Updated:

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

Exclusively available on Available only on IvyPanda® Made by Human No AI

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 SHOUROUQ allowed the bank to transform its IT system to become a leader in the region and completely modernize the outdated system.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.

More related papers Related Essay Examples
Cite This paper
You're welcome to use this sample in your assignment. Be sure to cite it correctly

Reference

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

Work Cited

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

References

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

References

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/.


Bibliography


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

If, for any reason, you believe that this content should not be published on our website, please request its removal.
Updated:
This academic paper example has been carefully picked, checked and refined by our editorial team.
No AI was involved: only quilified experts contributed.
You are free to use it for the following purposes:
  • To find inspiration for your paper and overcome writer’s block
  • As a source of information (ensure proper referencing)
  • As a template for you assignment
Privacy Settings

IvyPanda uses cookies and similar technologies to enhance your experience, enabling functionalities such as:

  • Basic site functions
  • Ensuring secure, safe transactions
  • Secure account login
  • Remembering account, browser, and regional preferences
  • Remembering privacy and security settings
  • Analyzing site traffic and usage
  • Personalized search, content, and recommendations
  • Displaying relevant, targeted ads on and off IvyPanda

Please refer to IvyPanda's Cookies Policy and Privacy Policy for detailed information.

Required Cookies & Technologies
Always active

Certain technologies we use are essential for critical functions such as security and site integrity, account authentication, security and privacy preferences, internal site usage and maintenance data, and ensuring the site operates correctly for browsing and transactions.

Site Customization

Cookies and similar technologies are used to enhance your experience by:

  • Remembering general and regional preferences
  • Personalizing content, search, recommendations, and offers

Some functions, such as personalized recommendations, account preferences, or localization, may not work correctly without these technologies. For more details, please refer to IvyPanda's Cookies Policy.

Personalized Advertising

To enable personalized advertising (such as interest-based ads), we may share your data with our marketing and advertising partners using cookies and other technologies. These partners may have their own information collected about you. Turning off the personalized advertising setting won't stop you from seeing IvyPanda ads, but it may make the ads you see less relevant or more repetitive.

Personalized advertising may be considered a "sale" or "sharing" of the information under California and other state privacy laws, and you may have the right to opt out. Turning off personalized advertising allows you to exercise your right to opt out. Learn more in IvyPanda's Cookies Policy and Privacy Policy.

1 / 1