Kuwait Finance House K S C P : KFH’s Customers Conduct 140 Million Transactions through KFHonline in 2020

The total transactions completed by Kuwait Finance House's (KFH) customers through KFHonline on the website or the mobile app were nearly 140 million for the year 2020, with a growth rate of 18% compared to same period last year.

The e-banking transactions included: logins, local and telex financial transfers, opening deposits, adding beneficiaries, balance inquiry, cheque book request, opening KFH gold account, conducting gold transactions (purchase, sell and trade), requesting financing, opening an account, and checking the PINs for credit and debit cards, activating new bank cards, reporting a lost credit/debit cards, checking the financing obligations and the number of installments, among wide range of digital services.

Group General Manager Retail Banking at KFH, Khaled Yousif Alshamlan, said that these figures of online usage and growth rate reflect the efficiency of KFH digital solutions and the KFHOnline services.

'This also reiterates the bank`s leadership position in providing high-end mobile banking services that enable customers to complete their banking transactions anywhere 24/7,' he added.

Alshamlan pointed out that KFH succeeded in making significant strides with its digital transformation journey, drawing attention to its advanced and innovative financial services and products, indicating the bank successfully launched the digital service 'opening bank account online' for new customers, citizens and residents within minutes without having to visit the branch.

He said that the XTMs and the smart branches; KFH Go contributed in adding value to customers' banking experience, confirming the ongoing efforts in utilizing AI and teaming up with Fintech for the best interest of customers, and to keep abreast of latest financial technology.

Alshamlan listed some of the innovative financial solutions provided by KFH which are: The free of charge 'SWIFT GPI' service to track local and international banking transfers electronically for individuals and corporate via KFHonline, Kuwait Clearing Company KCC dividend subscription, transfer to KFH Trade, Baiti online, deposit of cheques via mobile, Cardless cash withdrawal by (QR Code, Civil ID& Mobile Number), and a complete update of KYC request 'Know your customer'.

He also mentioned the digital services of opening a gold account with options of selling, buying and trading online, Skiplino to book appointments electronically in the banking branches, KFHPay electronic payment service through which the customer can pay through the KFHonline mobile application or via the K-Net page, in addition to many other highly efficient digital services.

KFH also offers Push Notification service that is important in the case of traveling and the text messaging service is not available. To speed up electronic payment processes and enhance security, 3D Secure service has been developed so that the verification process is done through the verification code (OTP) technology that reaches the customer even if he is outside Kuwait via SMS or through the Push Notification service in the KFH mobile application.

Alshamlan emphasized KFH`s keenness on constantly improving its innovation strategy to roll out unique digital banking solutions, while moving forward in its digital transformation journey.