In 2023, Kuwait Finance House (KFH) made significant progress in its digital banking services as part of its strategy to establish a comprehensive system of cutting-edge and high-quality digital financial solutions. This outstanding success led to a major strategic change in project completion rates and target implementation plans. Some of the most notable achievements were the expansion of digital services, the enhancement of technological infrastructure, and the improvement of the means and methods of providing technical assistance to KFH customers through different platforms, smart branches, and self-service machines. These advancements have resulted in a remarkable improvement in service and product quality, as well as increased usage rates.

It is worth noting that Euromoney Magazine has ranked (KFH) as a Market Leader- Kuwait in digital solutions. This ranking crowns the extraordinary achievements KFH accomplished in digital transformation during 2023.

Haitham Abdulaziz Al-Terkait, Group Chief Technology, Digital Transformation and PMO Officer, said: “We united our efforts and successfully implemented more than 35 projects, services, and products in the previous year. Our goal is to continue leading the digital transformation of the banking sector and improve KFH's position in the field of digital banking services. Our focus is on empowering sectors and departments, promoting technological innovation, developing our staff's capabilities, and providing reliable high-tech services. Additionally, we are creating a robust and advanced technological infrastructure that can accommodate future projects in the future.”

He further stated that KFH is striving to capitalize on the swift advancements in Artificial Intelligence, Data Engineering, Fintech, E-marketing, and Digital Product Design. It aims to emulate leading international banks, ensuring adherence to quality and reliability standards, regulatory controls, e-governance, and stringent cybersecurity protocols. The ultimate objective is to offer financial services and online transfers for bank accounts and banking cards, as well as facilitating e-commerce. This will enable customers to conduct their banking transactions electronically anytime and anywhere.

Al-Terkait emphasized the significance of utilizing modern technology in daily operational tasks and ensuring seamless and secure communication between KFH and its products and services, as well as between its corporate and individual customers. This utilization of technology improves resource exploitation, enhances production efficiency, reduces customer service waiting time, and ultimately increases customer satisfaction and confidence while reducing costs.

He highlighted ongoing projects in electronic payment services, opening accounts online, enhancing device performance for instant card printing, facilitating gold trading, conducting remote transactions, and blockchain technology to offer a wide range of services accessible to customers anytime and anywhere, thus showcasing KFH's digital superiority within the banking industry, aligning with international standards and displaying impressive competitiveness.

“Beside developing systems, programs, and technological infrastructure, KFH has also undertaken various advanced projects in serving both its individual and corporate customers. Additionally, KFH has taken steps to establish efficient means of communication and interaction with regulatory authorities”, He added.

Al-Terkait explained that “In terms of customer service and the introduction of new products and services, KFH has successfully implemented in its branches an innovative customer identification process. This process uses facial recognition technology based on biometric identity to enhance the speed of service delivery.”

KFH has recently launched Tam, the first Islamic Digital Bank in Kuwait, as part of its commitment to digitalization and delivering top-notch services to the youth segment. The launch of Tam includes a range of advanced services, such as the introduction of a new WhatsApp number to contact the bank, updating Knet claims system, and modifying ATMs to better serve customers.

He pointed out that KFH has achieved success in initiating the service of enrolling new customers through digital vending machines. This was made possible by the first mobile device on the market called D-POS, which allows customers to sign up and establish accounts on KFH systems instantly and from any location in addition to KFH POS terminals to support Refund/Partial Refund for Debit Cards (Contact & Contactless).

Al-Terkait went on to say that “We were able to facilitate the exchange of credit and prepaid cards for KFH customers within 3 minutes using instant card issuance machines. Furthermore, KFH launched the first corporate mobile banking which provides five essential services to support their business.”

He emphasized that customers can now open a saving account via KFH Online, which was previously only possible in branches. Also, KFH collaborated with Western Union to offer co-branded international money transfer services through the KFHOnline app. Additionally, KFH customers are now able to open foreign currency savings accounts through KFH Online.

He added that KFH customers now can check their account balances in KFH Turkiye through KFH Online app. The Bank has also made progress in updating customer’s Civil ID and authentication without the use of a physical card. Additionally, improvements have been made to digital wallet notifications, resulting in a reduction of approximately one million SMS per month. Furthermore, messaging data and account statements for debit and credit card transactions have been expanded, ensuring accurate transaction tracking. Customers now can transfer their prepaid card balance to their personal account.

Al-Terkait said that the launch of Zaheb, a digital payment platform for businesses, enhances the relationship with companies, and allows corporate customers to easily pay by generating payment links and QR codes, eliminating the need for POS devices. 

KFH also introduced three new debit card products with various features specifically designed for corporate customers for government use. One of these cards is issued with limited acceptance only on government KNET POS/PG terminals. This card has received positive feedback and attracted the interest of merchants.

Meanwhile, Al-Terkait pointed out that there was a significant formation of Squad Teams focused on enhancing KFH systems. These teams efficiently accomplished numerous additions and updates in record time. KFH also achieved success in transforming several manual processes and functions into automated systems through the utilization of RPA robotic process automation. Additionally, KFH systems were enhanced and updated to seamlessly integrate with the GCC cross-border payment system "Aafaq" GCC RTGS (AFAQ).

“KFH has achieved success in various areas, including completing the automation of the credit risk assessment system, enhancing the collection system for commercial transactions, introducing the automated merchant management system, expanding the services for immediate reissuance of Visa credit cards to include renewal and replacement of damaged or lost cards, automating numerous reports for the benefit of corporate employees, developing a withdrawal system for card promotional campaigns, and making further enhancements to the gold product systems.” Al-Terkait explained.

KFH has continuously improved its payment systems, resulting in improved cooperation between banks and the introduction of new services on Financing Origination system on Ezway. These improvements include integrating Cinet systems, expanding the digital signature for various products through PACI integration. “The development of customer response systems in the call center, along with the implementation of a direct automatic classification system for Hesabi and Bayti customers”, Al-Terkait added.