Saudi Awwal Bank has formed a strategic alliance with Quant, a data science firm focusing in artificial intelligence and data analytics for the retail and real estate industries. Through Quant, the alliance intends to offer data-driven insights to the retail sector, allowing business owners to make better educated decisions based on advanced data analytics and AI.
Quant will provide a broad set of analytics reports and business solutions in the retail industry through this agreement, covering critical areas such as retail key performance indicators, operational metrics, customer behavior, sales analysis, and inventory management. Based on consumer demand, peak hours, and customer preferences, these tools will aid SAB's commercial clients in optimizing their operations for better profitability, less waste, and improved customer service.
Yasser Al-Barrak, chief corporate and institutional banking officer at SAB, 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.”
Ahmed Bukhamseen, CEO and co-founder of Quant, added: “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 costumers’ behaviors 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.”