User:TarekAbughaida

In Kuwait, the first bank was founded in 1940. Hence, Kuwait has one of the deepest financial histories in the region (Photius, 2018). It started as a private bank but later on, its 50% share was acquired by the government as the wave of nationalization emerged GCC. First domestic bank namely the National Bank of Kuwait (NBK) that was founded in 1952. NBK grew rapidly and expanded in different parts of the region and soon became the largest bank in Kuwait. This led to opening a series of banks in Kuwait mainly including Industrial Bank of Kuwait, Saving and Credit Bank, and Real Estate Bank of Kuwait (Oxford Business Group, 2018). In 2007, when the financial sector was hit by one of the worst financial crises in the history, the government of Kuwait introduced some regulations to be followed by the banks and other financial institutions (Arab Times, 2018). The banks were under an obligation to follow the responsibilities imposed on them in order to combat the financial crisis (Burney, Mohaddes, Alawadhi, & Al-Musallam, 2018). It is also important to note that the Kuwaiti banking sector has shown signs of improvements in the regulated environment. Currently, the Kuwaiti banking sector is one of the largest established banking sectors in the Gulf. There are 11 key domestic and 11 foreign banks in the industry (Oxford Business Group, 2018). Among the top-rated banks in Kuwait include National Bank of Kuwait (NBK), Gulf Bank, Burgan Bank, Al-Ali Bank, Kuwait Finance House (KFH), Commercial Bank of Kuwait (CBK), Al Ahli United Bank, and Industrial Bank of Kuwait (Oxford Business Group, 2018). Top banks in the industry have come forward to launch the technology-driven innovative solutions for the customers. Some banks have significantly improved on interoperability while others have introduced the e-payment system. Online banking is also now-embedded into the banking norms of the region. Now users can make their transactions online. They can send or receive money or pay their bills using e-payment services. Hence, technology has reshaped the ways in which customers can avail the services and have improved the overall customer convenience. These technologies have also opened up the doors to endless possibilities for the future (Oxford Business Group, 2018; Boonsiritomachai & Pitchayadejanant, 2017; Roy et al., 2018). One of the most important innovations in the Kuwaiti banking sector is the use of an interactive teller machine (ITM). ITM has replaced the human input and has provided the users with an easier alternative. By using ITM, they can enjoy the branch experience while remotely processing their transactions (Schatt, 2014). One of the key benefits that service users enjoy is the time-saving transaction. It processes and executes a request much faster than the process carried out by the team of employees. The bank account holders are provided ITM cards that are recognized by ITMs where they can directly interact with their branch and remotely make their transaction. The demand for interactive teller machine and other digital solutions is rising in Kuwait (Boonsiritomachai & Pitchayadejanant, 2017; Roy et al., 2018).