Middle East banks scoop internet awards

Banks in Saudi Arabia and Kuwait have been praised for the way they have embraced online services. Awards went to The Arab National Bank (ANB), the Saudi American Bank (SAMBA) and the National Bank of Kuwait (NBK)...

  • E-Mail
By  Patrick Phelvin Published  September 15, 2003

Banks in Saudi Arabia and Kuwait have been praised for the way they have embraced online services. The Arab National Bank (ANB), the Saudi American Bank (SAMBA) and the National Bank of Kuwait (NBK) were all cited as the best in their field in a recent global survey of internet banks.

In Saudi Arabia, SAMBA was named as the best corporate internet bank and ANB the best consumer internet bank. The NBK won both categories in Kuwait. Kuwait’s Burgan Bank won regional sub-categories for best online corporate web site design, best online cash management and best online securities research.

Experts say successful online banking carries an increasing significance in today’s economic climate. And the sector in the Middle East is expanding rapidly.

“Rates of adoption for online banking continue to increase in many markets, especially emerging markets. Outside events, such as political or market shocks, can spur even faster growth,” says Benton Moyer, of consulting firm Neoris.

Global Finance reported that the winning banks all showed an increased focus on privacy and security in lieu of increased regulatory pressure and media attention on internet security concerns.
Winning banks were chosen by judges from consulting firms Bearing Point, Deloitte & Touche, Logica, Neoris and Tata Infotech. Global Finance editors were responsible for final selection of winners and in the first round made 65 country-level awards to banks in 46 different countries and 50 awards for regional winners in 10 functional sub-categories. A number of banks won multiple awards, including Banamex, Bank of America, Citigroup, Hansabank, SAMBA and Wells Fargo.

The absence of other Middle East banks in winning categories could be explained by the fact that the survey was not fully comprehensive but based on an entries system.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code