Virtual Banking: Kuwait International Bank Partners Digital Transformation Specialist Mobiquity to Streamline Financial Services

Mobiquity, a digital transformation enabler, has teamed up with Kuwait International Bank (KIB), in order to support the institution’s goal of becoming a leading all-digital Islamic or Shariah-compliant financial service provider.

Through the partnership, KIB will be working with Mobiquity’s team of experienced professionals – including strategy, design, and engineering specialists – to help develop a digital banking solution for Kuwait‘s retail and corporate clients.

As a key part of the long-term collaboration, Mobiquity is creating a seamless, all-digital experience from scratch by introducing innovative products to attract more KIB clients to its new platform. The initiative will reportedly involve designing and creating digital products to offer a “frictionless” virtual banking experience.

For the initial product launch, Mobiquity is creating a selection of digital banking products, such as an intuitive digital onboarding experience, a current and savings account, payments services and personal finance management (PFM) tools.

The new virtual banking experience should be available to retail clients beginning in the summer months of this year. The migration of KIB’s corporate clients to the new all-digital platform will follow soon, the announcement confirmed.

Philip Nordenfelt, Innovation and Digitization Advisor, remarked:

“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. We chose Mobiquity as our development partner due to the quality of the team and their rich digital banking experience in strategy, UX design, and software development.”

Thierno Diallo, VP of Client Delivery, Mobiquity, stated:

“We’re honored to work with KIB to build and …. enhance [products] whilst digitizing banking products and services to better serve their customer base with ease and convenience.Through a frictionless digital banking experience, customers will be able to set up a bank account in less than 5 minutes – a new and unique provision for Kuwait’s retail and corporate banking customers, to respond to the increased demand for digital banking.”

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