Boubyan Bank Showcases Its Digital Banking Products and Services at the International Banking Conference 

Al-Bassam: Our Presence in the Exhibition on the Sidelines of the Conference Coincides with the Bank’s Being Named the Best Digital Bank 

Boubyan Bank will be participating in the International Banking Conference organized by the Central Bank of Kuwait, entitled (Shaping the Future) next Monday, September 23rd 2019 under the auspices of H.H Sheikh Sabah Al Ahmed Al Sabah, the Amir of Kuwait, and in the presence of many managers, and CEOs of the Kuwaiti and international banking sectors along with many economists. Mr. Qutayba Saleh Al-Bassam, Executive Manager - Corporate Communications Division, stated: “Boubyan’s participation & sponsorship of the conference emanates from its constant keenness on taking part in events enriching the banking and financial business, which reflects positively on the services’ market and local products.” “Boubyan’s participation in the exhibition as a part of the activities of the International Banking Conference coincides with Global Finance naming Boubyan the Best Islamic Digital Bank in Kuwait and the Middle East as a part of Global Finance’s awards which have been recently received by the bank.”, he added.

Boubyan’s Participation

Speaking of Boubyan Bank’s offerings during the exhibition, Al-Bassam stated: “A number of the bank's departments will participate in the exhibition, specifically such departments concerned with digital banking services and products. This will allow the visitors, VIPs and bankers to get to know Boubyan and its unique offerings in this field in a better way.” “The bank has invested heavily in technology over the past years, which reflected positively on the services and products which were welcomed by customers leading to the bank becoming the first choice of those seeking the best digital services.”, he added. Al-Bassam went on to explain: “A number of our partners in this field will be present in the exhibition to confirm the importance of the bank’s partnership in this context.” On the other hand, Al-Bassam explained: “Over the past years, we have been witnessing an unprecedented increase in the number of Boubyan Bank customers’ base using online or mobile banking solutions.” “This is associated with the growth in the number of customers. Accordingly, the number of banking transactions performed using all of our channels multiplied over the past years, compared with the average growth ratio of other banks; this adds to the challenges faced by our bank.”, he added.

Significance of the Event 

Furthermore, Al-Bassam stated: “The event’s significance comes from the status of the organizing entity, i.e., the Central Bank of Kuwait. This gives the conference a special importance coupled with the topics to be discussed which will dwell upon the future impact of technology on banking services, and what type of advantage customers and consumers may enjoy from such improvements.” He further added: “The participation of all local banks and foreign bank branches in Kuwait in this conference gives it an additional significance coupled with the expected attendance from around the globe. This will bring about important discussions which will shape the industry in Kuwait and the region.” The conference is expected to host a wide-spectrum of leading economic figures including central banks’ governors, heads of regulatory and supervisory entities, and C-Suite officers in addition to a number of international standards’ organizations, bankers and FinTech from around the globe. The conference is due to be held in the Four Seasons Hotel in Kuwait City, and the conference agenda will include a presentation of the economic and social challenges faced by the banking sector as well as the risks arising from the technological innovations, while focusing on the growth of the banking industry and supporting the sustainable growth thereof. The sidelines of the conference will witness the FinTech Exhibition with the participation of more than (40) presenters from across local and international banking sectors as well as regional telecom companies and a number of companies specialized in FinTechs.

Why invest in technology?  

Speaking about the bank’s investment in technology, Al-Bassam said: “Many years ago, the bank’s management set the strategy which is oriented towards digital banking to keep up with the witnessed developments in addition to being strongly linked to the youth.” He added: “The bank is seeking to become the first choice of the Kuwaiti youth. That’s why, the bank invested in digital banking and this helped make us the youth’s best choice owing to the services and products offered by the bank which meet the youth’s expectations and ambitions. In addition to the youth’s segment, the bank focuses on creditworthy national customers. This, in fact, led to a significant increase in the percentage of Kuwaiti customers who transfer their salaries to the bank over the past years. The majority of the bank’s customers is comprised of Kuwaiti nationals of various ages and representing various sectors.” Boubyan Bank managed to maintain its position at the top of the pyramid of digital banking services in Kuwait by being named the Best Islamic Digital Bank in the Middle East by Global Finance. Global Finance stated that Boubyan Bank managed to achieve that through the strength of the strategy set by the bank for attracting and servicing digital customers, getting clients to use digital offerings, and growth of customers who use digital banking services through their various channels, whether through online banking or smart phones.