Kuwait Finance House (KFH) General Manager Digital Transformation and Innovation, Mazyed Abdullatif Al-Mazyed said that KFH is planning to shift its transactions and operations with local companies to a fully digitalized process through a specified plan and a timeframe that aim at developing the mechanism of work between both parties. The plan adopts the best approaches of technical development which contribute to providing best services, in addition to developing national competencies of companies as partners in success and helping them rely on technology and digitalization. He said that KFH has received great response from a wide range of companies on the new trend including small and medium enterprises and entrepreneurs’ projects. 

Al-Mazyed added that KFH has become the leading bank and the first in providing digital solutions that facilitate aligning the work environment with this strategic trend. This will also upgrade the provision of services, saving time, cost and efforts and helping to achieve a sustained rate of growth and operational performance.

He noted that KFH employs a number of means in achieving its strategy, of which the most important are changing the organization’s culture, improving the transaction with companies, establishing an Academy for Digital Transformation, exchanging expertise with specialized global institutions in the field, and applying digital models that are successful, feasible, sustainable and convenient to the local work environment, as well as compliant to the  regulations, instructions and standards adopted by Kuwait and the world.

He pointed out that the technology of (RPA) and (AI) are key components in KFH’s banking activities and in improving the increased performance and efficiency of operations, thus resulting in a wide range of advanced digital solutions, concluding strategic partnerships and agreements with Fintech companies that provide unique solutions and expertise. He added that the Bank’s plan is moving forward towards expanding and enhancing the products and services to cover all aspects, coordinating with the relevant departments to make digitalization a recognized way of operating and a distinct and main feature of all activities and businesses of KFH.

Al-Mazyed stressed the vital role of innovation policy KFH takes as a business priority, emphasizing the abilities and creative talents of its staff which support the progress and add positive value in this field, as well as upgrade customer service. He noted that the uniqueness of KFH’s innovation policy, the support of the Executive Management, as well as responding to the expectations of employees in addition to the many events and competitions held annually for best innovative ideas at Group level, are all factors affirming KFH’s efforts to boost its market share, expand its areas of service in a modern approach that helps in reducing expenses.

It is worth mentioning that innovation and creativity are high priority at KFH. Where it has successfully launched many innovative initiatives and ideas created by its staff. KFH holds an annual innovation competition with valuable prizes believing that innovation will lead to saving time and effort, increasing profitability, expanding to new areas of business that fit today’s life, meet customers’ aspirations and enhance competitiveness.