SNB, KnowledgeNet ink SAR 4.31M contract

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KnowledgeNet Co., announced signing, on May 15, a SAR 4.31 million contract for an artificial intelligence (AI) project for Saudi National Bank's (SNB) online platform for customers, according to a Tadawul filing today, July 31.

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The contract is valid until March 31, 2025, it stated.

SNB selected KnowledgeNet to undertake this project because of its excellence in the provision of comprehensive AI solutions drove SNB. This project will enhance the banking platform's capabilities in customer identification and account management with high efficiency, contributing to an overall improved customer experience, it added.

Under the deal, KnowledgeNet’s scope of work also includes the development of an AI system for customer identification through the analysis of stamps, signatures, and attached documents; enhancing account opening processes by automating ID verification; and validating data by ensuring the accuracy of customer entries across all bank systems.

The company indicated that the integration of AI will significantly improve the efficiency of SNB’s customer platform, while also enhancing clients’ experiences.

The contract, which involves no related parties, is projected to have a positive financial impact on KnowledgeNet.