subsidiaries

In 2022, as part of the recently concluded ‘Bank of the Future’ Group strategy, and its objective to ‘Unbank’ the bank, a number of operations and workflows across alrajhi bank were centralised and absorbed under a newly established corporate entity, greatly improving operational efficiencies across the alrajhi group. Over the past two years, this subsidiary has evolved into a leading Business Process Outsourcing (BPO) company in the Kingdom, specialising in delivering intelligent, scalable solutions in automation, financial operations, and business solutions, expanding across the alrajhi group to include all its subsidiaries. Now rebranded as atmaal – the entity streamlines processes and improves efficiencies, optimising business workflows with innovative solutions, transforming the alrajhi group into a high-performance financial ecosystem.

With centralisation and standardisation being a key strategic objective of alrajhi bank’s newly launched ‘harmonize the group’ strategy, Atmaal’s role within alrajhi group has become more significant during the reporting period. The subsidiary is guided in this endeavour by RISE – its three-year strategy that was launched during the preceding financial year:

Steered by these four strategic objectives and operating at scale, Atmaal continued to optimise overheads and reduce the cost of operations across the group in 2024, resulting in greater returns in its investments into technology and process consolidation.

Continued migration of group operations

In 2023, all core operations processes of alrajhi bank were successfully migrated to Atmaal. In terms of Group subsidiaries, key processes for Emkan, Neoleap, alrajhi Takaful and alrajhi Capital were also migrated successfully. The steady migration of subsidiary operations continued in 2024, with Atmaal increasing operations for the group by 48%.

Atmaal currently undertakes operations that include services for Retail, Corporate, Capital, Insurance and Fintech. New capabilities and services include outbound units for Customer Satisfaction and Retention, Middle-Office Management for Corporate Banking and SME, Marketplace Operations, Merchant Services Automation, and Corporate KYC. The additional services increased the total operations units under Atmaal to 73 at the close of the reporting period, with 29% YoY decrease in unit costs.

Strengthening the value offering

Atmaal continued to focus on creating value within alrajhi group; the Staffing Solutions business generated a net income of 3% and an optimisation of 12% on full-time employees (FTEs) during the reporting period, with Atmaal improving workforce management through internal staff migration and further consolidation within the group. Atmaal’s unique employee cost structure has also benefited the group from provision-and-allowance-based cost avoidance. Overall Saudisation rate at Atmaal remained strong at 95%, with the female employee ratio increasing to 80%, driven by the largely female operated Qassim Contact Centre.

At the close of the reporting period, Atmaal’s efforts to streamline workflows across the group saw a 16% increase in process automation YoY. This invested focus on automation and scaled operations saw the subsidiary successfully maintain Contact Centre service levels above 90% during the year in review.

The scalable nature of Atmaal’s own operation saw the subsidiary recruit 2,150 individuals during the year in review, from development initiatives and technical colleges. Atmaal earned recognition from the Institute of Public Administration for graduate recruitment development, attracting over 2,400 applicants. The subsidiary was also recognised by the Ministry of Human Resources and Social Development – Al Qassim branch for recruiting job seekers via the SAAID system – a civil services job portal for Saudi citizens. Furthermore, the Kingdom’s leading higher educational institution – King Saud University also commended Atmaal for its contribution towards the National Training Programme, which provides opportunities for Saudi nationals to improve their skills and competencies across various fields, and is also a key contributor towards achieving the Kingdom’s ambitious Vision 2030 targets.