02/11/2026 04:40 AST
Mohammed Al-Othman, CEO - Consumer and Digital Banking at National Bank of Kuwait (NBK) Group, emphasized that the banking sector is undergoing a fundamental transformation driven by evolving customer expectations and rapid technological advancements. He noted that competition is no longer limited to offering traditional banking products and services but increasingly centers on the quality of the banking experience, ease of access, and banks' ability to meet each customer's needs in a personalized and effective manner. The remarks were made during a panel discussion at MoneyTech Summit 2026, where he highlighted the key transformations shaping banking services and the role of technology and artificial intelligence in defining the future of the financial sector.
Fundamental changes
Al-Othman explained that the most significant change over the past five years has been the unprecedented rise in customer expectations, noting that customers today compare their banking experience with the best digital experiences they encounter in their daily lives, particularly those offered by leading global platforms and applications. He stated that customers are no longer simply seeking traditional banking services but expect instant, seamless and personalized solutions tailored to their needs, anytime and anywhere. He added that speed, ease of use and the ability to complete transactions digitally have become essential factors in how customers evaluate their banking experience.
He pointed out that this shift has prompted banks to redesign their business models and services to meet these evolving demands, with a greater focus on delivering banking experiences that are more flexible, seamless and closely aligned with customers' actual needs. Al-Othman explained that NBK embarked on its digital transformation journey early, placing technology and innovation at the heart of its long-term strategy.
This proactive approach enabled the Bank to establish an advanced digital infrastructure and continuously enhance its technological capabilities, giving it a clear competitive advantage and allowing it to respond more swiftly than many other institutions to the rapid changes reshaping the banking sector. "Today, NBK continues to build on this leadership by delivering advanced digital solutions and services that enhance the customer experience and reinforce its position at the forefront of the region's most innovative banking institutions," Al-Othman said.
Digitalization as a key pillar
Regarding the future of digital banking services, Al-Othman emphasized that the banking sector has made significant progress in its digital transformation journey, with most, if not all, everyday banking transactions now available through digital channels. The focus today, he explained, is no longer solely on digitizing services, but on enhancing the digital experience to make it smarter, simpler and more capable of anticipating customer needs. Significant opportunities remain for further development, particularly through leveraging data, advanced analytics and artificial intelligence to enhance customer engagement and deliver more personalized solutions tailored to individual needs.
In this context, Al-Othman highlighted NBK's continued leadership in digital transformation through the development of innovative banking services and solutions that meet customers' growing expectations for speed, convenience and flexibility. He pointed to the Bank's recent introduction of an end-to-end digital loan journey through the NBK Mobile Banking App, alongside digital credit card issuance and management capabilities. These services enable customers to meet their banking needs conveniently, securely and around the clock, reflecting NBK's vision of delivering an advanced banking experience that places customers at the heart of every innovation.
He emphasized that the success of digital transformation is no longer measured solely by the number of services available through digital channels, but by a bank's ability to deliver a seamless, end-to-end experience that enables customers to complete their transactions without visiting a branch, while maintaining the highest standards of security and reliability. "Digitalization is no longer an end in itself, but a means of delivering a smarter and more seamless banking experience," Al-Othman said.
He stressed that leading banking institutions are those that successfully leverage technology to improve customers' lives and simplify their financial transactions, rather than merely introducing new technological tools. "We had a forward-looking vision of the transformation technology would bring, particularly for younger generations. This led us to launch Weyay Bank five years ago, which has achieved remarkable success by attracting four times the targeted number of customers from this important segment of society," he added.
Strategic partnerships
Al-Othman addressed the growing relationship between banks and emerging fintech companies, explaining that perceptions of these companies have changed significantly in recent years. He stated that banks no longer view fintech companies as direct competitors, but rather as important partners in accelerating innovation and developing digital solutions. He noted that collaboration between the two has become a key factor in shaping the future of financial services.
He added that strategic partnerships between banking institutions and fintech companies provide customers with more advanced and faster solutions, while enabling banks to benefit from the innovative ideas and operating models introduced by startups. Al-Othman highlighted NBK's belief in the importance of this collaboration, as reflected in several initiatives undertaken by the Bank in recent years. Most notably, NBK acquired a majority stake in UPayments, a leading provider of digital payment solutions. This strategic move reflects the Bank's recognition of the growing role of fintech companies and the importance of leveraging innovation to develop the digital payments ecosystem and enhance the customer experience.
Customer experience
Al-Othman emphasized that artificial intelligence represents one of the most important strategic priorities for the global banking sector, noting that its role will extend beyond improving operational efficiency to fundamentally transforming the customer experience. He explained that mobile banking has effectively become the primary banking channel for many customers, requiring financial institutions to develop digital experiences capable of understanding individual needs and delivering services tailored to each customer's financial circumstances and personal goals.
Al-Othman emphasized that the future of banking lies in personalization rather than adopting a one-size-fits-all approach. He added that artificial intelligence will enable banks to provide more accurate recommendations and develop solutions tailored to different age groups and financial needs, strengthening their ability to build closer and more effective customer relationships, even as customers become less reliant on visiting traditional branches.
Striking the right balance
Addressing the challenge of balancing ease of use with cybersecurity, Al-Othman stressed that trust remains the foundation of every banking relationship. He explained that the success of the digital banking experience is measured not only by the speed and accessibility of services, but also by a bank's ability to safeguard customers' data and funds while maintaining the highest levels of security.
He noted that technological advancements and the growing reliance on digital solutions require continuous investment in protection systems and cybersecurity, alongside efforts to raise customer awareness and promote the safe use of digital banking services. He emphasized that trust remains the most valuable currency in digital banking. Al-Othman stressed that banks must continue investing in both technology and security to deliver advanced banking experiences without compromising the protection and reliability customers expect.
Looking ahead
Discussing
the future of consumer banking over the next five years, Al-Othman anticipated that banking services would become increasingly integrated into customers' daily lives, with greater reliance on intelligent technologies and advanced analytics. He noted that the future will be characterized by more personalized and proactive services, enabling banks to anticipate and meet customer needs before customers request them, alongside the continued evolution of digital channels and the expanding role of artificial intelligence across banking operations. Al-Othman concluded by emphasizing that the future of banking will not be determined by technology alone, but by financial institutions' ability to leverage it to deliver simpler, more flexible and secure banking experiences, placing customers at the heart of every stage of development and innovation.
Kuwait Times
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