Burgan Bank recently took part in the third edition of the International Virtual Conference on Innovation, Artificial Intelligence, Technology, and Entrepreneurship Ecosystem (ICITAIEE), which took place between November 15-17 2022, under the patronage of the Ministry of Finance in Kuwait, the Ministry of Finance in the UAE and in collaboration with Ecosystem Consultants, the Global Entrepreneurship Network (GEN), and NEST. This comes as part of the Bank’s active role in the national efforts towards digital transformation, especially with regards to the digitization of the Kuwaiti banking sector.
Burgan Bank, represented by Mr. Manaf Al-Menaifi, Chief Strategic Planning and Monitoring Officer, joined a select group of industry experts and researchers from over 30 countries and from various sectors. These interdisciplinary experts took part in the virtual conference to share their market specific insights on the future of innovation, technology, artificial intelligence, and the overall evolution of the entrepreneurship ecosystem.
In his speech on innovation and strategy, Al-Menaifi invited the participants to reconsider the future of the fast-changing banking industry in light of market’s evolving needs and the newly arising trends that come with them, stating: “Adapting to the changing times has become a must for any Bank. Which is why innovation and technological development must inevitably be embedded into the core of any successful and sustainable strategy. The only way forward for banks is to adapt and become agile enough to accommodate the shift in the way we bank. They need to transition from the traditional, in-branch model to a more flexible service provider – one that customers can carry in their pockets, without compromising on efficiency or security.”
Al-Menaifi went on to highlight the importance of not getting sidetracked by complex operations and losing sight of what really matters, which is solving customer problems; further adding that innovative businesses shouldn’t merely stop at solving problems, noting that it is imperative to continuously add true, unique value to the customers. The best course of action, he suggested, was for organizations to adopt the platform mentality, defining a platform as: “A business model creating an ecosystem that promotes shared value in place of transactional relationships.”
Burgan Bank continues to dedicate its efforts to the overall technological development and digitization of Kuwait, shedding specific focus on advancing the digital transformation of the local banking sector. The Bank’s contributions to forward-looking change and development continues to be inspired by its customers’ unique needs and aspirations across the different market segments, thereby reaffirming the its dedication to its slogan and philosophy, “Driven by You”.
Mr. Manaf Al-Menaifi, Chief Strategic Planning and Monitoring OfficerRelated Business Chains: