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The National Bank of Kuwait’s Improvement Report (Assessment)

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Introduction

Since its inception, the National Bank of Kuwait (NBK) has been a leader in providing the necessary services to clients. However, the constant improvement of technology and the introduction of innovations forced the bank to reconsider its policy and introduce a new system. Clients demanded more simplified transactions than the bank could afford, which reduced its competitiveness. As a result, the company introduced a system called SHOROUQ, which made it possible to make information exchange processes faster.

Discussion

Thus, the NBK got the opportunity to compete with world banks. They responded to customer requests that were aimed at fast and convenient service with minimal costs for waiting for a response. SHOUROUQ allowed the bank to transform its IT system to become a leader in the region and completely modernize the outdated system. SHOUROUQ is easily updated, which makes the program work more smoothly, and server capacities are added to the system, which does not require much maintenance. The operation meets the goals of intellectual analysis and was designed to integrate data stored in a system that did not meet the requirements of modern technologies. This allowed the bank to expand its market locally and internationally.

SHOUROUQ brought certain benefits to the bank that improved the service. First of all, the old system had different ways of delivering information to all departments of the bank. SHOUROUQ consolidated these operations so that departments could be kept in sync, simplifying the flow of information. In addition, the new system needs lower maintenance costs, which was a problem before its introduction. SHOUROUQ is responsible for ensuring that data quality and high availability are maintained at a good level.

Additionally, SHOUROUQ lends itself to easier upgrades and the introduction of new elements. As part of this innovation, the bank can provide secure business transactions and report on the actions taken. The system is aimed at identifying the most profitable customers of the company and finding future potential clients. Finally, SHOUROUQ satisfies the necessary needs of the bank in terms of resource management and favorable customer service.

However, despite the positive aspects of the organization of the system, there are shortcomings. First of all, this concerns the financial issue and the budget of the company. SHOUROUQ is a rather expensive program, which means that the bank has spent a lot of resources to develop and implement it. In addition, it took a long time to implement the system, as it affected all departments of the bank.

It is possible that NBK would not introduce the SHOROUQ system. In that case, it would not be able to expand the market locally and globally. Moreover, the bank would lose its ability to target current and potential customers and remain competitive. Businesses would not be able to develop at a pace that meets modern technology. Thus, due to the low speed of information and customer exchange, the bank’s services would be abandoned.

Conclusion

Nevertheless, management could introduce other strategies to keep the business going. It would be possible to create a large data warehouse that would distribute information across all departments and link them. In addition, there is a separate software that provides operational reporting, which would allow the bank to maintain competition. However, this would take time, and possibly the cost of the service would be higher than the system that the bank has implemented.

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IvyPanda. (2023, August 2). The National Bank of Kuwait's Improvement. https://ivypanda.com/essays/the-national-bank-of-kuwaits-improvement/

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IvyPanda. (2023) 'The National Bank of Kuwait's Improvement'. 2 August.

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IvyPanda. 2023. "The National Bank of Kuwait's Improvement." August 2, 2023. https://ivypanda.com/essays/the-national-bank-of-kuwaits-improvement/.

1. IvyPanda. "The National Bank of Kuwait's Improvement." August 2, 2023. https://ivypanda.com/essays/the-national-bank-of-kuwaits-improvement/.


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IvyPanda. "The National Bank of Kuwait's Improvement." August 2, 2023. https://ivypanda.com/essays/the-national-bank-of-kuwaits-improvement/.

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