In 2022, Al Ahli Bank of Kuwait (ABK) made a long-term commitment to a digital-first strategy. Khalil Al-Qattan, General Manager of Digital Transformation and Innovation at Al Ahli Bank of Kuwait, discusses how the bank’s digital focus is transforming customer experience, streamlining operations, and attracting new business partners.
Global Finance: What are the main objectives of ABK’s digital transformation strategy, and what steps are you taking to achieve them?
Khalil Al-Qattan: ABK’s customer-focused digital transformation strategy focuses on enhancing customer experience, improving operational efficiency, and maintaining competitiveness in a rapidly evolving market. We are reimagining the banking experience by investing in a range of cutting-edge customer engagement and backend tools, including our mobile app, voice biometrics, and artificial intelligence (AI) and machine learning (ML) to personalize services. We also use data-driven insights to streamline processes through automation and ensure our team has the support 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 of Digital Transformation and Innovation
That’s all: The bank has significantly expanded its digital footprint, starting with a revamp of our mobile app that provides a more intuitive interface, advanced security features and new services. Our new offerings include full digital wallet integration that supports secure payments and contactless solutions through Apple, Samsung, Google Pay and Fitbit Pay, as well as instant international transfers powered by Mastercard that use blockchain technology.
Al Ahli Bank of Kuwait is also the first bank in the Kuwait market to have interactive digital screens that operate with one touch and a hologram feature that enhances the customer’s digital experience. Our ATM network now provides a simpler customer journey and a brand that matches our mobile banking app. To ensure the bank keeps up with our customers’ digital needs, we track analytics to better understand their behavior and improve products accordingly.
GF: How does collaboration with internal and external partners help ABK develop this digital strategy?
That’s all: Within the bank, cross-departmental collaboration has proven key to aligning our business objectives with digital transformation. The digital team works closely with Compliance, IT and Operations to ensure the seamless integration of any new solutions. ABK also collaborates 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 the bank’s customer acquisition and overall performance?
That’s all: The digital-first strategy has led to significant improvements in customer acquisition and overall performance of the bank. Our digital channels have streamlined account opening processes and pioneered applications, attracting tech-savvy customers and reducing service time. The number of digital users jumped by 71% from January 2023 until the beginning of the fourth quarter of 2023, while the number of active digital users increased by 54% during the same period.
Our focus on personalized digital experiences has also increased customer satisfaction, retention and cross-selling opportunities. By automating back office processes and reducing manual processes, ABK was able to improve operational efficiency, which contributed to reducing costs and increasing profitability.
