News : Gulf International Bank Pioneers New Retail Bank Concept in Saudi
Manama, Bahrain, Jan 16, 2015 -- Bahrain-based Gulf International Bank (GIB)'s first customer-designed sharia-compliant retail bank in Saudi Arabia, launched earlier this week, has its origin in the concept of ‘co-creation.’
The bank said it engaged with a large group of target customers, called ‘meemers,’ using various social media channels, which not only helped shape the business model but also the services and products on offer, as well as the brand identity and values.
According to the bank's head of retail banking Sakhr Almulhem, Meem's unique value proposition of online and mobile banking gives its customers the freedom and convenience of carrying out all services electronically.
"The name is a reflection of our core values of innovation, simplicity, boldness and transparency," he said.
Customers have been offered a broad range of channels through which they can open and manage accounts.
They can use e-banking, contact centre or stores and digital communication channels such as e-mail, web chat and social media such as Twitter.
Stores have been opened in Riyadh, Jeddah and Dhahran that enable customers to open accounts and receive debit cards immediately as well as withdraw and deposit cash, make transfers and do their own account maintenance, he said.
During the year, Meem will launch a range of personal finance products and a credit card.
Nirvana's chief analyst Varun Sutholiya said Meem can best be described as a direct bank without a branch network that offers its services remotely via online banking and mobile banking.
"It may also provide access via ATMs, often through interbank network alliances.
Posted by Veronica Silva Cusi, news correspondent
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About Gulf International Bank:
Gulf International Bank was established in 1975 during the first oil boom and is incorporated in the Kingdom of Bahrain as a conventional wholesale bank. It is licensed by the Central Bank of Bahrain and is headquartered in Manama in Bahrain.
Published: Monday, January 19, 2015