The Bank has invested heavily in digital transformation…and hastened to deliver high-quality services
The Federation of Kuwait Banks publishes a series of documentaries on the role of local banks, led by the Central Bank of Kuwait, in which it recounts the stages of development of these banks and the most important challenges they have faced since their establishment. creation, on the occasion of the 80th anniversary of the Kuwaiti banking era.
Reviewing KFH’s role since its inception in 1977 as the first Islamic bank in Kuwait, the appointed CEO of Kuwait Finance House Group, Abdulwahab Al-Rashoud, said the bank started operations in a temporary headquarters in the Ahmed Al-Jaber Street, and then moved in 1983 to the Emad shopping center on the same street, which is the first branch of the finance house.
Al-Rashoud added during his speech in a documentary program that the current number of KFH branches in Kuwait is 60, in addition to 10 smart branches spread across various parts of the country. KFH also runs its operations in a number countries around the world through 520 branches, noting that the first branch of KFH outside the country was opened in Turkey (KFH – Turkey) in 1988, followed by the opening of other branches in Bahrain, Malaysia, Saudi Arabia and Germany.
Al-Rashoud highlighted KFH’s leading role in the economy and society, within the framework of the sustainable development strategy, in addition to its continuous support for small and medium-sized enterprises and the financing of mega-projects in various vital sectors. .
He pointed out that KFH participated in the arrangement deal of the Islamic segment, which he led in 2020, worth 400 million dinars, under a huge complex financing agreement, whose value amounted to one billion dinars for the benefit of the Kuwait Petroleum Corporation and with the participation of Kuwaiti Dinars banks during the signing of the contracts.
Regarding small and medium enterprises, he explained that KFH provides all monetary financing services such as Murabaha, Tawarruq, Ijarah and non-monetary financing such as documentary credits and collateral stages of all kinds.
Al-Rashoud said that KFH has contributed in its career of more than 44 years to many strategic community initiatives, including, for example, the payment of defaulted debts in cooperation with the Ministry of Justice, including the amount exceeded 20 million dinars and benefited more than 10,000 defaulters.
He added that the bank also contributed a significant portion to the Corona Crisis Response Fund, which amounted to 10 million dinars, “we also individually contributed an additional amount to the same fund.”
Finalists in “Digitization”
In turn, the head of retail banking and private financial services of the group, Khaled Al-Shamlan, confirmed that KFH is investing heavily in the field of digital transformation, which is a race to provide services and solutions. high quality digital services, and this is noted thanks to the remarkable growth in the use of digital banking services, as it achieved “KFH” a 25% growth in the number of electronic banking transactions carried out by customers via (KFHonline ) on the website and via the mobile application, bringing the total number of banking transactions to approximately 160 million, for the year 2021 compared to the previous year, and this reflects the ease and importance of the services which are submitted through KFH’s electronic channels and mobile app.
Al-Shamlan explained that KFH is unique in providing many high-quality digital banking services as the first bank to launch them in Kuwait, such as printing bank cards in less than 3 minutes via instant printing devices. without prior request through the largest printing network. in Kuwait, in addition to the service of using smart watches to transact through ATMs, and it is also the first bank to provide the personal finance request service through electronic signature.
He added that there are additional services that distinguish and uniquely KFH as the first bank to launch in Kuwait, for example, but not limited to, which provides instant transfer service to KFH – Turkey through the network Ripple using “Blockchain” technology, as well as the distinguished and unique gold product “KFH” in the market, which is a product that allows the customer to open a gold account and buy and sell the yellow metal through electronic channels, as well as immediate receipt of a 10-gram gold bar, printing of an instant checkbook and card-free cash withdrawals via mobile thanks to the identification code QR code.
He pointed out that the bank provides electronic check deposit service and is the first bank in Kuwait to provide this service, in addition to having “KFH Go” smart branches spread across the country to provide all services. banking.
Earlier this year, KFH, as the first bank in Kuwait, launched a money transfer service to local banks via a mobile phone number, which allows KFH customers to make money transfers easily. money from their bank accounts to any account in local banks. and according to high safety standards.
creativity and innovation
Al-Shamlan pointed out that KFH has created a distinctive innovative and creative environment to meet the needs of customers, especially millennials who are adept at using technology and digital transformation.
Regarding the measurement of customer experience, he explained that the bank has many programs that measure and motivate employees, for example, it launched the “Drive it” campaign in 2021, as well as the CXHero initiative. , which aims to improve the service provided to customers and motivate employees to provide the best services.
KFH also organizes a periodical competition at group level, aimed at extracting the best ideas and innovations and motivating and encouraging employees to present their innovations and creativity to arrive at innovative ideas, products and services to be translated and presented to customers. .
For his part, the Group’s Chief Information Technology Officer, Haitham Al-Tarkit, stressed that KFH is keen to provide the latest technological means in banking operations and strengthen the principle of digital transformation by rapidly adopting new services. innovations via smart devices, such as: opening a new customer account and creating online accounts. The opening of a customer file without going to an agency, the possibility of automatically transferring the profits, in addition to electronic financing, and the updating of customer data. KFH is also unique in providing a set of long-term investment plans for the Kuwaiti banking market, which are services available on smart devices.
Al-Tarkit said that KFH has provided a digital transformation mechanism and introduced e-wallets on Fitbit, Samsung Pay and others, and pioneered in this field as it gave the customer the ability to use these wallets for withdrawal and deposit through ATMs. , as well as the provision of additional services that do not exist in Kuwait, such as the service of buying and selling gold through smart devices, in addition to KFH WALLET, which is available exclusively for KFH customers.
In the area of money transfers, he pointed out that there are transfers made through SWIFT GPI to be electronically tracked and monitored through SWIFT Control, as well as the Ripple network to express money transfers.
frameworks and skills
For his part, the group’s human resources manager, Ziad Al-Omar, said that KFH is considered a pioneer in attracting human energies, training them, honing their skills and creating distinguished banking executives.
He added that the development process is of paramount importance at KFH, as it offers a series of intensive courses in cooperation with international universities such as Harvard, INSEAD and IMD, and has also established partnerships with online learning platforms such as LinkedIn Learning, for bank employees.
The largest Kuwaiti party
Al-Omar confirmed that KFH has succeeded in implementing the strategy of strengthening national executives and skills and attracting and developing national talents, as it ranked first among Kuwaiti banks and all institutions in the country. private sector in locating workers.
He disclosed that KFH continues to make progress in national employment indicators and Kuwaiti rates, with the rate of attracting Kuwaitis from new appointments in recent years ranging from 97% to 100%, most of whom are recent graduates.