Digital evolution

Following several years of impressive growth, Kuwait's financial services sector now represents the nation's strongest industry outside petroleum, while financial and banking companies make up more than half of the market capitalisation of the Kuwaiti stock market. Thanks to this resilient financial sector activity, non-oil GDP growth is expected to rise to three percent in 2017.

Emerging as a major driver of the Kuwaiti economy, the nation's banks are now looking to build on their success through investment in digital innovation and new technologies. From contactless payments to blockchain wallets, technology is rapidly transforming the global banking sector. As customers increasingly embrace mobile banking, financial institutions are coming under pressure to adapt to their clients' evolving tastes, and are beginning to place new technologies at the very heart of their operations.

Laila Al-Qatami, Assistant General Manager of Corporate Communications at Gulf Bank, told World Finance: "Globally, banks need to adapt to disruptive technologies and match customer expectations, delivering a highly efficient and relevant customer experience. In Kuwait, we have seen a rise in innovation across all banking operations, particularly in terms of flexible financial products and greater understanding of individual customer needs."

As the Kuwaiti banking sector undergoes this technological transformation, Gulf Bank is fast establishing itself as a pioneer in digital services by consistently finding innovative new ways to engage with its customers. In addition to offering traditional mobile banking options, the Kuwaiti bank has also developed a range of multichannel apps to help customers manage their accounts and make fast, on-the-go payments.

An excerpt from an article authored by Laila Al-Qatami, AGM, Corporate Communications – Gulf Bank for World Finance Magazine. To read the full article, please click the link below.

https://www.worldfinance.com/banking/gulf-bank-kuwaiti-customers-expect-digital-innovation