Saudi Industrial Development Fund receives an accolade at the Middle East Technology Excellence Awards 2023

The new platform increased customer satisfaction ratings to 74%.

Government financial institution Saudi Industrial Development Fund (SIDF) clinched the Automation-Financial Services category win at the Middle East Technology Excellence Awards 2023 for the enhancement of its client portal platform Tamkeen.

The newly launched Tamkeen UX has been designed for the entire loan life cycle, which starts from submitting the application to disbursing the payments, in addition to post-lending services procedures.

The focus of the revamp process is on ease of use, simplicity, and interactive design, with the beneficiaries catering to their satisfaction after applying their views for the new Tamkeen Client Portal. This takes user experience into account when designing for the entire loan life cycle.

The platform has been designed to achieve the vision of the Kingdom of Saudi Arabia 2030 through the financial empowerment of the National Industrial Development Program and logistics services for the sectors of industry, mining, energy, and logistics services, as well as the digital transformation initiative through the National Transformation Program 2020.

SIDF was celebrated by the Digital Government Authority for being ranked among the top 10 public entities' efforts to value customer centricity in the economic & financial sector, and SIDF is in the direction of striving to achieve and serve Saudi Arabia’s national vision in digitization. As a result, beneficiaries’ satisfaction increased to 74%, an increase of 13% compared to last year; 53% reduced the duration of procedures for obtaining loans; 64% decreased the period of obtaining a loan (from 11 to 4 months); and 85% decreased the period of signing contracts (from 3 weeks to less than 3 days).

At the same time, it introduces a new process for preliminary loan requests wherein an initial decision of approval or rejection is given within a few days before moving on to loan applications, compared to the previous process, which took several months. This has already resulted in 1,434 disbursement claims.

 "By the deployment of the new version of the solution, our users are able to complete their task on a single portal without any frequent navigation of the screen or to different systems, but in a single-stop window," the company said. It added that the client portal already has seamless integration with the SIDF portal, thereby enabling frequent transactions between SIDF and the client.

 This successful enhancement brought an increase to the customer satisfaction rating, reaching an optimum level of 74%.

 The Middle East Technology Excellence Awards honours outstanding companies that have made exceptional contributions in pursuit of technological innovation.

The Middle East Technology Excellence Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Danica Avila at [email protected].