NBK's Innovative Digital Strategy Strengthens Its Leadership in FinTech
The Operations and Information Technology Group at National Bank of Kuwait serves as the driving force behind the bank's digital transformation, a cornerstone of its long-term strategy. Acting as the bank's central hub of innovation and strategic thinking, the group spearheads efforts to reinforce NBK's leadership in delivering cutting-edge banking solutions and exceptional digital products and services.
Throughout 2024, the Operations and Information Technology Group sustained its trajectory of success, introducing several innovative projects across various markets. These initiatives significantly enhanced the quality and scope of services and products offered by the Bank, reinforcing its commitment to delivering exceptional value to its customers.
Mohammad Yousef Al Kharafi, Head of Operations and Information Technology Group at NBK, outlined the bank's strategy built on three core pillars: "customer centricity, leveraging technology to deliver personalized, intuitive, and seamless experiences; operational efficiency through intelligent process automation; and data-driven decision-making with robust analytics capabilities."
The bank successfully upheld its leadership in Kuwait and the region in 2024 following substantial investments in technology and digital banking services. A transformational initiative was launched to reshape its technological approach, strengthening institutional resilience through agile methodologies.
The NBK Mobile Banking App, Kuwait's highest-rated mobile application for digital banking, underwent significant enhancements in 2024 with nearly 90 new services and application enhancements. Remarkably, 97.9% of total banking transactions were conducted through the bank's digital platforms.
NBK has implemented 102 RPA processes with a 98% success rate, leading to a reduction of 6.3 million sheets of paper, saving over 200,000 hours of time, and improving turnaround time by 90%.
The bank achieved an impressive STP rate exceeding 90% for international transfers, positioning it among the region's leaders in seamless cross-border transactions. Combined outgoing and incoming STP rates reached 97% and 96% respectively.
In cybersecurity efforts, NBK launched the Virtual Room on December 7, 2023, operating 24/7 to provide immediate support for fraud-related cases. The bank collaborated with the Central Bank of Kuwait on intensive awareness campaigns under the slogan "Let's Be Aware" to enhance customer vigilance.
NBK launched the NBK Tech Academy to stay ahead of technological advancements, with the inaugural batch of 10 trainees achieving remarkable success. The academy aims to qualify 15 trainees in 2024 as part of its continued growth.
The Operations and Information Technology Group has initiated the "Women in Technology" program, aiming to promote leadership and enhance diversity within the organization. In 2024, NBK observed significant growth in women's representation at both technical and leadership levels.
