Warba Bank is steadily moving into a new era of development and innovation in enhancing its digital structure. This is the result of a number of achievements that the Bank has accomplished over the past years, by injecting investments to keep abreast of the technological era in order to cater for the growing customers’ demand on the digital banking services in a time where smart phones have become virtual banks for customers enabling them undertake several banking transactions smoothly, safely and easily.
Today, Warba Bank's tops its efforts by launching the digital factory “Al- Wateen”, through which the Bank's team will develop and innovate exclusive digital products and services that will pave the way for a revolutionary new era in the digital banking sector. Al-Wateen is the output of the Bank’s strategy which aims, amongst other targets, to position the Bank as a champion in the digital banking services and increase its market share in this framework.
Speaking at Al-Wateen launch press conference, Mr. Shaheen Hamad Alghanem, Chief Executive Officer of Warba Bank, said: “Al -Wateen is the result of long journey of relentless efforts and perseverance that witnessed many challenges and difficulties, as well as achievements and success stories. “In 2009, the Kuwaiti government granted Kuwaiti citizens shares by establishing Islamic Warba Bank distributing 76% of its shares to citizens; it was the first bank in which all Kuwaiti people participate without exception as a grant to all Kuwaiti people, hence the bank has become a unique economic and financial initiative in both regional and global levels. " He elaborated;
Under the Slogan “One of You," Warba Bank emerged from Kuwait to serve every Kuwaiti on homeland and embarked on its journey facing all the challenges and economic difficulties that plagued the region at that time. It went on with determination and perseverance driven by its responsibility towards shareholders and clients whose confidence and trust formed the solid base and motivation for the bank to launch innovative services, products and solutions, which have become exemplary for Islamic banking industry in Kuwait, The Bank could and define the leading position the Bank enjoys nowadays in the Islamic Banking sector despite the fierce competition.
Alghanem pointed out that 10- year journey of hard work enabled Warba Bank to become one of the leading banks in Kuwait” “It is the Fastest Growing Bank in the Kuwaiti banking sector, making its way through fierce competition and enhancing its fingerprint in the development and promotion of this sector according to innovative strategy; The Bank today has a strong customer base and continues its robust growth trend to achieve its first and foremost ambition joining market leaders and introducing a new era in the Islamic banking industry; “ Our capital increase enables us to inject necessary investment to support our growth and build creative future with our dear shareholders”.
Alghanem stressed that the future will be bright for Warba Bank in line with its strategy set in 2017 to realize a series of objectives, such as profitability growth, offering pioneering services to customers while continuing to build its corporate franchise, building its digital banking capabilities and careful expansion.
Alghanem further explained that the Bank has been able to complete the first phase of the strategic change which resulted in development of sales and profitability structure ; in 2018, the Bank started the second phase of its strategy, which focuses on strengthening its digital capabilities and making every possible effort to compete innovatively to catch up with the global trend in the banking industry. He stressed that this deliberate approach will cut costs in terms of expanding its branches network and enables the bank to overcome competition in the retail banking segment by providing distinctive digital services that achieve the target effectively.
The Arabic term “Al- Wateen” is the vital artery in the human body responsible for pumping blood to all its organs. Thus, similarly, Warba’s Al -Wateen will be responsible for infusing digital services and products devised by a creative professional team of innovators in the digital banking specifically assigned with the task of introducing digital products and services through which the Bank seeks to enhance social ties among customers.
Under the slogan "One of You," Warba Bank is at the forefront of its concerns that Al -Wateen should be the source of inspiration to the entire Kuwaiti community from which it has emerged. Each Kuwaiti is a shareholder at Warba, which increases the Bank's responsibility to care for each person of the society and establish strong communication channels with all, while meeting all requirements of digital banking services that draw the future of this vital sector.
Speaking about Al -Wateen, Mr. Mohammed Atef Al -Shareef, Chief Strategy Officer at Warba Bank, said: "Al -Wateen is the vital digital factory in the Bank for injecting exclusive digital products and services. It is the outcome of Warba Bank's strategy set in 2017, through which it aims at championing the Islamic digital banking market and pioneering the corporate and investment sectors in Kuwait. “The last three years have witnessed many achievements in this regard across all the Bank’s operations. Al -Wateen has emerged after a series of research and studies that have concluded the imminent need to change the Bank processes to introduce unprecedented digital products in the history of the banking industry, through which it provides digital products and services that meet customer expectations.
Al-Shareef elaborated: “Al -Wateen is a digital center based on team work and cross cooperation across the Bank departments and groups for digital innovation. At the digital factory, we apply the customer centric approach placing customer interest as top priority attracting our focus and attention to provide them with top-notch, fast, reliable and secure services and proactively realize customer needs”.
Al-Shareef stressed that Al- Wateen is the reliable driver towards future through which the Bank's team will challenge traditional banking industry and infuse digital life into the sector, to benefit the customers and create communication channels amongst customers and their surroundings in which the Bank will take part;. Al- Wateen is set to be an important source of inspiration for everyone interacting with Warba Bank whether customer, employee or shareholder. All of them will be proud to belong to this leading banking institution”. Al-Shareef promised that many of Al -Wateen products will see light gradually until December.
The launch of the fully integrated smart phones application is Al- Wateen’s early fruit, unveiled during the press conference as the first application of its kind to offer solutions that bring us together! It has core changes whether in terms of the all new look or smooth interaction in addition to the vibrant colors added to it. The new application has been designed to give customers an enjoyable journey using its features. It secures easy and versatile access to many services. It also allows users to add a personal touch to every account they have with Warba Bank, by selecting pictures and names to these accounts and their beneficiaries.
The application also provides a quick access feature that enables the customer to perform transactions quickly and easily, such as money transfers, recharge the card and request payment without the need to fill in any application. Another distinguished feature of Warba’s new application is to enable the customer to create his/her "social circle" by controlling family accounts, adding beneficiaries. It also helps customers to create a group composed of families or friends for saving “Jam3eya/fund”; Among the advantages of the application is also the "Smart Platform" feature that helps the customer to control all expenses and follow up the details of these expenses which enables him to make smart decisions about expenses’ limit and control; and this is just the beginning...
Warba Bank also unveiled the digital “Jam3eya” feature, which enables customers to create their own Jam3eya online through the application, and invite up to 11 persons from friends or family to participate. Under this unique digital service, the application of Warba Bank eliminates the traditional concept and all burdens resulting from it; while replacing it with a modern, easy and flexible digital concept. The customer creates Jam3yea through the application, accordingly a text message will be sent to participants for acceptance or rejection; through the Jam3eya, customer can follow up settlements and timing of the payment as well as determine which month to receive his /her turn of the Jam3eya funds.
Alghanem concluded that Warba Bank's journey has witnessed many success stories across all operations. Today Warba Bank is firmly determined in its approach enhancing and driving digital transformation into the banking sector in accordance with the highest international standards, paving the way for its leading position in this sector.
