The Kuwait Finance House (KFH) launched the first banking robot in Kuwait in its efforts to offer the highest standards of banking and customer service by adopting the latest advancements and technologies, and in particular, "robots".
KFH’s new robot functions with Artificial Intelligence (AI) and will complete transactions in consumer and installment financing. Its performance will help reduce processing time and save customers the time and effort by reducing the turnaround time from 60 minutes to 10 minutes.
Speaking of the revolutionary introduction, the Group Chief Executive Officer of KFH, Mazin Saad Al-Nahedh, said: “This is an unprecedented milestone to the banking sector in Kuwait and we are proud to be the first bank to introduce it. The step to employ robots to complete banking transactions comes as a continuation to our investments in digital transformation and global standards of banking in the digital era. “
“KFH has already introduced the XTM machines and “KFH-Go”, the first digital self-banking branch in Kuwait, as well as adopted the latest technologies in all its banking operations to enhance our customer experience. The Bank also offers mobile payment and e-payment services and launched innovative solutions that make transferring funds easier thanks to the Blockchain secure and trusted technology. The later reduces banking fees and paper transactions, increases safety, accuracy and speed of remittances without the need for intermediaries. The service reduces operating expenses and enables customers to make financial transfers quickly, safely and at a lower cost”, he said.
Al-Nahedh reiterated KFH’s commitment to making its customers’ banking experience easier as it introduces new technological solutions to facilitate transactions and achieve the financial inclusion. With that, the robot technology integrates an advanced software into KFH's systems to make operations faster, safer and more reliable.
He said: “With banking robot, customers’ credit position can be determined within four minutes only, in addition to setting their credit limit and checking for their historical transactions in services such as K-net. The new system increases the quality of our service in order to achieve customer satisfaction and helps attract new customers to continue expanding our market share.”
Al-Nahedh further explained that KFH’s employees were trained to deal with the new banking robot technology, which will help them achieve the maximum benefit and improve their performance. He pointed out that the technology doesn’t mean a reduction in the role and importance of the human element. Robots support their responsibilities to improve their overall performance.
Al-Nahedh concluded: “I have confidence that robots will contribute to increasing the efficiency of our employees and channeling their potentials towards more significant aspects in everyday activities.”
KFH invests in the latest technology developed for the banking and financial sector to advance services provided to customers and make them faster, safer and at a reduced cost. The increase in productivity increases the quality of services, and ultimately, the Bank’s profitability. KFH remains at the level of the leading international banks, and ensures along the way to serve and cater to the needs of customers through innovative services and products.