Kuwait Finance House (KFH)’s strategy for digital transformation has gained significant momentum in 2022. The executive plans and programs have reached global recognition charting the most important aspects of KFH’s digital development based on several major areas. The most prominent of these areas are products, services, devices, service delivery points and infrastructure of smart flexible and supportive software and systems that are essential to achieving the digitalization shift.

KFH’s digitalization efforts have encompassed many characteristics, such as electronic payment services, online account opening and card issuance with distinguished privileges. KFH has also improved its hardware performance to include novel features such as instant card printing, selling and buying gold in addition to the many branchless banking transactions.

KFH’s efforts signify its goal to meet customers’ aspirations, enhance their banking experience and service quality, rationalize operational costs and increase financial inclusiveness. This is achieved by expanding access to bank accounts and benefitting from technology to offer customers a wide range of services they can enjoy anywhere and anytime. These efforts have also led to the advancement of benefits offered to customers with greater impact on their businesses, affirming KFH’s digital excellence at the banking level with high global and competitive standards.

Customers can access KFH’s digital banking services through many alternative channels, such as KFHGo smart branches, KFHOnline (mobile application and website), new self-service devices (XTMs) and social media channels.

Group chief Retail and Private Banking Officer at KFH, Khaled Yousif Alshamlan said that KFH is working within a comprehensive approach towards digitizing all its transactions, services and products as well as securing their means of delivery.

He added that the Bank also aims to automate transactions with third parties whether they were individual customers, or companies, or other entities related to suppliers and strategic partners, saying that “our goal is for our transactions to be automated and make digitalization a culture and modus operandi of our employees, customers and subsequently the market in general.”

He pointed out that KFH has launched new variety of technical services during 2022. The most important of these services and products are opening new account for non-KFH customers through XTM devices, launching the foreign currency Visa prepaid card in five main currencies, foreign currencies exchange service through ATMs, corporates cards, credit cards service add-ons in addition to KFH Pay and most recently Apple Pay.

Moreover, KFH has launched other services based on studies and customers’ needs, as well as developments of service systems and devices.

He elaborated that the annual increase rate for customer use of digital financial solutions exceeds 32%, which confirms the quality and efficiency of KFH’s e-services, pointing out that KFHOnline offers over 150 services, whereas XTM devices and KFH Go smart branches offer 50 different services. Accordingly, the customer has the option to choose between 200 e-services offered through apps and other various means.

 He pointed out that the electronic banking transactions that customers usually perform through KFHOnline website are diverse and comprehensive. These include opening bank accounts for new customers, personal financing requests using e-signature through Kuwait Mobile ID, opening deposits, adding beneficiaries, requesting a cheque book, opening gold account, selling and buying gold, starting investment plans and cardless cash withdrawal using the civil ID, mobile number or QR Code. Customers can also activate dormant account, transfer funds to KFHTrade account whether to a personal trading account, or children’s account, request prepaid cards in addition to many services for different banking cards, KFH Pay and Apple Pay.

“We have developed the abilities of our modern devices to significantly play roles in the customer’s life. For instance, KFH has over 100 instant card issuance devices that can print ATM cards within 3 minutes using civil ID or QR Code.” Alshamlan said.

He added that KFH is the first bank in the world to introduce this feature, noting that the devices are distributed across different areas and available 24/7. KFH modern devices also allow customers to deposit cheques, make local and external fund transfers and other important branchless e-services.

Additionally, by using smart watches, customers can also enjoy a number of services that KFH provide through modern means and digital portfolio service that offer smart digital payment methods according to the highest standards of safety and security in cooperation with Apple Pay, Samsung Pay, Fitbit Pay, Garmin and KFH Pay.

Alshamlan went on to say that KFH has expanded the role of interactive XTM devices to include new features the latest of which was allowing non-KFH customers to open new account in an automated, safe and fast process through XTM mini branches that are distributed in 10 locations of KFH Go smart branches. Non-KFH customers wishing to open a bank account are able to communicate with a customer service agent through an XTM device using an audiovisual connection, enter the required information and then open an account at an instant.

He indicated that KFH continues to enhance the role and services of KFH Go smart branches as one of the most important means of providing technical services for customers, as well as representing a qualitative advance in the concept of the branch in its traditional form, saying: “We have 10 smart branches distributed as follows: KFH Auto-Shuwaikh showroom, the Avenues, Abdullah Al-Salem, Jabriya, AlSalam, Ishbiliya, Kuwait Airport, Abu Fatira, Mangaf and Sabah Al-Ahmad.”

Moreover, KFH Go smart branches allow customers to benefit from a diversified range of interactive banking services round the clock including instant cheque book and banking cards issuance without prior request, receiving 10g gold biscuit, opening account (Gold, saving, AlRabeh, Self-Service), selling and buying gold, printing IBAN certificate, requesting commercial transactions (Murabaha), requesting credit and prepaid cards, updating information and phone number, activating banking cards, opening deposits and accounts, cardless cash withdrawal up to K.D 5,000 through self-service or a video call with KFH agent using the civil ID, cardless cash deposit of up to K.D 3,000 per day using the civil ID through a video call with KFH agent.

In addition, KFH Go smart branches allow customers to deposit cheques by self-service or through a video call with KFH agent, transfer funds between own accounts and to KFH or other banks’ beneficiaries up to K.D 10,000 per day.

Furthermore, KFH has recently introduced a range of innovative services, most notably the new “Digital Print” service to end paper-based transaction in retail banking. Further, KFH launched the “QR Code Cash Deposit” service through KFHOnline application and ATMs. KFH also applied 360T solutions for a centralized and integrated FX trading transactions for all the Group banks (Türkiye, Germany, Saudi Arabic, Malaysia and Bahrain) through KFH-Kuwait.

KFH has also launched, as the first bank in Kuwait, “Live FX pricing” which allows customers direct pricing of currencies during local or global transfers in addition to own accounts transfers with foreign currencies. The service is available 24/7 and during working days of global markets. Customers can access this service via KFHOnline (application or website). This service includes 6 currencies: US Dollar, Canadian Dollar, Euro, British Pound, Japanese Yen, and Turkish Lira.

On Human Resources front, KFH is the first bank in Kuwait to implement the new Oracle Fusion HCM Cloud to standardize business processes on a common data platform, enabling KFH to provide a consistent employee experience across teams and more easily manage and scale their services across the Group’s banks and subsidiaries. KFH also has set up devices to provide the needed HR services and documents for employees outside their working hours.

On another front, KFH is the first bank in Kuwait to implement the Artificial Intelligence (AI) technology in its operations, and the first bank to introduce personal financing request using e-signature through KFHOnline application, in addition to electronic cheques deposits and direct transfers to Türkiye via Ripple network.

Meanwhile, KFH Group Chief Information Officer, Haytham Alterkait  stressed that KFH continues to integrate innovative solutions and banking technology into its operations, launch digital transformation initiatives that offer outstanding value to customers looking for fast, easy and secure banking services, saying that efforts continue to build a solid base of systems, programs and processes, within an advanced technological infrastructure and according to the latest developments in the technology of banking and financial services worldwide.

He stated that measures have been taken, at the same level of quality, to strengthen the regulatory framework supporting e-commerce transactions Including e-signatures, protection of data privacy and cybersecurity.

He noted that accelerating the pace towards a digital economy requires prioritizing the necessary reforms to counter the increase in usage with higher levels of efficiency, security and data protection.

He emphasized that KFH enjoys the best and strongest technological infrastructure with different abilities and advanced potentials to achieve and execute easy digital services and real-time completion of transactions.

He pointed out that human and technical capabilities are geared, round the clock, and constantly driven to facilitate the path towards a full digital transformation, create smart workflows that use artificial intelligence and data to enhance employees and customers’ experiences, in addition to forecasting customer risks, analyzing customer behavior to build new products, and investing technology to transform ideas into practical solutions and face challenges.

In light of the increasing trend towards smart services and digital transformation, which is currently driving growth in the banking sector globally, AlterkaitEnglish translation.  highlighted the importance of applying Robotic Process Automation (RPA) and Artificial Intelligence (AI) for automating and accelerating banking operations for the growth of businesses. This is achieved by relying on banking solutions and systems compliant with the latest technological tools in order to meet the changing and growing market needs in a way that serves KFH’s goals.