Al-Tuwaijri participates in the “Seamless Global Conference” in Dubai
- In its participation in the “Seamless Global Conference” in Dubai: Al-Tuwaijri: Boubyan Bank has been ahead of the others in being ready for these transformations for 10 years, the bank investing in digital services in accordance with a clear growth strategy
The CEO of Boubyan Bank – Private, Consumer & Digital Banking, Mr. Abdulla Al-Tuwaijri, said: “The huge technological developments in banking services pose many challenges to banks around the world, especially challenges related to competition. and the ability to attract more customers. ”
This was part of a panel discussion and interview Mr. Al-Tuwaijri participated in during the activities of the Seamless Global Conference held in Dubai. The panel discussion focused on payment methods in future banks, while the interview focused on the potential transformations of digital banks by 2030 and their influence on customers.
Al-Tuwaijri explained that banks are trying to strike a balance between traditional branch banking and digital services, while investing more in digital offerings and then increasing the segment of customers using these digital banking offerings.
** Hardest challenges
Speaking about the most difficult challenges the company faces when operating in a decentralized payment system, he said, “There are many challenges, including different versions of payment systems run by government, business and individuals. This is confusing until they coalesce into concrete case studies. »
He went on to add, “Among the biggest challenges are operating standards; any system that is not interoperable will always be on a micro scale, and implementing this new system will take time. Another consideration is that if innovation is too fast for customers, it will be difficult for them to keep up. Additionally, we must ensure customer privacy, protect them from volatility, reduce financial crime and fraud, and ensure legal compliance.
Where are we going in the future?
Al-Tuwaijri reviewed the outlook for the next five years and what is possible for banking in the future as banks can indirectly focus on banking as a service (BaaS), where they leverage their licenses and balance sheets to supply products through third parties. .
It can also be achieved through integrated finance where banking services become seamless and happen outside of existing digital and traditional channels through ecosystems and integrated into daily routines.
Importance of exploring future opportunities
Al-Tuwaijri added, “When discussing investing in digital banking, the bank took many things into consideration; the most important element was the youth segment in the Kuwaiti society, which accounts for more than 60% in addition to the rapid and accelerated developments in the world of digital banking across the world.
“The Boubyan name has become synonymous with value propositions offered ‘for the first time’ in Kuwait and the region. The bank was the first in the region to launch digital murabaha, enabling customers to obtain the necessary approvals for murabaha within minutes, whether through their mobile or PC,” he added.
Boubyan and digital excellence
Furthermore, in his two lectures, Al-Tuwaijri highlighted the digital experience of Boubyan Bank, stating that the bank has embraced innovation and creativity, while focusing on high-quality customer service through digital channels and traditions aligned with Kuwaiti and Islamic cultures.
And to add: “At Boubyan, innovation translates into a new business model, a new client, a new market, a new experience and way of doing things, or – finally – a new technology or a new tool, whereas success is measured by striking a balance between quality and quantity, and short term and long term.
He gave an example of the bank launching many first-to-market innovations in Kuwait and the region, citing that some of them turned into ecosystems, such as payment by link (PayMe) which became a verb in Kuwait and a service that people use. every day.
Boubyan Bank during the pandemic
Al-Tuwaijri said: “During the Covid-19 pandemic, Boubyan Bank has demonstrated and confirmed its ability to deal with this situation. The bank was clearly prepared for such situations thanks to its investments in digital banking, which were already there many years before the pandemic.
Al-Tuwaijri also pointed out, “Around 50% of our customer base was active in digital channels and this figure increased by 20% during the pandemic, and now around 75% of our customer base is active in digital channels. digital”.
“Our digital assistant, Msa3ed, was more than just a chatbot during the pandemic; this contributed to many CSR initiatives, including awareness and advice on vaccinations, and how to make appointments with government entities, etc. “, he added.
Nomo… Bank of the Future
During a special interview, Al-Tuwaijri dwelt on Boubyan Bank’s steps towards digital expansion through the announcement last July of the full launch of Nomo Bank in Kuwait and the UK as a London’s first digital Islamic bank that can offer its services to Boubyan Bank customers and non-customers.
Al-Tuwaijri added, “Nomo’s new digital banking experience allows users to apply for a UK-based bank account in minutes using their smartphone, giving them the ability to enjoy a banking experience unique in Kuwait and in the world.
“It avoids lengthy application processes that can take a long time. Plus, through a clear and intuitive smartphone app, Nomo enables customers to spend, send and invest their wealth on the go, with 24/7 access, wherever their lifestyle leads them,” he added.
He explained, “Nomo’s banking proposition is unique in that it offers non-UK residents of Kuwait, and soon to be GCC, the great opportunity to open a UK-based account and enjoy the many benefits prestige of the British banking system. Additionally, the new bank’s local banking solutions help clients avoid high international fees and open up investment opportunities that would not typically be available to non-UK residents.