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Boubyan Bank Launches “Musaed”




Boubyan Bank Launches “Musaed” Service to All Its Clients

Al-Tuwaijri: For the First Time in Kuwait, AI Is Used to Facilitate Banking Services and Customer Service

In continuation of its distinction in presenting new and remarkable services and products in the banking services’ market in Kuwait, Boubyan Bank has launched “Musaed” service as a part of AI-based conversation management technology, simply known as “Chatbot”. This is service is introduced for the first time in Kuwait by Boubyan Bank.

In a press conference held today, Mr. Abdulla Al-Najran                   Al-Tuwaijri, Boubyan Bank’s Deputy CEO, said that Chatbot is a new technology for managing the relationship between any organization and clients or consumers who would be willing to conduct their transactions or obtain information without missing a beat and at any moment whether when they are inside or outside the country.

He added: “With the recent developments in the communications’ field and digital technology, the outcome has been in favor of the organizations which became capable of providing distinctive and unique services to their clients. Boubyan Bank has always been in the right direction towards providing the best for its clients.”

“The phrase “For the first time in Kuwait” has become a synonym of Boubyan Bank and this did not just come out of thin air, rather, everyone realized the steps made by Boubyan Bank towards giving its clients unique experiences in application of our slogan “Towards Perfection” and in an attempt to provide a different lifestyle to customers.”, Al-Tuwaijri added.

** Musaed Service

On his part, Dr. Waleed Al-Hasawi, General Manager - Information Technology Group, stated that the new service launched by the bank under the name “Musaed” would be available on Boubyan App. The service employs AI technology and would be available around the clock.

Clients may complete several banking transactions and find responses to many questions and queries related to their bank account such as inquiring about account balances, credit cards’ balance and making various types of transfers and many other banking services.

Mr. Al-Hasawi added: “The idea came as a part of the bank’s drive to provide the best banking services and solutions to its clients by allocating a special staff for each Boubyan customer to help him and answer his queries anytime, anywhere. This is why we called the service “Musaed”, i.e. assistant, since the service will be serving as the customer’s personal assistant.”

Musaed will be able to answer customers’ queries and complete their banking transactions as per their instructions whether in Arabic or in English.

“This is just the first stage; in the future, many other features will be added such as Musaed’s recognition of the customer and taking voice queries and requests from him. Also, several other banking transactions available in Boubyan App will be added in addition to adding interactive video calls.”, Al-Hasawi added. 

“The new service is just the beginning. The future has a lot to offer towards the development of this service in order keep up with banks, companies and international organizations.”, Mr. Al-Tuwaijri stressed again.

** Digital Banking Services 

Mr. Al-Tuwaijri also stated that the bank devised its strategies towards expansion of the use of new technologies in order to give clients banking services and products which would keep up with this age and the modern developments.

He added: “Customer service has been the main pillar of the bank’s success throughout the past years, where we managed to distinguish our clients by providing them with services that make their banking experience unique.”

Boubyan Bank has been awarded the Best Islamic Bank in Customer Service by Service Hero, the international consumer-driven customer satisfaction index, for the eighth year in a row in addition to being awarded the First Place Award in Customer Service as a Country Winner atop all economic sectors in Kuwait, for the third time 

** Chatbot Numbers and Facts 

As per Gartner, a world leading research and advisory company, Virtual Customer Assistants “VCA” used in conducting conversations and managing chats, Chatbots, will be responsible for 25% of customer service operations at organizations and companies around the world by 2020.

VCAs are a bundle of conversation programs operated via PCs, which may conduct conversations or chats with similar programs or humans. They simulate the conversation between the human employee and the customer with regard to a service provided by a company or an establishment online or via a digital department or a mobile App interface.

This bundle includes technologies to process natural languages, manage conversations and understand the context in addition to other visual features such as picture and animated drawings.

It is expected that more than 50% of organizations and companies around the world will adopt VCAs within a few years in order to provide quicker and better services to clients.