Al-Bahar: NBK anticipated a digital pandemic, prepared well for it, and seized the emerging opportunities to consolidate its excellence and leadership

• We provide talents with top-notch training, and most of the business sector leaders are graduates of NBK school
• The population will double by 2035, and job opportunities will be limited to the private sector
• Kuwaiti entrepreneurs gave inspiring success stories that started in Kuwait and expanded in other regional markets
• Growing the economy and increasing investment spending is a mandatory path to create more job opportunities
• The relationship with Fintech has changed from competition to partnership, as banks benefit from its applications in developing their products

As part of the activities of “Tamakan” career readiness program sponsored by the bank, National Bank of Kuwait (NBK) held a panel discussion in which Ms. Shaikha Al-Bahar, NBK Group Deputy CEO gave a lecture and answered a number of questions raised by the participants in the program.

Commencing her meeting with the participating youth, Al-Bahar said: "It is always a great to be with the promising Kuwaiti youth. I’m here to present to you my experience and practical knowledge that I hope will help you in your career, and I will also to be inspired by your enthusiasm and innovativity." 

A digital Pandemic

On the pandemic’s impact of on digital transformation in the business sector, Al-Bahar said that the crisis underscored the necessity of digital banking and electronic payment solutions to maintain customers’ safety and make their transactions easier, in view of the increased reliance on online transactions and use of mobile applications due to the exceptional circumstances resulting from the pandemic. She also indicated that the banking industry faced the challenge of increasing reliance on digital services and the financial applications of Fintech, telecom and  other companies providing advanced payments solutions, which accelerated during the pandemic, therefore, it had to move at a faster pace than planned.

Al-Bahar pointed out that NBK gave an exceptional example in this regard, saying: “We did not anticipate the crisis, but we were well prepared for a digital pandemic that would bring opportunities for those possessing the infrastructure, qualified cadres and a flexible work model capable of adapting to changes.” She also indicated that the bank started its digital transformation strategy years ago, including pumping huge investments and building tremendous infrastructure, which contributed to the bank's digital excellence during the pandemic.

Technological Partnership

Answering a question about the successful Kuwaiti projects for financial applications and electronic payment, Al-Bahar expressed her pleasure with seeing inspiring success stories of Kuwaiti entrepreneurs who started their projects in Kuwait, then expanded in other regional markets, driving more of these examples to emerge in the future.

Regarding the competition between the bank and emerging Fintech companies, Al-Bahar said: “At NBK, we have a strategy that is based on the partnership between banks and Fintech companies, whereby these companies can benefit from the infrastructure of banks to provide their services, and in return, banks can utilize their digital platforms to create more advanced banking products."

The Future is for the Private Sector

In response to a question about Kuwaiti youth preference to work in the government sector and how to motivate them to work in the private sector, Al-Bahar said that most job opportunities are available in the private sector, in light of the overstaffed government sector, with over 320,000 of national employees. And given the doubling of the population by 2035, opportunities will be limited to the private sector.

Al-Bahar mentioned that the government’s increase of investment spending to stimulate economic growth is a mandatory path to create job opportunities to contain this increase, in addition to providing financial stimulus to mitigate the fallout of the crisis and sustain existing jobs, as well as developing education to make its outputs suitable for the labor market needs.

Al-Bahar noted that NBK gives an example to follow in training students and fresh graduates, and providing them with distinguished training, which resulted in that most key leaders in the business sector are graduates of NBK training and work school.

Preparation for Labor Market

Speaking on the gap between educational outputs and labor market needs, Al-Bahar said that this gap can be narrowed by continued training and qualification after graduation, but the problem remains in the insufficiency of specializations required in the market. Given the nature of Kuwait’s demographics, where young Kuwaitis under the age of 30 represent over 60% of the population, this gap becomes clearer, thus requiring faster solutions.

Al-Bahar noted that there is collective responsibility in this regard, as the government should provide educational programs in the required specializations, maximize the benefits from scholarships, and give priority and incentives to scholarship students in those specializations.

There is also an important role for the private sector in focusing on training national cadres as part of its social responsibility.

Golden Tips for a Successful Career:

Ms. Shaikha gave the participants the following key tips to start a successful career:

• The study represents the first stage of learning and from today onwards, there will be new stages of continuous learning throughout your career.
• Be sure that the time spent in reading and the efforts made in learning and training are assets that grow and accumulate to generate a return increasing day by day.
• Make your goal not limited to career advancement or earning money, rather always make sure that your contributions represent an added value, and your efforts stimulate and inspire your colleagues in the work team.
• Do not settle except for the best, and make the difference wherever you are, that is the only way to make your dreams come true.
• Do not limit your ambition with challenges, as the future holds changes that are full of opportunities, as well as difficulties.. Focus on the opportunities it brings to you, and prepare to overcome the challenges it imposes on you.

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© Press Release 2021