How Alinma Bank’s iz App Revolutionized Digital Banking in Saudi Arabia

Revolutionizing Banking for Gen Z

As the financial landscape constantly evolves, banks must meet the needs of a younger, tech-savvy audience if they want to remain relevant and continue to grow. Recognizing this trend, Alinma Bank developed the iz app — a digital banking platform designed to cater specifically to Gen Z and younger customers.

With features such as current and savings account management, student credit cards, bill payments, and international transfers, the iz app offers a comprehensive suite of tools for young customers. But what makes the iz app really stand out is its integration of modern, user-friendly tools like bill-splitting and goal-based savings. Those features allow users to split costs with friends, set financial goals, and track progress—all from a sleek, easy-to-navigate interface. Better yet, users can also earn rewards and discounts, adding extra incentives to engage with the platform.

Beyond just a product, the iz app supports Saudi Arabia's Vision 2030 by aligning with the country’s mission to create a robust digital economy. By providing an innovative digital banking experience, Alinma Bank is setting a new standard for how financial institutions engage with younger audiences.

Adapting to a Competitive Digital Market

As expected, launching the iz app came with its challenges. Entering a highly competitive market chock full of digital wallets and other banking apps, Alinma Bank faced aggressive customer acquisition targets. How could the bank differentiate the iz app from existing products while positioning it as the go-to choice for Gen Z users?

In partnership with their agency Mindshare, Alinma Bank conjured the answer by adopting a strategic approach when the iz app made its debut on Snapchat in May 2024. Known for its broad user base in the region, Snapchat surfaced as the ideal platform for reaching Alinma’s target audience.

So the bank set about implementing a full-funnel marketing strategy that focused on raising awareness, driving consideration, and ultimately securing conversions through app installs and sign-ups. Their multi-phase strategy ensured that potential users moved smoothly through the decision-making process — from learning about the iz app to downloading it and becoming active users. The role of Snapchat as a launchpad was key to building a meaningful connection with Gen Z users in an engaging, authentic way.

Smashing Industry Benchmarks

The success of the iz app campaign was immediate and undeniable. Over the course of just two months, Alinma Bank saw an 38% reduction in Cost Per Install (CPI), a significant drop that evidenced the efficiency of their marketing efforts. Even more impressive, the Cost Per SKAD install averaged 30% lower than industry standards, showcasing the campaign’s ability to attract users at a much lower cost. And when it came to sign-ups, the results were equally enjoyable: The cost per sign-up was 60% lower than industry benchmarks. 

For Alinma Bank, the iz app’s debut on Snapchat was more than just a campaign; it was a milestone. The bank successfully tapped into a major acquisition channel, solidifying its position as a leader in digital banking for younger audiences. The end result? Concentrating on a seamless user experience and leveraging the right digital channels put Alinma Bank in a solid position to build a foundation for long-term success in the evolving world of finance.