The National Bank of Kuwait has launched Weyay, Kuwait’s first fully digital bank for youth, according to a statement. The app is currently in beta testing and has been launched at the pre-registration stage. It will be opened on an invite-basis soon, the statement said.
The app will feature a fully digital account opening process, a user-friendly interface, and the latest security standards (including biometrics), the statement also noted. It will feature solutions designed by NBK youth cadres.
In the course of developing Weyay, the NBK researched banking preferences among the youth segment, between the ages of 15 and 24 years. The study showed that 80% of young customers were seeking tools to set personal saving goals and track their money. Many used external apps outside of their regular banking ecosystem towards the same.
Weyay aims to be an integrated youth-focused digital bank
Weyay is looking to address this gap by providing an integrated package of products and services. These are aimed at enabling users to track and organise expenses, build savings, and tap into investment channels, along with other features such as rewards.
The app will also undergo an “ongoing advancement process” once launched to match customer needs, the statement said.
“The idea of founding “Weyay” was inspired by the desire to launch a non-traditional bank that embodies the youthful and digital-savvy nature of the Kuwaiti society and reflects the future of its banking needs and aspirations and the ability of NBK’s innovative banking solutions to meet them.
We are keen to offer our customers integrated banking products and services, and “Weyay” embodies this strategy as it provides financial engineering to the youth customers, where they can, through a single platform, take their financial and investment decisions and the banking solutions they need that can help them succeed in these decisions,”
Salah Al-Fulaij, CEO of NBK, said.
Featured image: Weyay