Intellect Global Transaction Banking leads digital transformation for National Bank of Kuwait
Intellect Global Transaction Banking (iGTB), a division of Intellect Design Arena Limited, has secured an expanded contract with the National Bank of Kuwait (NBK), a leading bank in the Gulf Cooperation Council (GCC) region. This collaboration is set to advance NBK’s digital transformation by modernizing existing channels and integrating new digital capabilities, specifically tailored for transaction banking.
The focus of this initiative is to revamp NBK’s online corporate banking platform, aiming to attract and retain corporate clients and Small and Medium-sized Enterprises (SMEs). By adopting next-generation digital banking solutions, NBK is set to provide its customers with a superior omnichannel and mobile banking experience, essential for sectors like oil and gas, construction, power and water, and transportation. This digital transformation is critical for NBK as it seeks to scale operations and enhance transaction volumes, thereby accelerating its growth ambitions in Kuwait and across the Middle East.
Mr. Manish Maakan, Chief Executive Officer of iGTB, commented on the partnership, “Our enduring alliance with National Bank of Kuwait, which has spanned a remarkable decade, highlights iGTB’s influential position in the digital transaction banking field within Kuwait. In alignment with the ambitious New Kuwait 2035, we are joining forces with NBK in their growth journey, focusing on the integration of revolutionary technology and digital enhancements for the benefit of their corporate and SME customers.”
He further elaborated on the strategic importance of the partnership, “This partnership is pivotal in NBK’s quest to emerge as a ‘digital-first bank with trendsetting innovation’ in the MENA region. Today, more than 60% of the world’s top corporate banks #winwithiGTB and are powered by Intellect’s Transaction banking products and solutions, this includes 9 of the top 10 Middle East banks.”
The iGTB platform, as the world’s first complete Global Transaction Banking platform from Intellect Design Arena, offers a comprehensive suite of products. These include solutions for liquidity, investments, deposits, cash management, cash pooling, cash forecasting, payments, virtual accounts, SME lending, corporate DDA, trade, and supply chain finance. Powered by the Contextual Banking Experience (CBX), a white-labelled Digital Engagement Banking Platform, iGTB enhances the banking experience by providing seamless and contextual user interactions for managing Cash and Trade digital channels.
The strategic partnership between iGTB and NBK is a testament to the growing importance of digital transformation in the banking sector, particularly in the GCC region. As banks continue to compete in a rapidly evolving financial landscape, partnerships like these are crucial for staying ahead of technological advancements and meeting customer expectations in a digital age.