National Bank of Kuwait is championing strategies that meet the demands of the tech-savvy generation
Traditional banking methods can be inconvenient and inaccessible, as they often require customers to visit physical branches or engage in lengthy phone calls for even simple transactions.
To address these challenges, National Bank of Kuwait (NBK) launched Weyay, Kuwait’s first fully digital bank, in November 2021 as part of its digital transformation strategy to develop advanced payment solutions and modernise its services.
Weyay offers a paper-free banking experience, accessible 24/7 from within the app, enabling users to manage their finances efficiently. This eliminates the need for branch visits or extensive interactions with bank representatives.
In 2023, Weyay expanded its digital offerings by introducing new products and features, which have helped improve the banking experience and foster growth.
Mastering asset management
NBK Wealth has mastered asset management through its disciplined research strategy and employing professionals specialising in regional equities. Its in-house research team provides valuable insights for portfolio positioning. In money markets, NBK Wealth offers four funds with weekly liquidity backed by NBK’s financial strength.
The funds maintain Kuwait’s largest money market platform, utilising credit expertise and market insights to optimise placements and fixed-income products. Their dynamic approach focuses on growing the counterparty network and optimising maturities while adapting to market conditions.
The bank uses a top-down approach complemented by bottom-up analysis. Its strategic decisions, such as adjusting duration against consensus views, have led to a solid performance. This year, NBK Wealth introduced a fixed-income advisory service and expanded its trading capabilities, gaining a competitive edge in execution and reducing costs.
NBK’s strategies to master financial innovation
One of the main challenges in banking is the lack of transparency and security in international transactions due to hidden fees and uncertainties.
National Bank of Kuwait’s (NBK) Weyay financial platform has introduced the country’s first numberless prepaid card to address this. The card provides complete visibility and control over all transaction details and associated foreign exchange fees, enhancing users’ trust and confidence.
Another major innovation is the introduction of features that help users manage their finances more effectively. NBK has integrated Weyay’s platform with budgeting and tracking tools to empower users to set spending limits, monitor expenses in real time and receive personalised recommendations based on their spending patterns, enabling them to make informed financial decisions.
Through strategic collaborations with key players in the industry, such as Kuwait Telecom Company (STC), Weyay extends exclusive deals on phones and SIM plans directly within its app ecosystem. This not only enhances the value proposition for users but also signifies a paradigm shift in how financial services are integrated into everyday lifestyles.
To foster long-term customer relationships and loyalty, Weyay has incorporated gamification elements, such as the Swipe to Win feature, which rewards customers with prizes and incentives.
The Weyay platform also recognises the importance of preserving traditional cultural practices in a rapidly digitising world. It has digitised the conventional practice of gifting cash or Eidiya to children and family members by enabling users to send digital Eidiya requests through links, thus maintaining the spirit of the occasion while embracing the convenience of digital technology.
Weyay has also promoted financial inclusion for children by introducing Weyay Jeel, Kuwait’s first banking app targeted towards children.
This app provides a transactional account co-owned by the child and the parent, empowering children to learn about and manage their finances responsibly from a young age.
Mohammed Al Othman wins MENA Retail Banker of the Year
Mohammed Al Othman, CEO Consumer & Digital Banking at NBK oversees NBK’s consumer banking product portfolio, which includes cards, loans and liabilities. He also oversees customer-facing channels such as digital, contact centre, direct sales and alternate channels such as ATMs and interactive teller machines (ITMs).
Additionally, he manages NBK’s largest branch network, with 72 branches (including four self-service branches), the most significant payment acquiring unit, and business banking.
Al Othman is responsible for developing and implementing NBK’s business strategy, which is based on three stra-tegic cornerstones: maintaining leadership position, growing by accessing segments beyond core; and delivering consistent improvements in profitability.
Since the launch of Weyay in 2021, Al Othman has played a critical role in accelerating digital transformation through a digital-first strategy and a continued focus on enhancing the customer experience. He has also led the revamping of the new mobile banking application to provide a more personalised experience.