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    KFH   KW0EQ0100085

KUWAIT FINANCE HOUSE K.S.C.P.

(KFH)
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Kuwait Finance House K S C P : KFH Keeps Investing Strongly in Digitization

07/11/2021 | 01:16am EDT

Characterizing it as a top priority in a competitive landscape of institutions, Haytham Alterkait, Group Chief Information Officer at Kuwait Finance House (KFH), stressed the importance of moving forward in enhancing customer experience through innovation and transformation into integrated digital banking services, with a focus on data security and enhanced cybersecurity strategy, advanced analytics, cloud computing and process automation by employing AI & Machine Learning, and continuously investing in technologies and fintech. This enables KFH to stay ahead of competitors and fulfill the aspirations of all customer segments in an accelerating transformation and development environment.

He pointed out that digitization of banking operations contributes to raising performance efficiency, enhancing financial inclusion, increasing productivity, cutting costs and eventually improving profitability.

Alterkait explained that the outstanding achievements and qualitative shifts in KFH digital transformation strategy reflected an insightful institutional vision, translated the aspirations of customers and added value to the customer experience and the banking business as a whole. This is in line with KFH's vision of leading the development of global financial services that are compliant with the provisions of Islamic Sharia, and its mission to achieve the highest levels of innovation and excellence in customer service.

He added that despite the pandemic and subsequent full and partial lockdowns, KFH proved its dynamism and success by continuously providing services to customers without interruption through mobile, e-channels, digital platforms and smart branches, noting that the pandemic has prompted the bank to accelerate digital transformation, which is fully consistent with KFH's strong business model that is flexible and adaptable to the bank's digital aspirations.

'While reaching their desired objectives, banks must promote a culture of innovation, adapt to change and maintain information security as much as possible to meet the rapid changes in customer behavior, especially the technology-savvy millennial generation who conduct transactions digitally without having to visit the branch,' Alterkait said.

He added that the efficiency of KFH`s digital services was reflected in around 140 million transactions completed in 2020 by KFH customers through KFHonline or the mobile app. This emphasizes the successful efforts KFH exerted to provide innovative banking solutions to enable customers to complete their transactions around the clock, from anywhere, easily and safely.

Digital Services

Alterkait pointed out that e-banking services offered by KFH include: opening a bank account online for new customers, citizens and residents within minutes without having to visit the branch, local and telex financial transfers, opening deposits, adding beneficiaries, balance inquiry, cheque-book request, requesting financing, requesting Al-Kheir Card, and checking the PINs for credit and debit cards, activating new bank cards, reporting a lost credit/debit card, checking the financing obligations and the number of installments, perusal of investment plans, receiving account balances and deposits summary, along with a wide range of digital services.

He added that KFH has recently launched digital signature service in personal financing products through KFH mobile app or desktop from anywhere without having to visit the branch, Live FX Pricing, instant cross-border payments service at KFH-Turkey using Ripple's technology and digital Wallet service through smart mobiles and watches which provides advanced and smart digital payment methods according to highly developed security standards in cooperation with Samsung, Fitbit and Garmin.

KFHGo branches

Alterkait said that customers can obtain a variety of interactive banking services through KFH Go's 10 branches located in various places in Kuwait, including Kuwait International Airport, such as: establishing 'Murabaha' financing transactions, requesting credit and prepaid cards, updating data and phone numbers, activating bank cards, opening deposits and accounts, instant cheque printing, receiving gold biscuits (10 grams), opening (gold, savings, Al-Rabeh, electron) accounts, online gold purchase and sell, cardless withdrawals using QR code through mobile, or by using Civil ID or phone number, in addition to many other financing and banking services.

Technology partnerships

Alterkait highlighted KFH efforts in establishing technology partnerships with FinTech companies such as the agreement with Aion Digital, a digital-first banking platform, to transform all functions of Retail and Corporate Banking services at the bank, and the collaboration with ProgressSoft, a leading payment solution provider, to launch an electronic forms solution which fully transforms traditional banking forms into electronic, secured and automatically validated forms.

He added that innovation mentality becomes an integral part of the strategy and methodology of KFH that aims at enhancing customer experience according the highest standards of quality, speed and safety, along with consolidating KFH`s leadership position as a first and preferred bank for all segments of retail and corporate customers through offering digital solutions.

Disclaimer

Kuwait Finance House KSC published this content on 10 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 July 2021 05:15:02 UTC.


ę Publicnow 2021
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Financials
Sales 2021 827 M 2 749 M 2 749 M
Net income 2021 240 M 796 M 796 M
Net Debt 2021 - - -
P/E ratio 2021 30,3x
Yield 2021 2,01%
Capitalization 6 905 M 22 945 M 22 964 M
Capi. / Sales 2021 8,35x
Capi. / Sales 2022 7,74x
Nbr of Employees 15 000
Free-Float 51,6%
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Mean consensus UNDERPERFORM
Number of Analysts 5
Last Close Price 0,83 KWD
Average target price 0,55 KWD
Spread / Average Target -33,7%
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Managers and Directors
Abdulwahab Essa Abdulwahab Al-Rushoud Group Chief Executive & Treasury Officer
Shadi Ahmed Yacoub Zahran Group Chief Financial Officer
Hamad Abdulmohsen Hamad Al-Marzouq Chairman
Srood Amed Sherif Group Chief Information Officer
Abdullah Mohammed Abdullah Al-Haous Group Chief Operations Officer
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