New digital banking brand launched in Saudi Arabia, NEO
NEO, a new mobile banking brand, is being launched in Saudi Arabia by Saudi National Bank (SNB).
NEO is a new banking app available in Saudi Arabia
Described as a “lifestyle digital banking and financial ecosystem”, the banking app comes with a multi-currency debit card (supporting up to 20 different currencies with fixed currency rates); a rewards programme, including cashback and discounts; gift cards; and additional services such as cinema, restaurant and hotel bookings.
Mohammed AL-Faifi is NEO’s head of products and innovation. He was previously head of cards portfolio management at another bank in Saudi Arabia, Alinma Bank.
The digital front-end of NEO is underpinned by Backbase, an existing banking tech partner of SNB. Based on “a unique ‘buy plus build’ operating model”, Backbase’s flagship white-label digital platform “enables banks to gradually replace or decompose disparate legacy systems and construct a modern journey orchestration architecture around customer needs”, the vendor says.
Backbase was founded in 2003 in Amsterdam, Netherlands. Today, it has a global network of offices, 120+ customers worldwide, and over €200 million in revenue. Saudi Arabia’s Banque Saudi Fransi is among its clients in the Middle East. In 2022, Backbase raised €120 million in growth equity funding from Motive Partners.
NEO’s parent, SNB (also known as SNB AlAhli), is itself a new brand and entity. It was previously known as the National Commercial Bank, the largest commercial bank in Saudi Arabia, with its history dating back to the mid-1950s. In 2021, it merged with another domestic financial institution, Samba Financial Group; the new organisation became SNB.
