of Alinma Bank for the reporting period.

All main business lines of Alinma Bank showed positive growth during the year, contributing towards the Bank’s overall growth of 32.8% in 2022.