KUWAIT: Kuwait International Bank (KIB) concluded another year that testifies to the Bank’s relentless commitment to its slogan and institutional promise, “Bank for Life”. As life continues to shift toward the digital sphere of everyday products and services, KIB remains at the forefront of the digital transformation journey that is redefining Kuwait’s banking and financial sector. In 2023 alone, KIB successfully transformed numerous out-of-branch service touchpoints that its customers are accustomed to, including the Bank’s retail banking application ‘KIB Mobile’, the Bank’s network of automatic teller machines (ATMs), and the newly launched interactive teller machines (ITM).

“As a trusted financial partner for our stakeholders, lagging technologically is not an option – especially considering how pivotal the banking services are to our customers from across all market segments,” stated Othman Tawfeqe, General Manager of the Retail Banking Department (RBD) at KIB. “In a market where internet penetration is very high and 5G network is available to the majority of the population, it is not a question of whether KIB will adopt new fintech solutions, but how soon we can do so. To ensure that we are always among the earliest adopters of cutting-edge financial technologies that contribute elaborately to the elevation of customers’ quality of life, we have dedicated the past few years to the reinforcement of KIB’s digital infrastructure to ensure that the Bank continues to offer its customers the latest banking services and products available worldwide in a completely safe and secure manner.”

However, it is very important to consider the market’s readiness for such technologies, which is why, Tawfeqe explained, KIB tactically introduces its latest innovations through familiar channels that the Bank’s customers are comfortable using. “We understand that the best change is seamless and easy to adopt, that’s why we are always thinking of ways to upgrade our existing touchpoints and embed the latest technologies within them, guaranteeing higher and faster adoption rates,” he added.

This tactic has yielded exceptional outcomes in 2023, including an astounding 56 percent spike in the subscribers of KIB Mobile’s push notification in comparison with the number of subscribers in 2022, as well as a 75 percent growth in the deposits made via KIB Mobile compared to 2022. Moreover, KIB recorded a 40 percent increase in the banking accounts opened using the bank’s mobile application in contrast with 2022, in addition to an 18 percent rise in the KIBPay transactions, which amounted to KD 204 million during 2023. Lastly, the Bank’s contact center representatives registered a high number of Al-Dirwaza accounts, amounting to almost KD 37 million in balances.

KIB Mobile: More than meets the eye

Today, smartphones pack an endless range of functions that users can benefit from with a quick tap. In a bid to keep pace with the expanding reliance of users on their smart devices and their growing expectations for how much they can get done using smartphones and other smart devices on the go, KIB revamped its KIB Mobile application, upgrading it to a smoother and more comprehensive platform. The application allows users to access financing details, payment schedules, account management, banking cards, and investments, as well as make bank transfers, fulfill payments, and manage beneficiary lists – all in one place. Among its features and services, KIBPay allows users to request payments, top-up accounts, and split bills with ease.

Later in the year, KIB added the Financial Tracker feature to its mobile application, which came with numerous features that serve to add ease and convenience to the customers’ e-banking experience – including the ‘Quick Financial Overview’, which provides users with instant snapshots of their spending and savings; ‘Top Merchant Insights’, which lists the businesses each user shops at the most frequently; ‘Detailed Expense Tracking’, which reveals detailed insights about the users’ spendings, allowing them to exercise better financial control; ‘Monthly Comparison’ with its month-on-month spending comparisons; and ‘Bespoke Budgeting’ that allows customers to set a specific budget and measure real-time performance against this goal. All these insights are packed into the ‘Advanced Analytics’ feature, enabling customers to utilize the power of data with a personalized analysis of their spending behavior, helping them make informed decisions.

That’s not all; KIB also introduced a feature that allows customers to file complaints through the KIB Mobile application, guaranteeing a hassle-free process for reporting any inconveniences that customers may face and promising them to investigate the issue and return with the best course of action within 15 business days. Additionally, should customers struggle to remember their cards’ safety PIN codes at any point, they can simply resort to the PIN reminder feature on the mobile application to proceed with their purchases without having to reset their PIN.

KIB ATMs: Redefining convenience

On its mission to digitally transform and elevate all its banking touchpoints, KIB set forth to equip its wide network of 123 ATMs, located across Kuwait, with advanced features that guarantee convenience and seamlessness with every interaction. The ATM upgrades include everything from providing a variety of banknotes to choose from upon withdrawal, with notes as little as KD 5, to installing a multi-currency ATM at the Kuwait International Airport - Jazeera Airways (T5) that offers four currencies --AED, KWD, USD and GBP-- and allowing customers from other banks to request opening an AlDirwaza account using any of the available KIB ATMs.

However, the most prominent digital upgrade that KIB’s ATMs received was activating the contactless near-field communication (NFC) service throughout that Bank’s ATM network, enabling customers to withdraw cash or make numerous types of transactions using their NFC-enabled KIB Cards, mobile devices, or smart watches, for a faster and more secure experience.

KIB ITMs: At your service

Expanding its suite of innovative banking solutions, KIB introduced its latest service, the interactive teller machine (ITM), which utilizes all the traditional benefits of ATMs, such as depositing and withdrawing cash, and elevates them by integrating channels for personalized, in-person banking that is guided by a remote teller through high-definition video and audio communication. To initiate the live assistance video-audio call, customers must first scan their civil ID cards followed by entering their bank signature or debit card PIN – if using one. Once the connection is established, customers can make any general inquiries as they would at the branch, or even deposit and withdraw cheques on the spot. Contact Center and Social Channels for Around-the-Clock Communication

Under the umbrella of its unwavering commitment to elevating customer service quality by reinforcing the Bank’s channels of communication with its customers and ensuring that they are available 24/7, Tawfeqe revealed that the KIB Contact Center received more than 645,000 calls during 2023, at a monthly rate of 54,000 calls, attesting to the service’s convenience and efficiency. Furthermore, the Bank’s social media channel @KIBPage witnessed a 100 percent increase in engagement rates in comparison to 2022. This comes in line with the Bank’s release of several alternative digital communication channels including WhatsApp, which allows customers to get faster replies to their inquiries. Moreover, KIB designated a special customer service team at the Contact Center to serve the Black account customers around the clock and at a record speed.

As KIB marches into a new year, the Bank remains committed to its digital transformation strategy, which seeks to adopt and localize the latest banking and financial technologies available on the regional and international markets, ultimately serving its customers by remaining one step ahead of their needs and aspirations.