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Kuwait Finance House & EY sign partnership agreement

Kuwait Finance House (KFH) has signed a partnership agreement with Ernst & Young (EY) to launch an ambitious Robotic Process Automation (RPA) program.

In line with the bank’s commitment to offer pioneering added-value services to its customers whilst staying abreast of advances in banking technology, KFHmaintains its stronghold in the Kuwaiti banking space, with a groundbreaking move to integrate Artificial Intelligence into operations. This makes them the first financial institution to do so in the region.

KFH’s digital transformation and focus on technology brings the Bank one step closer to providing the optimum customer experience, offering simple, secure transactions to the end user. A win-win scenario for both customer and bank, given the implicit increase in productivity and reduction in operational costs, improved customer satisfaction and loyalty, and a yet firmer footing at the pinnacle of Kuwaiti banking.

Group Chief Retail and Private Banking Officer at KFH, Waleed Khaled Mandanisaid of the partnership with EY, “AI is the future of banking and by far the most influential element of modern technology. It is essential for KFH to utilize developments in AI when designing innovative products and services, not only to focus our efforts on today’s customer needs, but also to continue to differentiate ourselves from our peers. It also gives us the ability to place our existing resources where they do the most good. EY will assist us in achieving our goals with the very best tools at our disposal”.

The Robotic Process Automation (RPA) system is characterised by its contribution to improving business efficiency and enhancing performance quality. RPA systems evaluate the creditworthiness of potential customers, achieving operational efficiency in strict compliance with the instructions of the regulatory authorities, analysing customer data, filling out the required documents and allowing a whole host of other procedures to be carried out electronically.

Mandani is a firm believer that AI will have a decisive impact on the future of the bank. “AI technology is in line with KFH's growth strategy and our mission of delivering superior innovation and unparalleled customer service, whilst protecting the interests of stakeholders. KFH has made great strides in introducing a wide range of innovative eservices in different sectors at Group level.

He added that the RPA will eliminate the element of human error from operations, as the volume of manual procedures decreases. Operational costs will see a considerable reduction, with improved efficiency generating a simultaneous boost in revenue as less time is spent on tasks of a less strategic nature by staff.

“By offering staff a more central role in improving customer service, they are motivated to go the extra mile, boosting morale in the short to mid-term and positively impacting productivity and returns for the future”.

EY Partner, Houssam Itani says, “We are very excited to be able to support KFH on its innovative digital journey focused on delivering the ultimate customer experience to users. Companies today are still grappling with a high number of routine, repetitive tasks that occupy a significant portion of employees’ time. RPA gained significant traction over the past of few years to address those challenges and EY has been engaged in major regional and international RPA programmes that delivered transformational results. RPA will enable quick and visible results – usually in weeks as opposed to months – in terms of cost efficiency and customer experience. In line with global and regional trends, RPA will form a stepping stone for KFH’s intelligent automation programme.

KFH well understand the importance of keeping pace with the latest developments in the field of innovation, identifying the evolvement of customer needs in the banking sector and adapting their solutions to meet them. Innovations carried out to date have already resonated with KFH users around the world, and with this new partnership, there will be many more to follow in the future.