Saudi Arabia Shapes the Future of Middle Eastern Banking with Vision 2030 and $971 Billion in Assets

Saudi Arabia is establishing itself as a transformative force in Middle Eastern banking, holding close to 1 trillion in total assets in 2023. Under Vision 2030, the Kingdom is redefining its financial landscape with a strong focus on digital innovation, employee and customer experience, regulatory advancements, and financial inclusion, positioning itself as a model for national-scale transformation.
A new report from Arthur D. Little (ADL) highlights Saudi Arabia’s leadership in shaping a future-ready banking environment that sets new standards for the GCC. The report also shows how innovative initiatives taken from South East Asia markets are providing insight into building the new banking chapter in KSA.
Vision 2030 is driving growth across the Saudi banking sector, with initiatives centered on expanding digital payments, enhancing financial inclusion, and establishing a resilient regulatory framework. Supported by the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s banks are at the forefront of adopting advanced technologies like artificial intelligence and cloud computing to improve customer experience and security. This focus on forward-thinking infrastructure development exemplifies Saudi Arabia’s commitment to creating an inclusive financial system for its citizens.
“Vision 2030 represents more than just economic reform for Saudi Arabia; it embodies a profound transformation of the Kingdom’s financial landscape,” said Yacin Mahieddine, Partner in the Global Financial Services practice at Arthur D. Little “By prioritizing financial inclusion, strengthening regulatory frameworks, focusing on employee experience, and advancing digital payments, Saudi Arabia is building a resilient, future-ready banking environment. This commitment is setting a new regional benchmark, and we believe the Kingdom is positioned to become a leader in secure, accessible, and technology-driven financial services.”
“The scale and ambition of Saudi Arabia’s transformation under Vision 2030 are truly unparalleled,” said Nelson Danam, Principal and a member of the Global Financial Services Practice at Arthur D. Little. “Through the integration of AI-driven fraud prevention and cloud-based systems, Saudi banks are not merely adopting technology but are setting the standard for what it means to be prepared for the future. This approach speaks to a commitment that goes beyond regional aspirations—it is about establishing a financial sector that serves all citizens while leading by example in the region.”
The KSA market has also welcomed many leaders with experience from the South East Asia market. The sharing of experience has led to various ingenious initiatives and is today helping build the future of banking in KSA, with some noticeable innovative examples:
• The emphasis on mobile-first, seamless digital banking experiences with minimal branch reliance, to improve customer accessibility and reduce operational costs.
• The integration of financial services into non-banking platforms like e-commerce, creating a broader service ecosystem that enhances customer engagement and convenience.
• Leveraging innovative technology solutions and Apps to reach underserved segments for microloans, SME segments, digital wallets, … to help tap the underbanked.
• The use of advanced analytics to deliver highly personalized products and services, improving customer loyalty and lifetime value.
• Enhancing collaboration with regulators through sandbox frameworks to test new financial products safely, enabling quicker innovation adoption in compliance with SAMA regulations.
With a significant contribution to the GCC region’s $3.2 trillion in total banking assets, Saudi Arabia is playing a critical role in advancing a resilient and innovative financial landscape across the Middle East. Arthur D. Little’s report underscores that Saudi Arabia’s commitment to Vision 2030 is not just building a stronger banking sector but is setting the course for the future of finance in the GCC