|23 September, 2019

Al-Jarrah: the banking industry is faced with a number of economic and political challenges

As part of the 'International Banking Conference: Shaping the Future'

Al-Jarrah: the banking industry is faced with a number of economic and political challenges
  • Bukhamseen: Conference perfect opportunity to bring together bank representatives and fintech firms

Kuwait: Kuwait International Bank (KIB) participated in the ‘International Banking Conference: Shaping the Future’ which was held today (on Monday) by the Central Bank of Kuwait (CBK). Held under the patronage of HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah in the presence of the First Deputy Prime Minister and Minister of Defense, Sheikh Nasser Sabah Al-Ahmad, the conference took place at the Four Seasons Hotel in Kuwait. The conference aimed at discussing the economic and social challenges that the banking industry faces, as well as the opportunities and risks of technological innovations with a focus on developing the industry and supporting sustainable development.

During the conference, KIB was represented by a group of senior management headed by the Chairman of the Bank, Sheikh Mohammed Jarrah Al-Sabah, as well as Vice President and Chief Executive Officer, Raed Jawad Bukhamseen. The conference was attended by a group of economic figures, governors of central banks, heads of regulatory and supervisory bodies, a wide range of senior-level participation from the banking sector and international credit rating agencies, as well as a number of international organizations and representatives of international standard-setting bodies, banking experts and representatives of fintech companies from around the world.

On this occasion, Governor and Chairman of the Central Bank of Kuwait, Dr. Mohammed Al-Hashel, said: “The global banking industry is at a major inflection point, and it cannot continue with the same decades-old approach. Now, it must converge in a way that is compatible with the future. The three main challenges currently facing the industry are: the current state of the global economy, the fintech revolution, and the rapidly evolving needs and expectations of customers. Banks should not be concerned with fintech firms, but instead with the likes of Facebook, Amazon, WhatsApp, and Alibaba.”   

Al-Hashel also pointed out that banks must win five crucial battles if they are to survive, namely: customer loyalty, value, efficiency, resilience, and talent. Additionally, he added that banks should not only use available data to improve performance and planning, but to also better understand and meet customer wants and preferences. Banks also need to enrich their talent pool to include new talents who are equipped with skills required for the future, better understand the industry’s transformation and changes in customer preferences.

Moreover, Al-Hashel noted that the future cannot be shaped by one bank on its own. Change must be supported by a number of stakeholders, including educational institutions and supervisory entities. He pointed out that the Central Bank of Kuwait (CBK) is working to develop the Kuwait National Payments System (KNPS) to establish a digital economy that consists of eight advanced systems.

On this occasion, Al-Jarrah said: “We are delighted to participate in this conference, which seeks to contribute to the development of the banking industry by discussing the best ways to develop the industry and face its challenges; thereby leading to economic, social and sustainable development.”

Al-Jarrah also pointed out that the banking industry is currently faced with a number of economic variables, market volatility, regional political conditions, as well as banking technologies that are affected by changing customer needs and expectations of financial and banking institutions.

Bukhamseen also commented saying: “This conference provides the perfect opportunity for bank representatives and fintech firms to meet and discuss current and new developments in the banking industry and sustainable development. This allows us to develop a more advanced interface and easy-to-use products and services that meet the needs of our customers. We would also like to thank the Governor and Chairman of the CBK and all its staff for their tremendous effort in organizing this notable conference, which has attracted a large group of people as well as prestigious economic figures.”

During the conference, over 40 exhibitors from local and international banking institutions participated in the Fintech Exhibition, in addition to the participation of major regional telecommunications companies and various fintech companies.

-Ends-

© Press Release 2019

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