Kuwait International Bank (KIB) is tackling the digital agenda head-on. The Islamic bank is adopting a digital-first approach and has taken steps to introduce a whole new digital banking experience in the coming months.
KIB has engaged digital transformation enabler Mobiquity to design and engineer a digital platform to position the Islamic bank as a digital-centric financier for both the retail and corporate segments.
For the first phase of this long-term partnership, Mobiquity will develop a selection of online banking products and services including a digital onboarding system, a current and savings account, and payment and personal finance management services.
The initial phase of the project will focus on retail customers first with KIB’s corporate clients to be migrated to the new platform “shortly thereafter”. The new platform is expected to be launched before the end of the year.
“KIB recognized that there were gaps in the digital financial market in Kuwait, with several opportunities available to develop this segment in its proposition and scalability. In fact, there is a clear opportunity for KIB to lead the market in digital banking,” explained Philip Nordenfelt, the bank’s innovation and digitization advisor. “We chose Mobiquity as our development partner due to the quality of the team and their rich digital banking experience in strategy, UX [user experience] design and software development.”
KIB is one of six fully-fledged Islamic banks in Kuwait. Kuwaiti Shariah banks have been aggressive in digitizing, including Kuwait Finance House (KFH) which has introduced a slew of digital measures. KFH, which acquired Ahli United Bank (AUB) last year, will also convert AUB’s Kuwaiti subsidiary into a completely digital bank as requested by the Central Bank of Kuwait.