Saturday, 17 January 2015

GIB pioneers new retail bank concept in Saudi


MANAMA: Meem, 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.
GIB said the co-creation experience was a first of its kind in the banking sector regionally.
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.
Meem's non-traditional banking services include "the One-Pack" account which combines the benefits of both current and savings accounts, online flexible term (Murabaha) deposits and multi-currency debit cards.
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