The most dangerous term in banking might just be ‘customer centricity’. Nearly every financial institution claims it, yet very few live it. But at Bank of Bahrain and Kuwait (BBK), a 50-year-plus financial powerhouse, the commitment runs deeper than marketing.
And Group Chief Executive Yaser Alsharifi is taking it further – building what he calls a ‘customer-obsessed’ culture.
“I’m fortunate to have inherited a very solid institution with strong fundamentals,” Alsharifi tells The CEO Magazine. “If you look at the ratios of the Bank, it’s one of the best on the island today.
“But with the team in the past nine months, we’ve decided that we need to go back to what has always made this a leading institution, starting with customer centricity and actually adopting customer obsession.”
A legacy of innovation
For more than 50 years, BBK has been a pioneer in Bahrain’s banking sector. In fact, its history reads like a chronicle of Middle Eastern banking innovation. The first ATMs in Bahrain? BBK. SWIFT services? BBK. Credit cards? BBK. Online banking? Also BBK.
“BBK has always been a pace-setter, introducing new concepts to the island as Bahrain was solidifying its position as a financial services hub,” Alsharifi explains.
“These innovations have enabled our customers to transact seamlessly across the markets we operate in and everywhere our customers are present.”
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With fintech startups and digital banks disrupting the industry, Alsharifi – a 30-year banking veteran who took the helm in August 2024 – is well-equipped for the challenge and is under no illusion about the scale of competition.
“The industry is highly competitive,” he admits. “There are many new entrants, and they’re all looking to get a slice of the banking pie.”
However, he’s confident that his people-first approach is key to navigating the digital age while maintaining its human touch.
“For us, customer centricity isn’t just a buzzword,” he explains. “It’s embedded in everything we do.”
The people-first philosophy
At the heart of BBK’s strategy is a simple truth: happy employees create happy customers.
“For us to be effective in that customer obsession, we need an engaged employee base,” Alsharifi explains. “Our people are our best and greatest asset as an institution.”
From experience, he’s seen the vicious circle many banks face when they don’t get this right. Disengaged employees provide poor service, which drives away customers, which then hurts profits, which then leads to cost-cutting – all of which further disengages employees. His solution? Just flip the script.
“If you get the people part right – meaning you treat them with respect and you give them an environment with a high-performing culture, room to learn and grow, and where they feel appreciated, engaged and motivated – then they’ll be excited to come to work,” he says.
To further instill this passion, Alsharifi has been strongly focused on eliminating drudgery from their jobs.
“Many industries, including banking, have processes that don’t add value, are repetitive and prone to error,” he points out.
“A brain-numbing element of coming to the office is having to do the same thing over and over again. So our ambition is to take all of that out and instead, find things that are exciting and engaging for our employees.”
He believes the reason is simple.
“Employees who are engaged and excited offer a higher level of service and attention to customers; they delight your customers,” he says.
“So marrying our people and our customers with the right tech will lead to our organization receiving a wider share of the wallet – translating into superior shareholder returns as well.”
Growth you can bank on
As BBK looks ahead, Alsharifi explains that its growth strategy rests on several key pillars. On the corporate side, the Bank is enhancing its value-added services with new advisory offerings in debt capital markets and syndication.
It’s also refocusing on global account management to improve cross-selling across its various units, including retail, small and medium enterprises (SMEs) and credit card services.
He says retail banking is also set for a significant upgrade.
“We want to widen our position in private banking and wealth management. We already have a very loyal customer base in that space, and we want to be able to serve them better,” he reveals.
BBK’s leadership in payments, particularly through its subsidiary CrediMax, will also be a major growth vector.
“The payment service space has seen a lot of disruption and development, and we believe that as a market leader, we can take it to the next level,” he says.
“We’re looking at what we can adopt in terms of innovation in that space to be able to deliver value to both the issuing and acquiring side of the business and enhancing the payment rails across the region and globally.”
In parallel with organic growth, Alsharifi says BBK is pursuing inorganic opportunities, including a potential merger with its long-time competitor and his former workplace, the National Bank of Bahrain. Industry analysts say this could create the kingdom’s largest financial institution, with combined assets exceeding US$26 billion.
“We’re currently engaged in merger discussions with our key competitor – the National Bank of Bahrain. And we continue to look for merger and acquisition opportunities as and when they arise that are complementary to our core,” he adds.
Expanding its impact
While BBK’s roots are firmly in Bahrain, its footprint spans a growing list of international markets, including Kuwait, India, the United Arab Emirates, Türkiye, Saudi Arabia, Egypt and Oman.
“We started as an institution created in partnership with friends and family in Kuwait, and we’re privileged to continue with institutional shareholders from that market,” Alsharifi says with a smile.
“India, where we operate four branches, is one of the biggest growth stories of the past decade. And the dynamics in Kuwait are changing, providing wide opportunities for an institution like ours to capitalize on.”
Like all businesses, though, BBK isn’t immune to external challenges from rising interest rates and inflation to tightening liquidity. But Alsharifi sees these as opportunities to deepen client relationships.
“It’s our responsibility as a leading financial services player to be in tune with our customer base and take a long-term view,” he says, adding that BBK is particularly committed to supporting SMEs during these volatile times, helping ensure long-term economic stability.
With a strong risk management and compliance culture, the bank takes a proactive approach.
“We’re able to identify areas of potential risk early on and work proactively with our customers, helping them navigate through these turbulent times,” he notes.
The ESG imperative
With people at the forefront of its strategy, it comes as little surprise that, for BBK, sustainability is both a moral obligation and a business necessity.
“As a bank, we firmly believe that ESG and sustainability are not themes or another box to tick,” Alsharifi insists. “Instead, they’re embedded into our strategic plan for the next three years.”
From governance frameworks to sustainable credit policies and products, the Bank is building for a better future.
“We believe we have a responsibility to future generations to support sustainable growth,” he says.
This includes ensuring BBK’s practices align with the values of its community.
“As a player in a Muslim country and the Arab culture, where we believe in maintaining a clean and healthy environment, these concepts extend to our business,” he confirms.
“We want to ensure we leave something as good – if not better – for the future.”
Defining success differently
While growth, innovation and profitability are critical to any CEO’s scorecard, Alsharifi measures success through a more human lens.
“For me, it is very simple actually. Success means always working myself out of my job,” he says. “So making sure I have a great number of people who do well while I’m present – and when I’m gone, do even better.”
He’s committed to cultivating a generation of leaders not just for BBK, but also for Bahrain and the broader region.
“Nothing gives me more delight than having a positive impact on people,” he says proudly.
“The one thing that motivates me every day is when someone comes up to me and says they really like working with BBK. They say that we helped them in ways other banks wouldn’t. And that we’re responsive and pragmatic.”
It’s those moments that reflect a deep-seated culture of service that Alsharifi is working to institutionalize.
“I want that consistency across every customer interaction,” he says. “That mindset of finding a path to yes.”
The next 50 years
As it looks to the future, Alsharifi remains focused on the fundamentals that built the Bank’s success.
“BBK today has had the good fortune of celebrating 50-plus years of success in this market,” he says.
“Our gratitude goes to our customers who have stuck with us and continue to choose to do business with us despite the number of competitors available to them over this time.”
The challenge now? Making sure BBK continues to delight customers for the next 50 years. And in an industry obsessed with quarterly results, that may be the most radical goal of all.
In collaboration with
Mastercard
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