Leading With Trust
Company Size
200-1,000
Region
- Middle East
Country
- Saudi Arabia
Product
- Circlys
- Unifonic
Tech Stack
- Android
- iOS
- APIs
- Cloud-based solutions
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Digital Expertise
Technology Category
- Application Infrastructure & Middleware - API Integration & Management
- Platform as a Service (PaaS) - Connectivity Platforms
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Chatbots
- Cybersecurity
Services
- Cloud Planning, Design & Implementation Services
- Cybersecurity Services
About The Customer
Circlys is a public savings platform based in Saudi Arabia. It was initially launched as a paper-based company in 2015 and digitised its platform in 2017. It was licensed by SAMA in 2020 and since then has been serving a large chunk of the population in KSA. The platform is available on Android and iOS platforms and currently has around one million users in Saudi Arabia. Anyone with a digital ID, bank account, and good credit score can join this collaborative savings platform. The company vets all its members with a robust risk assessment framework before onboarding them.
The Challenge
The Kingdom of Saudi Arabia is pushing to become the most prominent digital economy in the region, leading to a wave of fintech startups in the country. One such startup is Circlys, a public savings platform that was initially launched as a paper-based company in 2015 and digitised in 2017. The traditional practice of ROSCA (rotating savings and credit association) for savings was widespread in Saudi society but was often plagued by issues such as poor record keeping, reliability, and inability to offer long term savings. The digital version of ROSCA mitigates many of these concerns and allows users to join savings circles easily and transact digitally.
The Solution
Circlys uses a communications platform provided by Unifonic, which is critical to its customer experience strategy. The platform is used for user authentication, transaction alerts, and to push marketing campaigns. Circlys has a strong in-house development team, which gives it a competitive advantage in the market. They provide customer support through social media channels, aggregated on a platform developed in-house. They are also using chatbots from Unifonic to answer common questions people ask about their service. All their digital assets are hosted in the cloud and they have put in extra security layers to ensure the safety of money and customer data protection.
Operational Impact
Quantitative Benefit
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