WALLDORF — SAP SE (NYSE: SAP) today announced that SAP Middle East & North Africa LLC and Kuwait Credit Bank received the Asian Banker Technology Implementation Award for Best Lending Platform Implementation in the Middle East.
The awards program is designed to identify emerging best practices in technology implementations in addition to highlighting goals and challenges from which other banks and financial institutions can learn. SAP and Kuwait Credit Bank were honored at the Asian Banker Middle East and Africa International Banking Convention held on May 27 in Dubai, UAE.
Kuwait Credit Bank and SAP won the award for the fully automated, five-minute loan application, approval, and processing system created for Kuwaiti citizens. The process uses smart chips on civil ID cards to connect the different entities and data required for citizen loans to be approved.
“We are always striving to provide a satisfactory experience for our customers, and we have greatly improved the efficiency and productivity of our offerings with analytics solutions from SAP,” said Tariq Al-Usaimi, CIO, Kuwait Credit Bank. “With SAP, we have shortened the loan approval process from two days to less than five minutes. We are very pleased to be honored by The Asian Banker, and we will continue to use the latest technology to make it easy for Kuwaiti citizens to bank.”
Kuwait Credit Bank is a specialized financial institution wholly owned by the State and designated for granting personal loans to citizens. With SAP software, Kuwait Credit Bank now makes it significantly more convenient and comfortable for citizens to apply for a loan, and they can obtain approval with minimum effort. In addition, the bank has increased employee productivity by 95 percent and eliminated human error and manual input processing.
“We congratulate Kuwait Credit Bank on winning the Asian Banker Technology Implementation Award. With their innovative simplification of their IT to support five-minute loans, they have demonstrated best practices in the banking and finance sector,” said Gergi Abboud, managing director Gulf and Pakistan, SAP Middle East & North Africa LLC. “Kuwait Credit Bank shows how analyzing Big Data can make a major impact on Kuwaitis’ lives.”
The Asian Banker Technology Implementation Awards program is run on an independent and transparent basis over a period of three to four months, involving a team of researchers who assess more than 50 financial institutions and 150 projects across the Middle East and Africa. Winners are determined only after a thorough evaluation of submissions alongside field research and interviews conducted by The Asian Banker.
The best lending platform implementation award honors successful projects that provide banks and financial institutions with the ability to differentiate lending products and services, manage risk and credit exposure, and pursue new market opportunities within new segments.
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