Kuwait Finance House (KFH) has organized a forum titled (Retail Banking Beyond Horizons), bringing together the Retail Banking employees with the Group Chief Executive Officer, Khaled Yousef AlShamlan and leaders of the executive management team.

KFH`s product showcase unveiled a fresh suite of banking services and solutions designed to simplify customer experiences, underscoring the bank`s dedication to digital innovation and excellence.

KFH Acting Group Chief Retail Banking Officer, Sameh El Meligy

During his address at the event, the Acting Group Chief Retail Banking Officer at KFH, Sameh El Meligy emphasized the rapid changes within retail banking. He stated that staying ahead in a competitive landscape demands innovative approaches to continually improve customer experience. El Meligy further noted that the introduction of new financial products and services has revolutionized the banking sector and significantly enhanced customer experience, a key focus for KFH.

El Meligy confirmed that KFH is moving forward with its strategic objectives by implementing initiatives across four key pillars. The first pillar is unleashing the capabilities of AI and effective marketing to generate sales opportunities and employ digital channels and branches to acquire the largest market share in the market. The second pillar encompasses the contribution of Hybrid Service Hubs in transforming traditional branches into smaller sales centers to increase reach and reduce costs.

He pointed out that the third pillar focuses on achieving global service rates through a customer-centric culture, and enhancing key performance indicators based on customer feedback. The four pillar relies on the integration of retail banking services across the Group.

Group service center

KFH Deputy General Manager Products, Nehal Al-Musallam, said that as part of KFH’s efforts to achieve a comprehensive performance and enhance the unified vision across the Group units, KFH launched the Group Service Center for KFH-Turkey and KFH-Egypt. The dedicated center is soon offering its services in Mishref branch, meeting the needs of customers and delivering an integrated banking experience.

She added that the center offers an array of services tailored for the needs of customers. These services include facilitating the opening of new accounts for customers, updating their personal and banking information to ensure an efficient and uninterrupted service. The Service Center also provides technical support for activating and using banking applications of KFH-Turkey and KFH-Egypt, enabling customers to securely access and manager their transactions.

“The center is open to all KFH customers, reinforcing our commitment to delivering exceptional customer-centric services and enhancing their banking experience.” she noted.

Gold Collateral Financing

Al-Musallam announced the launch of Gold Collateral Financing, the first of its kind in Kuwait, allowing customers to obtain financing secured by the gold held in their account. Accordingly, customers can access the value of their gold without selling it.

She explained: “The Gold Collateral Financing allows customers to obtain quick financing by the gold held in their KFH gold account, whether they already have an account or opened a new one. This service provides liquidity to customers while keeping their assets stable. Customers requesting a financing can easily hold their gold as collateral at KFH and receive the financing they requested at competitive rates.”

Al-Musallam pointed out that this product is one of the financing solutions that provides customers with the financing they need with numerous benefits, simplified and minimal procedures, as well as flexible repayment options.

Updating banking tiers

Al-Musallam also stated that KFH updated its banking tiers, in line with the Bank’s global expansion. These updates are as follows:

Al Ruwad program has been rebranded as Premium. The minimum salary requirement was reduced from KD 4,000 to KD 3,000. The Premium customer experience was also enhanced by adding distinctive services, including increasing complimentary airport transfers from two to three times per year and extending free valet parking from weekends only to daily availability in additon to more complimentary services added to the program.

Al Tamayoz program has been rebranded as Advance while retaining its original conditions. For Advance customers registered for the concierge service, KFH have introduced new privileges, including complimentary airport transfers and Eid cash delivery service.

Alsundus and Alruban programs have been merged into one program: Personal.

KFH targets two additional segments: the youth segment, offering the specialized Hesabi program for individuals aged 15 and above; and the children`s segment, which features Baiti program for those from birth to 14 years old. This program provides access to various exclusive discounts and events throughout the year.

Hesabi customers can enjoy a suite of premium services via the KFHonline app, including a complimentary Hesabi prepaid card for the first year, automatic enrollment in KFH Rewards, a leading rewards program in Kuwait, and an initial gift of 1,000 welcome points. Many other benefits and offers are also available.

Redesigning KFH cards

Meanwhile, KFH Deputy General Manager Cards, Talal AlArbeed, presented the latest developments of the Cards department in terms of design, benefits and services. He said that KFH announced the launch of its redesigned debit, credit, and prepaid cards in February.

He added that these cards boast a modern and attractive aesthetic and represent a step towards sustainability through their environmentally friendly materials, reflecting KFH’s commitment to environmental responsibility and the provision of more sustainable financial solutions.

Rewards and benefits

Speaking about virtual prepaid cards and KFH rewards prepaid cards, AlArbeed said: “Responding to the digital age, we now offer our customers virtual prepaid cards, instantly and conveniently issued 24/7 through KFHonline app.”

He added:“These cards deliver a unique and flexible digital banking experience by being instantly added to digital wallets, providing customers with control and security for both local and international online and point-of-sale shopping.”

He affirmed KFH’s commitment to enhancing customers` banking experience, and announced the launch of the KFH Rewards prepaid card. By using this card, customers can earn unlimited KFH Rewards points, redeemable with various brands, and enjoy cashback benefits. This empowers customers to maximize the value of every purchase.

Retail Banking Beyond Horizons

KFH Deputy General Manager Digital and Alternative Channels, Meshal Alobaid, said that the statistics confirm the remarkable success of KFH’s digital channels and its digital transformation strategy. “In 2024 alone, we recorded over 400 million successful banking transactions carried out by customers through our digital channels,” noted Alobaid, “KFHonline provides access to more than 200 banking services.”

Additionally, KFH smart hybrid branches provide comprehensive and integrated experience, offering more than 50 services, with the flexibility for customers to either interact directly with an employee or use state-of-the-art self-service devices.

He noted that the digital channel services include e-payment solutions such as WAMD service, online account opening, instant printing for all bank cards, buying and selling gold, adjusting ATM card purchase and withdrawal limits, and completing numerous transactions through KFH Go without the need to visit a branch.

Enhancing services and design

Alobaid indicated that KFH enhanced and redesigned its application, KFHonline. Key features of the new design include:

• New Landing Page: the homepage has been redesigned to deliver a more interactive and seamless user experience, making it easier to navigate and access a wide range of banking services and solutions.
• Customer Profile and Benefits: this new feature allows customers to view details of their banking tiers and enjoy exclusive benefits tailored to each program, along with a glimpse of the advantages offered in the other programs.
• New Services: these new innovative services include the instant issuance of the digital card, managing the ATM card usage limits.
• Virtual cards issuance: customers can easily issue a prepaid card through the app, add it to the digital wallet and start online shopping immediately.

He also announced new enhancements to ATM and XTM devices. Key enhancements include:

• New UX/UI for ATM – XTM: the interface has been redesigned with a fresh easy and interactive experience, improving the efficiency of transactions and fast implementation.
• launching a new mobile banking vehicle to serve customers. As the first time in Kuwait, KFH introduced Mobi Vehicles equipped with two advanced devices:

• Full function ATM: offering all standard ATM services including cash withdrawals, deposit and transfers.
• Instant card issuance: enabling customers to instantly print their ATM cards, saving time and effort.

Alobaid added that KFH has achieved a record number in the distribution of advanced ATMs, with over 650 devices operating 24/7. This underscores KFH’s leadership in banking services and digital transformation excellence.

KFH hybrid branches

Reflecting KFH`s vision for digital excellence and offering a modernized banking experience, Alobaid said that KFH introduces KFH Hybrid Branches, with the first branch being inaugurated at the Avenues Mall branch. The new hybrid branch seamlessly integrates digital and regular banking services. He further stated that the launch of their D-POS device has revolutionized branch operations and direct sales, allowing customers to open accounts quickly and without paper, enabling immediate shopping and banking transactions within minutes.

Moreover, KFH implemented the D-POS Pro, empowering KFH branch staff to deliver an exceptional customer experience and efficiently complete sales transactions. It grants quick customer service and offers customized banking experience.

Account opening devices

Alobaid revealed that D-POS and D-POS Pro devices have many features. These include:

• Speed and efficiency: compared with the regular account opening process that takes over 15 minutes and requires multiple signatures, customers can now open the account in less than three minutes with just a single signature.
• Paperless process: this digital approach eliminates the need for paper-based transactions, making the banking process more efficient and environmentally friendly.
• Automated data entry: by entering the Civil ID number in D-POS system, all required information is retrieved automatically. This process minimizes errors and ensures a seamless and more accurate account opening process.
• Cost reduction: the system helps reduce operational costs associated with express document courier services for reviewing and archiving purposes.

He went on to say that the D-POS Pro tablet has been designed to empower KFH branch staff to deliver an exceptional customer experience and efficiently complete sales transactions. The tablet provides seamless access to customer service systems, enabling employees to manage customer interactions more effectively.

Alobaid explained that the device has many features. Key features include:

• Customer 360 View, AI-powered analytics, Accelerated sales and services, Cards management, operational efficiency.

“With this device, branch employees can enhance customer engagement, boost efficiency, and drive sales, providing a faster and more streamlined banking experience,” remarked Alobaid.