The Bank of Bahrain and Kuwait is in the thick of a transformation and has been experimenting with the latest tech tools:
The Bank of Bahrain and Kuwait, or BBK, is a bank that is operational basically in Bahrain and Kuwait. A publicly held entity, it provides various services and banking products through its branches in Bahrain, Kuwait and India as well as its representative offices in Dubai, the United Arab Emirates. It operates in 4 major segments – retail banking, treasury and investments, corporate banking and international banking.
BBK has a sound technology infrastructure and has been transitioning, taking advantage of the latest technology and digital products for banks available in the market.
AN EXPERIMENT WITH METAVERSE
One of the latest conveniences that it has offered its retail and commercial banking customers is BBK Virtual, an immersive three-dimensional banking experience accessible through the metaverse. The bank is among the first to make use of this technology, which is often described as the 3D version of the internet. For the bank’s customers, the BBK Virtual experience will be their first venture into the metaverse – an experience that is designed to be highly user-friendly and the client in his virtual surroundings feeling as if he is physically visiting the bank’s branch. The bank says the tool affords a learning experience, enabling users to learn about navigating the bank’s metaverse sphere while helping them to experience the bank in virtual reality by using their mobile phones, tablets or VR googles. Those entering BBK Virtual will be able to do so through the bank’s website or through its social media channels and will also be able to view its feed containing information concerning its latest product updates and offers.
Since the metaverse is a developing concept with evolving technology no transactions or regulated activity can be initiated at present on BBK Virtual and no customer data is collected or held in the metaverse.
NEW DIGITAL TRANSACTION
The bank has recently introduced a digital transaction banking platform, offered by Intellect Design Arena. The integrated platform, BBK BanKey, allows clients – SMEs and multinational corporations – to consistently view, monitor and control their consolidated financial data. The platform is equipped with sophisticated payment, reconciliation and liquidity management solutions that go well beyond what it is currently available in the Bahrain market and is accessible through electronic channels including mobile application.
TIE-UP WITH AMAZON
The bank has an agreement with Amazon Web Services which enables it to make use of the technologies and innovation practices offered by AWS for the digital transformation process. Amazon has a new data center in Bahrain and the bank will be making use of the facilities offered there. The bank will also adopt cloud-based services offered by AWS. The first phase of the cloud adoption strategy of the bank saw the successful migration of the corporate website to AWS. It also implemented its mobility solution over the cloud and AWS data centers are being used as an additional alternative to the bank’s existing business continuity plans.
REVAMPED DIGITAL CHANNELS
The bank has revamped its digital banking channels namely, BBK Mobile Banking and BBK Online Banking, which it claims are designed to provide customers with a new, one of its kind banking experience. These channels now offer customers with a unified banking experience by combining new and existing services and replacing the existing internet channel and mobile application. Retail customers can now perform their banking transactions and manage their finances across the new mobile banking app and online banking channel. Furthermore, the new mobile application will include access to other applications offered by the bank.
The bank now offers services such as Express International Transfer powered by Mastercard, transfer of funds via beneficiary mobile number through Fawri+ and Fawri and debit card services such as stopping and activating debit cards in real-time. The new channels have a built-in authenticator to add an extra layer of security when logging in and managing their banking transactions and financial services.
BBK has a unique virtual assistant to help its customers, called Ask BBK. It is AI-powered and designed to interact with customers round-the-clock. Customers can raise queries with regard to their accounts or new products that are being introduced and get them answered. The chatbot provides both voice- and chat-based interactions. Customers can also conduct simple transactions using the bot.
The bank conducts a Digital Trainee Development Program, designed to shape the next generation of Bahraini talents to help the bank take on its next phase of its digital transformation journey. The bank engages fresh Bahraini graduates or expected graduates to register for the program where priority will be given to students who have majored in Computer Science, Software Engineering or Information Technology. Graduates who successfully pass the program will have the opportunity to permanently work at BBK. The program covers topics related to fintech solutions, blockchain, cybersecurity and AI.
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This article has been compiled based on publicly available information on the web, particularly the bank’s own website.
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