Global Finance: What are the main goals of ABK’s digital transformation strategy and what steps are you taking to achieve them?
Khalil Al-Qattan: ABK’s customer-centric digital transformation strategy aims to improve the customer experience, increase operational efficiency and remain competitive in a rapidly evolving market. We are reimagining the banking experience by investing in a range of advanced front-end and back-end tools, including our mobile app, voice biometrics, artificial intelligence (AI) and machine learning (ML) to personalize services. We also use data-driven insights to optimize processes through automation and support our team to navigate and drive digital innovation.
GF: Can you share more details about the new digital services, products or tools that the bank has introduced as part of its strategy?
General Manager for Digital Transformation and Innovation
THAT’S ALL: The bank has significantly expanded its digital presence, starting with an update to our mobile app that offers a more intuitive interface, enhanced security features and new services. Our new offerings include full digital wallet integration, providing secure payments and contactless solutions through Apple, Samsung, Google Pay and Fitbit Pay, as well as instant international transfers with Mastercard using blockchain technology.
ABK is also the first bank in the Kuwaiti market to have one-touch interactive digital screens and a hologram feature that enhances the digital experience for customers. Our ATM network now offers a simplified customer journey and branding consistent with the mobile banking app. To ensure the bank is always aware of the digital needs of our customers, we track analytics to better understand their behavior and optimize products accordingly.
GF: How does collaboration with internal and external partners help ABK advance this digital strategy?
THAT’S ALL: Interdepartmental collaboration within the bank has proven key to aligning our business goals with digital transformation. The digital team works closely with compliance, IT and operations to ensure the smooth integration of any new solutions. ABK Bank also collaborates with external partners such as CyberMAK, which has provided advanced automation tools to improve our digital services.
GF: How has this digital strategy helped the bank attract customers and improve overall performance?
THAT’S ALL: The digital-first strategy has led to significant improvements in both customer acquisition and overall bank performance. Our digital channels have simplified account opening and application process, attracting tech-savvy customers and reducing service time. The number of digital users grew by 71% from January 2023 to the beginning of the fourth quarter of 2023, and the number of active digital users grew by 54% over the same period.
Our focus on personalized digital experiences has also resulted in increased customer satisfaction, retention and cross-selling opportunities. By automating back office operations and reducing manual processes, ABK has increased operational efficiency, helping to reduce costs and improve profitability.
