Kuwait Finance House (KFH) Deputy Group CEO Transformation, Technology and Operations, Haytham Alterkait said that the Information Technology Sector at KFH has made significant progress in 2024, moving towards the development of an integrated system of high-quality digital services.

He added that KFH has undertaken a significant strategic shift, resulting in notable enhancements in project completion rates. This primarily involves expanding digital services, upgrading technological infrastructure, and implementing mechanisms to deliver digital services across KFH platforms, branches, and self-service devices. These efforts have elevated the quality of services and products, improved usability rates, and enhanced overall quality levels.

Alterkait explained that KFH is actively keeping pace with rapid developments in the fields of innovation and fintech. The Bank focuses on digital product design according to the highest quality, e-governance, and cybersecurity frameworks. These measures have maximized resource utilization and production efficiency, while reducing delivery times for services, enhancing customer satisfaction, forecasting business opportunities, addressing challenges accurately, and streamlining costs. These achievements underscore KFH’s digital transformation excellence in the banking sector according to global standards and significant competitiveness.

The integration of systems

Alterkait highlighted the crucial role of the KFH IT team in successfully completing the merger project with (formerly) Ahli United Bank- Kuwait, ensuring a smooth and successful transition on Operational Day One."The team successfully integrated the accounts and products of over 280,000 former AUBK customers and unified more than 80 systems across all bank departments," he commented. "This achievement, completed in record time with high efficiency, marks a significant milestone, paving the way for a new era of success, achievement, and industry leadership for KFH."

Corporate Banking

In terms of Corporate Banking, Alterkait said that KFH developed and migrated a new system with eCorp, leading to various benefits. These include enabling the customer to receive live rates, minimizing physical communication with the account agent and ensuring quick transactions.  In addition, KFH introduced the final digital solutions of the CreditLense program in which Moody’s company consolidated all the digital solutions, making them accessible on CreditLense platform tailored for KFH. The array of digital solutions includes virtual ESG form, new virtual form for the High-Net-Worth Individuals (HNWIs) category, new virtual form for projects category, updating customer’s date-entry fields, updating external rating maps and Early Warning Signs (EWS) reports. The components of the solutions package are now active for use by the business and risk teams.

Risk systems

Alterkait highlighted the role of Risk management and their vital role at the Group level, saying that several system recovery simulation exercises were conducted successfully. These exercises were tested on different systems based on the set plans, ensuring the solutions are effective and applicable.

Digital Transformation and Innovation

KFH Deputy General Manager Digital Transformation, Eng. Tareq Al-Ajeel said that KFH continued its innovative streak in 2024, developing digital financial solutions tailored to the needs and aspirations of its customers. In this regard, the IT sector at KFH implemented numerous projects across banking, financial services, and products, enhancing the technological infrastructure and bolstering cybersecurity defenses. These endeavors have empowered KFH to consistently deliver the most advanced, secure, competitive, and sustainable banking, financial, and digital services in the industry.

He said that KFH has been a pioneer in launching several digital services in Kuwait, driven by the efforts of the IT sector. Among these is the integration of the corporate system with the Public Authority for Civil Information (PACI), facilitating KFH’s system to register companies and adding new corporate users seamlessly.  Currently, the integration with PACI ensures essential verification processes, guaranteeing that customer profiles remain consistently up to date.

Speaking about the launch of various digital services in Kuwait, Al-Ajeel explained that KFH succeeded in introducing a diverse array of digital services to its customers, contributing to enabling them to complete their financing and banking transactions easily. These include allowing customers to open Al Nuwair deposit for their children electronically, sending OTP through e-email, adding new customers in Baitak Rewards program, allowing customer to request a payment from a group of people by sending one link to their phone numbers, allowing the customer to create a group online and send recurring payment order. Customers can also view the status of each transaction through the Transfers Status through KFH Pay.

He went on to say that KFH has introduced several innovative digital services through the KFHOnline platform, enhancing customer convenience in managing banking cards. These include features like modifying credit card limits through the Cards Services option, generating account statements for credit/prepaid cards in PDF format. In terms of financing services, KFH has improved its electronic financing requests by enabling customers to submit the financing request online through KFHonline applications, making the process simpler and more accessible for users.

Speaking about creativity and innovation, Al-Ajeel mentioned that KFH organized over 15 workshops focused on digital transformation and received more than 480 innovative ideas. These efforts led to significant outcomes, including a reduction in paper usage, saving over 1.5 million sheets of paper. Thanks to these continuous endeavors, Euromoney Magazine has ranked KFH as a Market Leader - Kuwait in digital solutions, further cementing its leadership in delivering advanced digital solutions to the market.

He indicated that KFH introduced face ID authentication for eCorp users, enabling seamless and secure access to the eCorp mobile application. This feature represents a crucial step in simplifying business operations and strengthening relationships with corporate clients in Kuwait.

tam Bank

Al-Ajeel emphasized that tam Bank is Kuwait's only fully digital bank compliant with Islamic Sharia principles. It offers a unique, modern banking experience tailored to customer needs, blending traditional banking services with innovative features like social media channels. This approach enhances customer engagement and strengthens communication.

The bank has also introduced the tam Rewards Program, allowing customers to earn points on transactions and promotions, fostering customer loyalty. Additionally, the program offers a 100% cashback feature, making it a top choice for customers seeking a value-added banking experience.

Prestigious Awards

The distinguished achievements of tam digital Bank resulted in winning numerous awards, reflecting the Bank’s commitment to innovation and customer experience. Key accolades include Transformation Awards MEA, Gold Winner: Best Visual Identity in Financial Services, Silver Winner: Best New Brand Development, Silver Winner: Best Naming Strategy, Incentive Awards 2024 - Best Use of Technology in a Program, and Euromoney’s “Best Digital Bank in Kuwait” award.

Meanwhile, KFH Executive Manager Digital and Alternative Channels, Meshal Alobaid highlighted the unique range of innovative products, many of which were launched by KFH in the Kuwaiti market. These products are geared towards enhancing KFH’s extensive banking expertise, its commitment to customers and its keenness to provide the best banking experience in the Kuwaiti market thanks to KFH’s excellence in banking services.

Online Banking

Alobaid added that KFH has offered its corporate and retail customers with banking services, products and channels that meet their needs easily and with the highest levels of security. Through its mobile application, KFH introduced various banking services, including WAMD, in collaboration with K-Net. This service  allows users to send or request money instantly from other customers at another local bank. Other pioneering services offered through KFH Online App include Western Union international money transfer services, updating civil IDs through Kuwait Mobile ID, enhanced cards and money transfer services, push notifications service, GCC cross-border payment system (AFAQ), and KFH Pay service. Moreover, KFH delivers other diverse services through its ATMs distributed across the largest network in Kuwait covering over 500 devices.

Exceptional Solutions

As part of its successful digital transformation strategy, KFH has introduced numerous innovative banking products, services and solutions. The efforts continued to build innovative financial solutions and growth strategies that align with the evolving needs and expectations of customers. Together with Retail Banking, the IT sector launched several exclusive digital services in the banking sector in Kuwait, including instant credit and prepaid card printing service, the first of its kind in Kuwait, the D-POS portable device facilitating instant account opening across all branches through direct sales employees.

These achievements, services, and initiatives reaffirm KFH’s leadership in digital transformation and in rolling out digital services and high-quality digital financial solutions. These efforts align with KFH’s commitment to advancing efforts in developing a robust technological infrastructure, and the tools for delivering innovative services to customers through its various platforms. This approach solidifies KFH role in leading digital transformation within the Islamic banking sector and across the banking industry.