Boubyan Bank Named the Most Innovative Digital Bank in Kuwait by Global Finance
Al-Tuwaijri: The Award Reiterates Our Digital Leadership, the Future Holds a Lot More for Our Customers
Once again, Boubyan Bank confirms its position at the top of the pyramid of digital banking services in Kuwait by being receiving two awards from Global Finance, namely the Most Innovative Digital Bank in Kuwait and the Best Mobile Banking App.
Mr. Abdulla Al-Tuwaijri, the bank’s Deputy CEO, stated: “We take pride in the award for the Most Innovative Digital Bank as our bank has been introducing many banking services and products for the first time in the Kuwaiti market over the years. This award emphasizes the bank’s digital superiority at the level of local banks.”
Speaking about the Best Mobile Banking App award, Al-Tuwaijri said: “Boubyan has been among the first banks to launch a smart phone App. However, we managed, through the many services and products we offer through the App, to prove that our bank is the closest bank to its customers and the one which best understands their day-to-day needs.”
Al-Tuwaijri stated: “Since creativity and innovation represent two main pillars in Boubyan Bank’s business model, we have been constantly keen over the past years on enhancing our innovation and our services extended to customers. To maintain its edge in the market, Boubyan Bank continued offering new and innovative banking products and services in addition to improving existing ones.”
“Boubyan maintains the highest standards upon offering products in a comfortable and innovative manner that befits the needs of customers whether in terms of technology or traditional ways of banking. Through our care, persistence and dedication to work, we managed to achieve the highest levels of customer satisfaction.”, he added.
Global Finance’s report about the selection criteria set by a panel of international judges detailed the criteria as; strength of strategy set by the bank for attracting and servicing digital customers, in addition to other factors such as getting clients to use digital offerings, growth of digital customers who use digital banking services through their various channels, especially smart phones, and innovation and creativity in providing outstanding banking and non-banking services via electronic channels.
Updating the Mobile App
Al-Tuwaijri reiterated: “Any development or innovation of a new service is the result of interaction with customers and constantly listening to their opinions as well as catering for their needs and requirements in order to make their lives more comfortable and easier.”
In this context, he went on to add: “The bank already launched the all-new mobile banking App for smart devices months ago. This App update is a representation of what the bank does at the highest levels of customer services by being in touch with them directly to get to know their trends, desires and needs.
Al-Tuwaijri elaborated on this update by stating: “What is easy has become easier, and simple things have been simplified even more with Boubyan Bank. This is what just happened. It is already known that Boubyan App is easy to use and user-friendly, but it became even easier, smoother and more user friendly with the recent update.”
He added: “As we keep an eye on the continuous international developments in the field of digital applications, and since Boubyan App is one of the top Apps in use in Kuwait, we thought it is necessary to roll out an update to keep pace with international developments.”
In this context, he referred to the App rating, which is the top among similar Apps in terms of ease of use, or growth of users, their feedback and rating of the App which all put the App in the lead.
Al-Tuwaijri went on to add: “Customers’ needs include core services such as opening accounts, performing various banking transactions like transfers and payment of invoices, and obtaining financing (murabaha) in addition to credit cards. Customers have quick and easy access now to these services through Boubyan App without the need to visit the branch even for once.”
“In Boubyan, we are about to achieve this, and we are closer than any other party aspiring to achieve this goal. Customers can now finalize the digital murabaha procedures and complete all the necessary procedures for obtaining the necessary financing online, then they will have to make a single visit to the branch to sign the contracts.”, he added.
He continued: “As for obtaining credit cards digitally, the bank is ready to offer this service immediately after receiving the required official approvals. It will be possible to obtain the required card in easy and simple steps, and the customer will have two options; either to be issued a digital credit card whose information is fully stored on his mobile, or online without the need for the traditional plastic card while linking the card’s information to the smart phone instead of the credit card where the phone itself will serve as a credit card to be used at any store or with any POS, or the customer may be issued the plastic card to receive the same at a convenient time through any of the card issuance machine in Kuwait.”
Speaking of the possibility of opening accounts through the online or mobile banking services, Al-Tuwaijri stated that Boubyan customers could open any additional accounts in the main currencies or make any type of deposit in a minute through Boubyan App.
Growth of Active Users
Al-Tuwaijri highlighted the increasing growth in the bank’s digital customers base by stating: “Eighty percent of our customers use the bank’s digital channels whether through online or mobile banking services, and there is a growing trend for using the mobile banking App.”
“The year 2018 witnessed the fastest growth in terms of customers using the bank’s digital channels, especially smart phones with a growth of 33%; one of the highest local and international growth rates.”, Al-Tuwaijri continued.
He concluded: “The volume of digital banking transactions exceeds 1 million transactions per month approximately, which is almost equivalent to the transactions made through ATMs in light of the expectations that smart phone growth rates will be faster and bigger in the upcoming period.”