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Saudi bank taps Diebold for deposit automation initiative

In a kingdom where cash dominates and 70 percent of banking transactions take place in a branch, the Islamic FI hopes to divert customers to ATMs.

May 28, 2015

Al Rajhi Bank, an Islamic FI with $71.2 billion in assets, has teamed with Diebold Inc. to undertake a branch transformation project involving the addition of 300 deposit automation-enabled ATMs and the renovation of Al Rajhi branch locations.

Most transactions in Saudi Arabia involve cash and 70 percent of banking transactions are conducted at a branch, a Diebold press release said. With the addition of the deposit automation ATMs, the bank aims to reduce teller line queues and reduce transaction operating expenses by as much as 55 percent, according to the release.

"Diebold's branch transformation expertise and technology have allowed us to decrease wait times in our retail branches which typically have long queues to perform routine transactions with a teller," said Mohammed Al Garni, head of direct banking at Al Rajhi. "As our customers begin to perform more transactions on their own, our staff will have more time to assist with more complex needs and build deeper relationships."

Al Rajhi Bank is renovating its branches to enhance the overall look and feel and to make the ATMs more appealing to its customers, the release said. The FI is also planning the future implementation of advanced technology such as biometric-enabled kiosks where customers can open new accounts, obtain new cards, and print checkbooks and statements.

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