KUWAIT: As part of the bank’s strategic partnership with the National Leadership Institute (NLI), Kuwait Finance House (KFH) Executive Manager Digital Transformation Tareq Al-Ajeel participated in the first discussion panel on the significance of digital transformation. The conference brought together participants from different sectors, notable financial institutions, and field experts.
During the discussion panel, Al-Ajeel stated that KFH online application has achieved massive success and was ranked first on Apple store, primarily for its efficiency, ease of use and innovative banking and financial solutions. "At the end of Q3 of 2023, KFH customers carried out more than 152 million digital banking transactions through KFHonline on mobile and website, with a growth of about 40 percent compared to the same period last year,” he added.
Al-Ajeel pointed out that this remarkable growth in customer usage of online digital banking affirms KFH’s leadership in offering innovative digital financial solutions, enhancing the banking experience of customers and providing the Bank with a competitive edge. He went on to say that KFH has maintained its strength and leadership in offering distinguished digital banking services, noting that the pandemic contributed to accelerating the digital transformation journey of KFH which made significant leaps prior to the pandemic phase. He revealed that during the total lockdown, KFH continued serving its customers round the clock through its online digital platforms.
Meanwhile, Al-Ajeel pointed out that investing in FinTech and infrastructure development is at the heart of KFH’s strategy as it has become a necessity. Therefore, KFH is keeping pace with the developments in this industry including Artificial Intelligence, cyber security, and machine learning, as well as enhancing its relationships with FinTech providers through strategic partnerships.
He noted that Open Banking and Application Programming Interface (API) are reshaping the banking sphere, therefore banks must adopt and benefit from these applications to improve their overall performance and enhance customer experience.
Additionally, he mentioned that KFH cooperates with world-class companies to provide unique and top-tier services, such as the cooperation with Ripple to launch instant cross-border payments service by using Ripple’s technology. He also stressed that KFH will continue to explore new partnerships with emerging technology enterprises and FinTech providers with the intention of designing and delivering innovative financial solutions to customers. It is worth noting that KFH’s participation in the Breaking Barriers conference stems from its keenness to develop and empower the national leadership capacities, in addition to its interest in enhancing the education system in Kuwait by participating in all the relevant initiatives and events, which constitute a valuable opportunity to address challenges and explore new avenues that contribute to accelerating knowledge transfer, empowering the next generation of national talents, focusing on scientific innovation and forming purposeful partnerships for rising leaders amid a rapidly developing global scene.