Hyper-personalized banking in the GCC: A Kuwaiti context with UAE perspectives
Hyper-personalized banking, fueled by AI and data analytics, promises to revolutionize customer experiences. However, its successful implementation in Kuwait faces unique challenges. This research uncovers a crucial tension: Kuwaiti customers desire the benefits of hyper-personalization but demand...
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| Format: | Article |
| Language: | English |
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Modern Finance Institute
2024-08-01
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| Series: | Modern Finance |
| Subjects: | |
| Online Access: | https://mf-journal.com/article/view/146 |
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| Summary: | Hyper-personalized banking, fueled by AI and data analytics, promises to revolutionize customer experiences. However, its successful implementation in Kuwait faces unique challenges. This research uncovers a crucial tension: Kuwaiti customers desire the benefits of hyper-personalization but demand stringent data privacy and control. We find that while Kuwaiti banks possess the technological capabilities, regulatory clarity and strategic focus are needed to fully leverage this potential. Through in-depth interviews and comparative case studies, we identify critical success factors, including transparent data practices, customer empowerment, and proactive financial guidance. Our findings offer actionable insights for Kuwaiti banks to navigate the complexities of hyper-personalization, build customer trust, and gain a competitive edge in an evolving financial landscape.
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| ISSN: | 2956-7742 |