During the conference several trends and topics were discussed which are on the banks and CIT’s agenda in the Kingdom of Saudi Arabia. Among others is the role and adoption of Technology & Cash Supply Chain Management to unite all stakeholders (Central Bank, Banks, CIT’s and Retailers) and support the need for efficiency, visibility and security in the cash supply chain.
Furthermore banks are considering outsourcing to become more cost-effective, controllable and easy to manage but other cash processing industry models all still being considered such as insourced or semi-outsourced models. The introduction of an ATM managed service model in Saudi Arabia was also a relevant theme with the aim to decrease the costs and improve efficiency by switching to a single supplier who can consolidate multiple services into a single contract with clearly defined SLAs.
This gives banks end-to-end visibility of costs, management information and reporting, along with a single point of contact for queries. The introduction of the new 1 and 2 riyal coins was also a topic which concerned all delegates.
Key highlights & Takeaways:
• There are different approaches to cash processing industry models that are embraced: In-sourced, semi-outsourced and/or fully outsourced service models.
• The role of supply chain management and technology to unite all stakeholders in the cash market is essential to achieve efficiency, visibility and security.
• Cash Centre Outsourcing is the next paradigm shift in Saudi Arabia optimisation of people, processes and technology can achieve greater efficiency and capacity in cash management.
• ATM Managed services will allow banks to deal with a single, accountable supplier who will provide integrated reports across supply chain and improved forecasting capabilities.
• Choosing the right partner for Coin Management who can bring experts to share best practices around the world will be key to driving your business to success.
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Transtrack International B.V.
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