Reem Walid
RIYADH: Artificial intelligence is rapidly reshaping Saudi Arabia’s financial services sector, enabling more personalized customer experiences, improving operational efficiency, and expanding access to wealth management and banking services.
According to Grand View Research, the Saudi AI market is expected to grow from $9.3 billion in 2025 to $102.8 billion by 2033, driven by investments in digital transformation and financial innovation under Vision 2030.
According to Jad Zerouali, senior partner and head of Middle East financial services practice at Bain & Co., AI is expected to transform premium financial services in Saudi Arabia by enabling always-on, personalized customer experiences.
“If local banks seize the opportunity to transform quickly, they will be able to compete more effectively with large international banks that have more infrastructure and history,” Zerouali told Arab News, adding, “And it could also be an opportunity for new, agile players to gain a competitive advantage. AI will present a once-in-a-lifetime opportunity for innovative players to quickly gain market share.”
In wealth management, the technology is enhancing advisory capabilities and customer engagement, with global benchmarks suggesting that financial institutions that integrate AI into their operating models can increase productivity by up to 50% and increase efficiency by up to 20%.
Zerouari said AI has become a top strategic priority for financial institutions both globally and in Saudi Arabia, with AI becoming central to growth, operational efficiency, personalized customer experiences and new business models.
He believes that for Saudi financial services institutions, this commitment to full-spectrum AI will directly reflect Vision 2030 ambitions.
“For example, AI-driven underwriting will increase the commercial viability of lending to small businesses and underserved segments, intelligent capital market tools will deepen institutional investor participation, and always-on advisory will democratize asset management beyond the traditional high-net-worth client base,” Zerouari said, adding, “History shows us that what began as a pure pursuit of efficiency will ultimately redefine entire sectors.”
Fadi Hariz, another partner at Bain & Company, explained that while financial institutions that successfully implement AI can gain a significant competitive advantage, global experience shows that the biggest obstacles are not technological, but systemic, such as resistance to change, unbalanced incentives, and fragmented governance.
“Data is another binding constraint, not whether institutions have it or not, but whether they treat data architecture and governance as a core AI capability and not just a compliance requirement,” Hariz told Arab News.
He added that in all this, explainability remains non-negotiable, especially in asset management and credit decisions, where customer confidence and regulatory oversight are at their highest.
“Saudi financial institutions are not immune to any of these challenges, but those that meet these challenges head-on will define the next era of Saudi financial services,” Hariz said, adding that regulators must work with Saudi financial institutions to modernize the framework to enable flexible and controlled AI innovation, while continuing to protect the health of customers and the financial system as a whole.
Measure results, not processes
Carlton Liu, chief business officer and co-founder of Dyna.Ai, said Saudi banks are leveraging AI to provide more personalized and timely services by empowering customer-facing teams with real-time insights, empowering employees to provide better advice and strengthen relationships with customers rather than replacing them.
“This also fits into Saudi Arabia’s broader economic vision. As Saudi Arabia expands its financial sector and digital economy, AI will help banks improve service quality, deepen relationships with customers, and support diversification under Vision 2030,” Liu said, adding that “the most powerful models combine human judgment with AI working in real time in the background, starting with Arabic.”
In terms of applications, he revealed that agent AI, which integrates tools such as AI co-pilots, conversational AI, and automated workflows into bankers’ daily work, is expected to have the biggest impact.
Key use cases in Saudi Arabia include voice AI, real-time advisor support, and 24/7 intelligent customer service.
“Our research across the region shows the same. The biggest gains are in the use cases closest to relationship managers, tied to personalized engagement and revenue. Each of these provides value independently, but there is a compounding effect when fragmented AI solutions such as voice, agents, QA checks, and fraud detection are unified into one platform that delivers measurable outcomes. This is the shift premium banking in the region is aiming for.” he said.
As for what could accelerate AI adoption in Saudi Arabia, the co-founder said the biggest change would be a shift to an outcome-as-a-service model that evaluates AI by business outcomes rather than pilot programs. He added that to realize the full potential of AI, it needs to be deeply integrated into bank operations through end-to-end agent workflows, rather than standalone tools.
“If Saudi Arabian financial institutions prioritize outcomes-based delivery, adoption will move faster. It will lead to clearer accountability for providers, better visibility of ROI for banks, and faster trust from business leaders,” Liu said, adding, “That is the kind of environment where AI can expand beyond experimentation and become part of how banking actually operates.”
Regarding future developments, the Dyna.Ai co-founder said the company has prioritized Arabic AI from the beginning and is developing agent AI and multilingual solutions tailored to Saudi Arabia’s regulated banking environment for the AI-enabled financial sector.
“Saudi Arabia is investing heavily in digital transformation, financial innovation, and regional capabilities, and we see our role as helping banks translate their ambitions into real execution. The next step is not just automation; it is creating AI that supports better service, stronger compliance, and more scalable customer engagement across the Kingdom,” he concluded.
make the economic personal
Vault Saudi General Manager Abdulrahman Al Sudaily said AI is making wealth management more personal and efficient by helping advisors analyze clients’ financial objectives, risk profile, liquidity needs and, where appropriate, Islamic law considerations.
“As Saudi Arabia’s wealth landscape evolves, customers increasingly expect a combination of digital convenience and trusted human advice. We believe the future of wealth management lies in bringing the two together,” Al Sudeir told Arab News.
The general manager added that Saudi Arabia’s Vision 2030 puts digital transformation, financial inclusion and capital market development at the center of the economic agenda, and AI is poised to accelerate all three.
In wealth management, AI allows advisors to provide more personalized insights, streamline day-to-day operations, and improve the client experience, expanding access to quality financial advice while freeing advisors to focus on strategic planning and long-term relationships.
“Equally important, AI must be deployed responsibly. Strong governance, transparency and human oversight are essential to maintain trust and ensure that technology enhances, rather than replaces, expert judgment,” Al Sudairy said, adding, “We believe that the combination of innovative technology and trusted advice will play a key role in supporting the continued evolution of Saudi Arabia’s financial sector.”
Asked what regulatory, technological, and market changes could accelerate the company’s success in Saudi Arabia, Al-Sudeir cited the continued expansion of open banking and secure consent-based data sharing.
He said greater integration of banking, investment and debt data will improve the customer experience by allowing advisors to provide more personalized financial planning.
Al Sudairy believes Saudi Arabia can become a global leader in digital asset management through a combination of technological innovation, strong governance and Vision 2030 ambitions.
