• Sat. Oct 1st, 2022

National Bank of Kuwait promotes mobile banking

ByCindy J. Daddario

Sep 9, 2022

The National Bank of Kuwait (NBK) allows customers to update their mobile phone numbers through its banking app or website using their new Virgin Mobile numbers.

According to a press release published Wednesday, August 17 by the bank, this decision aims to offer customers a better banking experience and simplify their transactions. The NBK recently added Virgin Mobile, a provider popular among its customers, to its list of telecommunications operators.

The bank wants customers to update their data and provide it with new emails and phone numbers so that NBK can send customers text messages, push notifications and promotional messages about its latest campaigns and offers.

Related: PYMNTS GCC Series: PayTech Partnerships and Innovation Brings Kuwait into the Digital Era

“At NBK, we strive to enrich the banking experience of our customers, offering them all the means of comfort and allowing them to carry out their transactions quickly and easily, anytime and anywhere, by drawing leveraging our digital channels and our leadership as a digital banking service provider,” said Hala Al Shoaibi, who leads NBK’s digital service quality management operations.

Shoaibi added that the bank is seeing increased customer reliance on digital channels for their transactions, partly in response to NBK’s services, and partly due to “exceptional circumstances resulting from the pandemic.”

PYMNTS examined the state of FinTechs in Kuwait in June as part of a larger series on Gulf Cooperation Council (GCC) countries.

The nation is home to the world’s oldest sovereign wealth fund, the Kuwait Investment Authority, and has a relatively more mature financial sector than those of other GCC countries like Bahrain, Saudi Arabia and the United Arab Emirates in terms of traditional financial services. .

But when the first digital bank Weyay made its debut in the country last year, Kuwait lagged behind some of its more FinTech-friendly neighbours.

However, digital futures banks such as Kuwait Finance House (KFH) and NBK, which owns Weyay, have begun to modernize and embrace blockchain technology through instant cross-border collaboration with Ripple. Additionally, Gulf Bank has also deployed biometric facial recognition in its mobile banking app to authenticate instead of using passwords.

For all PYMNTS EMEA coverage, subscribe daily EMEA Newsletter.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

We are always looking for partnership opportunities with innovators and disruptors.

Learn more

https://www.pymnts.com/cbdc/2022/bank-battle-looms-if-treasury-throws-weight-behind-digital-dollar/partial/