The Saudi Awwal Bank has struck a partnership with data science company Quant specialising in AI and data analytics to catapult the growth of the retail sector.
The deal seeks to bring data-driven insights to Saudi retailers to help business owners make more informed decisions based on advanced data analytics tools.
Chief corporate and institutional banking officer at Saudi Awwal Bank, Yasser Al-Barrak, said: “This partnership reflects SAB’s commitment to driving innovation and delivering exceptional value to our clients.
“This collaboration marks a step forward in empowering businesses with data-driven insights that will fuel growth and success because we believe that partnerships play a crucial role in enhancing business sustainability while contributing to support the Financial Sector Development Program for Vision 2030. Our clients will benefit from our exceptional banking services that meet the needs of businesses, fostering their growth and innovation.”
As part of the partnership, Quant will provide a set of analytics reports and business tools for the retail sector that cover essential areas such as retail key performance indicators, operational metrics, customer behaviour, sales analysis and inventory management.
The resources will help SAB’s business clients optimise their operations for increased profitability, reduced waste and improved customer service, according to a statement.
CEO and co-founder of Quant, Ahmed Bukhamseen, said: “We’re optimistic about the impact of this partnership with SAB.
“It will give business owners and consultants in the retail sector the opportunity to benefit from the advanced capabilities of our products to understand their customers’ behaviours and preferences. This includes better monitoring of operations, understanding customer preferences, and making data-driven decisions, thereby enhancing the overall retail sector’s performance. Through this partnership, we aim to further establish the role of technology and data analytics as valuable tools for businesses.”
The global AI market is projected to surpass $1.7 trillion in 2030 – up from $93.5 billion in 2021, growing at a compound annual growth rate of more than 38 per cent, according to Grand View Research.
