Global Finance Awards Boubyan Bank 5 Awards

• Best Islamic Digital Bank in Middle East 2019

• Best Islamic Digital Bank in Kuwait 2019

• Most Innovative Digital Bank in Kuwait 2019

• Best Mobile Banking App in Kuwait 2019

• Best innovation in IMAL technology

Once again, Boubyan Bank maintains 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 for the second year in a row.

The bank was honored in the ceremony held for this occasion in Dubai. In addition to this award, the bank received another four awards, namely, the Best Islamic Digital Bank in Kuwait, the Best Mobil Banking App in Kuwait, the Most Innovative Digital Bank in Kuwait, and the Best Innovation in IMAL Technology.

Mr. Abdulla Al-Tuwaijri, the bank’s Deputy CEO, stated: “Such a recognition received from global institutions, which are renowned for their fairness and the credibility, confirms the soundness of our vision and strategy set years ago, namely, to invest in technology and use it to better serve our customers.”

“Technology is not a luxury or the focus of an interest group anymore, rather, it has become an integral part of our daily life, especially in light of the developments witnessed over the past years in the financial and banking domains; now people see technology as indispensable.”, he added.

Mr. Al-Tuwaijri went on to add: “Boubyan has succeeded in being a part of the customer’s daily routine. In other words, our offering to customer goes beyond a mere service or product, rather, it is a way of life that harbors all the details that help customers enjoy a more convenient and comfortable life while saving a lot of their time that used to be wasted on doing banking transactions”.

Why did Boubyan outperform others?
In its report about the selection criteria for naming Boubyan the best in Kuwait for many years, Global Finance referred to such criteria as:

• Strength of strategy set by the bank for attracting and servicing digital customers.
• Success in getting clients to use digital offerings.
• Growth of digital customers who use digital banking services through their various channels, especially smart phones.
• Innovation and creativity in providing outstanding banking and non-banking services via electronic channels.

Mr. Al-Tuwaijri added: “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 was 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. 

Al-Tuwaijri elaborated: “The Executive Management was fully aware of such challenges. That’s why they decided to invest heavily in our various banking channels to keep up with the developments witnessed in the services and products.”

Youth’s First Choice 

On the other hand, Al-Tuwaijri stated: “For years, the bank has been trying to become the first choice of the Kuwaiti youth, that’s why, the bank invested a lot in digital banking and this helped make it the youth’s best choice owing to the services and products offered by the bank.” 

“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.”, he added. 

Al-Tuwaijri went on to add: “The bank's profit growth highlights the success of its strategy and its expansion plans in the local market where the bank succeeded to achieve its targets in order to maintain the same profitability achieved in the past years. The bank will continue with the same strategy, its expansion in the Kuwaiti market and the increase of its market share through innovative products and services extended to customers.”

He concluded by stressing that the upgrade of the various ratings of the bank by international agencies stresses the success of the bank in its local expansion, which reflected positively on its operational income and profitability.