Kuwait Finance House (KFH) has participated in the virtual discussion of US-Kuwait Business Council titled “Digital Acceleration and Cybersecurity in the Financial Sector” organized by the US Chamber of Commerce in collaboration with the Central Bank of Kuwait with attendance and participation of representatives of the local banking sector and technology industry.

During the discussion, Group Chief Information at KFH, Haytham Alterkeit said that the pressures of digital transformation imposed on traditional banking model in Kuwait and all over the world have increased, so adapting an agile approach is no longer an option, but a must.”

He added that “this development requires concerted efforts along with practical and operational process, given that the world of banking is being transformed through technology. We are living through disruptive times where innovation is very strategic to competitive industries such as banking. Therefore, banks will need to adopt practices, organize and participate in relevant workshops, employ new resources and collaborate with Fintech companies to accelerate the process of digital transformation. Legacy systems should be replaced by using advanced systems that can match the increasing need for enhancement.”

Alterkeit confirmed that adopting agile systems can match the increased needs of digitization and facilitate this digital transformation. He said “In KFH, we were able to implement these practices, while several services were built upon these agile methods.”

Cybersecurity

Alterkait said that “Banks should opt to utilize latest technology, machine learning, automation, artificial intelligence to enhance cypersecurity. More importantly, customer awareness is essential to fostering the knowledge of customers and users, thus pushes the digital transformation progress.”

He explained that the change of mindset is pivotal in this fast-changing environment. This can be achieved through hiring specialized personnel who promptly adapt to change in an effort to avoid being left behind.

Meanwhile, Alterkeit said that at KFH we see cybersecurity from a different perspective and consider it as one of the enablers for the banks journey towards digital transformation.

He added:” Our institution ensures continuous compliance with local and international regulatory standards related to cybersecurity.