Within the framework of its strategy to face potential risks and plan for a more developed and safe future
 

Kuwait, 17 July 2023: Kuwait International Bank (KIB) recently participated in Reinvent Forum Milan 2023, an international banking and insurance innovation event organized by Qorus, during which it presented a joint case study with ebankIT entitled “Humanizing the ‘Bank for Life’ Digital Experience.” The Bank’s participation reflects its strong commitment to incorporating the principles of sustainability, innovation, and digital transformation into the fabric of its corporate practices. 

During his participation in the conference as a representative of KIB, the General Manager of Digital Transformation and Innovation Department, Mohamed El-Sharif, said: “KIB considers this global event a prestigious platform that showcases the steps of the banking sector’s transformational journey. The Reinvent Forum is also an important opportunity for us to share visions and ideas on how to reshape banking services through digitization and innovation.”

El-Sharif added that KIB spares no effort in implementing its strategy aimed at facing potential risks. It continues to consolidate its advanced position in this field, as it is among the first banking institutions to adopt a proactive innovation approach to face challenges through its digital channels and effective online services. In addition, the Bank focuses on human interaction, especially when it comes to complex financial operations and providing personal banking advice. He stressed that the KIB team present in the branches and customer service centers is always ready to provide any assistance and meet the needs of customers, whatever the circumstances.

El-Sharif emphasized that the strategic approach behind KIB's banking services puts it at the forefront of banks with high flexibility compared to other banking institutions in the market, both locally and globally, including new banks. He said that despite the intense and increasing competition at different levels in the banking sector, KIB is committed to prioritizing investment in research and development to enhance digital solutions and maintain its competitive advantages and leading position.

While participating in a discussion around the ‘The Global Digital Banking Radar 2023’ report presented by ebankIT, El-Sharif pointed out that KIB was able to provide a pioneering experience despite the unprecedented challenges. On top of such challenges were those imposed by the Covid-19 pandemic on the banking sector for a relatively long period all around the world, and that prompted many banks to review their operations. That is in addition to the challenges faced by customers and digital transformation initiatives, in an unexpected way. Nevertheless, throughout that difficult period, KIB demonstrated high flexibility and ability to adapt to health, financial and political constraints. It responded quickly to digital transformation initiatives and adopted a specific strategy with well-defined features and objectives. The Bank also ensured providing basic sustainable financial services and prioritized the health and safety of customers and employees at the same time.

KIB also discussed the different investment axes it leads, such as taking advantage of artificial intelligence technologies to improve customer experience, automating processes, providing customized financial insights, and achieving the seamless integration of multiple channels to ensure a flexible and balanced banking experience. The Bank has investment schemes in cybersecurity, confidentiality, data privacy, and compliance with banking and legal regulations and guidelines.

It is worth noting that KIB is committed to benefiting from modern technologies such as Open Banking Application Programming Interfaces (APIs), the Internet of Things and other aspects of financial technology, based on its main slogan 'Bank for Life.' It aims to enhance transparency, security and efficiency in financial transactions on the one hand and enable customers to control their financial statements on the other hand. KIB also aims to establish new standards in the ways in which customers interact with their financial institutions, which creates greater opportunities for the integration of personal financial services in customers’ daily lives, in a smooth and quick manner.