Kuwait Finance House KSC : KFH Pioneer in Digital Banking

Kuwait Finance House (KFH) achieved paradigm shift in digital banking through embracing the latest financial technology FinTech and the Artificial Intelligence AI, in accordance with highest levels of security, quality and professionalism.

During 2018, KFH rolled out a wide range of innovative digital banking services, and upgraded its systems and infrastructure as part of its of digital transformation journey.

The Bank succeeded in providing a plethora of high-tech banking services, most of which are unique in Kuwait, and has established a competitive position in the banking sector. KFH operated its first fully-automated 24/7 e-branch with an advanced and wide range of technical devices and self-service tools under the theme 'KFH-Go'. The e-branch provides more than 30 services representing about 80% of the services provided by the traditional branch.

Also, KFH launched Chatbot service in cooperation with Microsoft, to improve interaction with customers who can use this service through different KFH e-services such as KFH.com and mobile app KFHonline. KFH upgraded a centralized SWIFT network system for global payments at the group level.

Moreover, the Bank offered 'KFH-Go', the first-of-its-kind digital self-banking branch in Kuwait. The new e-branch is not staffed and contains state-of-the-art XTMs and ATMs as well as two cash deposit machines (Bulk Deposit) each capable of accepting 300 notes in a single transaction with the capability of communicating directly with the telephone service personnel in audio and video calls via XTM machines. Customers can access more than 30 services, including cash withdrawals without a card 'cardless' through the mobile phone using the 'QR code', IDs or phone number, as well as conducting 'Murabaha' business transactions, requesting credit cards and prepaid cards, updating data and phone numbers, activating bank cards, opening deposits and accounts and a host of banking and financing services, therefore dispensing with the need to visit the branch or deal directly with the staff.

The Bank introduced a fast cross-border transfer service (KFH Xpress). KFH launched 'Apply for finance online' service that enables all KFH customers to apply for finance request through KFH Online, without the need to visit any of Bank's branches.

KFH has started operating an instant cross-border remittance service 'Instant International Transfer' using Ripple's blockchain technology.

Turkey

KFH- Turkey expanded its XTM presence and now has 51 XTMs in 9 cities. KFH-Turkey developed a new service that aids those with hearing impairment in society through providing sign language feature in XTMs. Customers can easily carry out many banking transactions ranging from money transfer to precious metal trading. This makes experience easier for more than 3 million hearing-impaired citizens with sign language banking.

Bahrain

KFH-Bahrain unveiled Jazeel, a digital account opening and community-based platform in Bahrain and GCC countries. Jazeel enables customers to open an account within minutes, without having to visit a branch

Jazeel allows customers across Bahrain, and eventually in the GCC, to open a mudaraba (trust financing) based savings account and libshara (investment savings) account.

With Jazeel, the Bank introduces a digitized electronic know-your-customer (E-KYC) process where all customer information validation will be done online via video conferencing through the application. The platform provides a number of features including forensic documents analysis, digital documents scanning including signature, facial recognition, selfie checks and create digital identity.

These features allow for the 'genuine verification' of the documents scanned by the customer, via the application, in the real-time mode and can alert the bank of any tampering. Jazeel is currently available in Google Play Store and Apple App Store.

Malaysia

KFH Malaysia won Best Corporate Website from 'Islamic Business and Finance' Magazine. To make the services easier, more convenient, and safer, the website kfh.com has recently undergone significant updates and improvements, including the highest standard specifications of global websites in design and content. As a key corporate interface, KFH invested heavily in upgrading its website www.kfh.com.my to be in line with fast- changing banking industry, digital transformation and reliance on technology in the first place.