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Kuwait International Bank (KIB) has selected Mobiquity to help build a new digital-focused bank for retail and corporate customers. The bank’s stated ambition is to become a leading digital-centric Islamic bank.
Mobiquity will provide strategy, design and engineering services to develop a range of digital banking products for KIB.
The work includes a “seamless” digital onboarding experience, a current and savings account, payments services and personal finance management (PFM).
The new digital banking experience is expected to be available for retail customers from the summer of 2021 and the migration of KIB’s corporate clients to the new platform is intended to follow shortly after this.
Philip Nordenfelt, innovation and digitisation advisor at KIB, says: “KIB recognised that there were gaps in the digital financial market in Kuwait, with several opportunities available to develop this segment in its proposition and scalability.”
The reasons cited by Nordenfelt for choosing Mobiquity as KIB’s development partner include “the quality of the team and their rich digital banking experience in strategy, UX design, and software development”.
KIB is an Islamic Shari’ah player and in 2018 embarked on a new phase of innovation and development, adopting the slogan: “Bank for Life”.
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