On Wednesday, the American Chamber of Commerce, in collaboration with the Kuwait Banking Association, hosted the “Digital Innovation in the Banking Sector” conference, drawing a diverse audience, including leaders from government agencies, local and international universities, private sector institutions, and the Kuwaiti banking sector.
Sheikh Ahmed Duaij Al-Sabah, Chairman of the Board of Directors of the Kuwait Banks Association and Chairman of the Commercial Bank of Kuwait, inaugurated the conference with a speech underscoring the commitment of the Kuwaiti banking sector to align with global financial developments, reports Al-Qabas daily.
He emphasized the sector’s dedication to fostering digital innovation, particularly in financial technology, to enhance efficiency, reduce costs, and elevate customer experiences. Al-Sabah commended the Central Bank of Kuwait’s initiatives within its digital transformation strategy, lauding the efforts to position Kuwait as a financial center.
He highlighted the Central Bank’s directives for Kuwaiti banks to establish innovation and digital transformation departments to enhance digital solutions provided to customers.
Al-Sabah revealed that Kuwaiti banks are leveraging cutting-edge technologies to deliver advanced banking services to individuals and businesses. The COVID-19 pandemic expedited the transformation of banking services to predominantly operate through smartphones, serving as a convenient and user-friendly platform.
He said, mobile banking, online payments, and digital wallets have become integral components of customer interactions.
Meanwhile, statistics from the Central Bank of Kuwait for the third quarter of 2023 indicated that approximately 51% of local bank customers are users of digital banking services, a significant increase from the 24% reported in 2017.
Digital banking services offer users secure and convenient financial transactions, enabling them to manage accounts and conduct transactions anytime and anywhere.
Discussion sessions at the conference included representatives from government agencies such as Abdullah Al-Ajmi from the Communications and Information Technology Authority, Zahra Al-Mousa from the Capital Markets Authority’s Financial Technology Unit, and Muhammad Al-Sharif from Kuwait International Bank’s Digital Transformation and Innovation Department. From the banking sector, participants included Hamad Al-Fawzan from Warba Bank’s Strategic Planning Group and Bushra Al-Wazzan from Boubyan Bank’s Internal Audit.
This conference reflects the ongoing collaboration between Kuwait and the United States, facilitated by the Kuwaiti-American Business Council. The exchange of valuable ideas and visions aims to enhance the regional competitiveness of the Kuwaiti banking sector and foster innovation.