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 focuses on enhancing the customer experience, improving operational efficiency, and staying competitive in a rapidly evolving market. We’re reimagining the banking experience by investing in a range of cutting-edge customer-facing and backend tools, including our mobile app, voice biometrics, and artificial intelligence (AI) and machine learning (ML) to personalize services. We’re also using data-driven insights to streamline processes through automation and making sure our team has the support to navigate and drive digital innovation.

GF: Can you share more details on new digital services, products, or tools that the bank has introduced as part of its strategy?

KAQ: The bank has greatly expanded its digital footprint, starting with a revamp of our mobile app that offers a more intuitive interface, advanced security features, and new services. Our new offerings include a full digital wallet integration that powers secure payments and contactless solutions through Apple, Samsung, Google Pay, and Fitbit Pay, as well instant international transfers powered by Mastercard that utilize blockchain technology.

ABK is also the first bank in the Kuwait market to have interactive one-touch digital screens and a hologram feature that enhances the customer’s digital experience. Our ATM network now offers a more simplified customer journey and branding that aligns with the mobile banking app. To ensure the bank stays current with our customers’ digital needs, we are tracking analytics to better understand their behavior and optimize products accordingly.

GF: How are collaborations, with internal and external partners, helping ABK advance this digital strategy?

KAQ: Within the bank, cross-departmental collaborations have proven to be the key to aligning our business goals with digital transformation. The digital team works closely with compliance, IT, and operations to ensure the seamless integration of any new solutions. ABK Bank is also collaborating with external partners, such as CyberMAK, which has provided advanced automation tools to enhance our digital services.

GF: How has this digital-first strategy helped with the bank’s customer acquisitions and overall performance?

KAQ: The digital-first strategy has led to significant improvements in both customer acquisition and overall bank performance. Our digital channels have simplified account openings and lead applications, attracting tech-savvy customers and reducing time-to-serve. The number of digital users jumped 71% from January 2023 through the beginning of Q4 of 2023, while the number of active digital users went up by 54% over the same period.

Our focus on personalized digital experiences has also driven higher customer satisfaction, retention, and cross-selling opportunities. By automating back-office operations and reducing manual processes, ABK has improved operational efficiency, contributing to lower costs and higher profitability.