Banking industry facing economic and political challenges: Al-Jarrah

Conference brings together bank reps and fintech firms: Bukhamseen

Officials pose for a photo at the KIB booth during the CBK International Banking Conference.

KUWAIT CITY, Sept 24: 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 AlAhmad 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

Officials receive H.E Sheikh Nasser Sabah Al-Ahmed Al-Sabah at the KIB

booth.

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.

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