Kuwait Finance House (KFH) participated in the 4^th edition of MoneyTech Summit held at St. Regis Hotel in Kuwait. The event gathered experts from fintech, banking, telecom, entrepreneurs and money technology investors as well as other relevant sectors.

In his speech, KFH Group Chief Technology and Digital Transformation Officer, Meshaal AlMunaikh, said: “I'm pleased to be at the MoneyTech Summit to discuss the future of banks as they navigate the digital transformation. This shift is already shaping our everyday lives.”

He added: “Banks are no longer self-contained entities but have become part of an open financial ecosystem built on collaboration with FinTech companies, digital platforms, and global technology players (Big Tech). At KFH, we capitalize on these partnerships to deliver innovative services that open the way for more opportunities.”

AlMunaikh pointed out that the future of banks lies in innovation, smart technologies such as artificial intelligence (AI) and cloud computing.

“Digital channels, including banking apps and e-platforms, are now the primary customer touchpoints and act as strategic partners in customers’ daily lives,” noted AlMunaikh, “Last year alone, customers performed over 400 million digital transactions through KFHOnline app. This figure reflects strong customer engagement with digital platforms. It is also evidence that we are ready for the future while leading the digital transformation journey with high efficiency, providing customers with seamless and sustainable banking experience.”

He further noted: “Modern technology with customers’ evolving expectations have transformed the financial sector. This shift placed on us a responsibility to redefine the banking experience through a new model centered on a seamless, borderless service experience, accessible 24/7, through efficient, secure and reliable digital channels.”

AlMunaikh emphasized that technology alone is not sufficient to achieve the desired transformation, explaining that real change begins with mindset and a work environment that encourages innovation and creativity which are core values for every project and decision.

He added that integrating AI and automation while strengthening cybersecurity is key to accelerating digital transformation responsibly and securely. 

AlMunaikh highlighted KFH’s successful adoption of the latest technologies which have reduced costs, improved reliability, and enhanced performance, all of which have positively impacted operational efficiency and strengthened customer experience.

He also demonstrated KFH’s major initiatives in integrating AI and automation, including:

• Unifying data across the Group using advanced technology from Oracle, Microsoft and other international companies.
• Developing AI-powered solutions with Microsoft to enable advanced analytics, automated risk models, and real-time insights. This initiative has reduced credit assessment time from several days to less than one hour, accelerating reporting, and enhancing customer experience.
• Smart data analytics to support decision-making.
• Smart automation of some internal processes.
• Introducing AI Copilot digital assistants to support employees.
• Launching advanced Speech Analytics system in the call center with Automated Quality Management system.
• Introducing "Fahad", Kuwait's first AI-powered virtual employee, a leading step towards smart banking services.

AlMunaikh extended appreciation to Aljarida newspaper team for organizing this distinguished summit. He commended their efforts in fostering dialogue on critical issues shaping the future of the banking sector with leading bankers and experts in the industry.

It is worth noting that the MoneyTech Summit is a key platform for decision-makers and experts. It addresses topics such as the role of AI and data centers in accelerating the growth of the GCC private sector, the maturity and ongoing development of fintech, the rise of health tech as the new frontier for GCC investors, and the next leap of proptech in redefining real estate investment and unlocking new growth opportunities.