Kuwait Finance House (KFH) celebrated the winners of the Group’s Innovation Competition for the year 2023. The honoring ceremony was attended by the Chief Executive Officer - KFH Kuwait, Khaled Yousif AlShamlan, the Group Chief Human Resources and Transformation Officer, Zeyad Abdullah AlOmar, and the General Manager Digital Transformation and Innovation, Mazyed Abdullatif Al-Mazyed.

AlShamlan highlighted the significance of creativity and innovation in improving service quality and advancing performance through inventive offerings that enhance the customer experience. He emphasized that we are living in an era that represents a golden opportunity to translate our creative ideas into tangible actions, thanks to the technological advancements, convenient access to digital tools, AI, and collaboration with FinTechs, as well as providing all essentials to bring ideas to fruition.

“KFH’s Executive Management has embraced an innovative approach and adopted multiple initiatives to assist employees in fostering their ideas, enhancing their capabilities, and ultimately putting those ideas into action,” added AlShamlan.

AlShamlan noted that the employees’ ideas focus on delivering banking products, solutions, and services. They also involve developing the necessary technological infrastructure and resources for offering technical services, improving work procedures and mechanisms, strengthening cybersecurity, eliminating or reducing the traditional documentary process, and introducing other concepts that bring value-added benefits.

Additionally, the ideas are geared towards enhancing service quality, raising brand value, boosting profitability rates, promoting work environment, and advancing all performance indicators. This is achieved by the utilization of robotics, artificial intelligence, engineering data, and other digital applications and diverse technological tools.

AlShamlan congratulated the winners and commended their dedication and enthusiasm in generating creative ideas that have greatly contributed to KFH's success and excellence. He emphasized that organizations can only sustain success by embracing innovation, staying abreast with cutting-edge technology, and implementing it across their diverse activities and operations.

He went on to say that during the previous year, KFH has successfully implemented over 35 projects, services, and products. These initiatives greatly contributed to KFH's role as a leader in transforming the banking industry and establishing itself as the foremost provider of high-quality digital banking services. This outstanding performance was confirmed by Euromoney magazine, which ranked KFH the Market Leader – Kuwait in digital solutions.

Group Chief Human Resources and Transformation Officer, Zeyad Abdullah AlOmar

Group Chief Human Resources and Transformation Officer, Zeyad Abdullah AlOmar, highlighted KFH’s commitment to promoting and fostering innovation within its workforce in line with the Bank`s digital transformation strategy. He confirmed that KFH equips employees with development and skills to serve the strategic goals of the Bank.

AlOmar pointed out that the competition had a remarkable turnout and represented exceptional intellectual contributions, carefully assessed by a dedicated committee. Therefore, the winners have earned this honor with their outstanding creativity and innovative concepts.

He affirmed that KFH is dedicated to expanding and enhancing the knowledge and experience of its employees, expressing pride in KFH’s efforts in investing in its talents and providing necessary support to help them achieve their goals and ambitions. This approach fully aligns with the bank's aspirations and objectives.

He said that KFH offers an environment that fosters innovation and growth. This is evident by providing ample opportunities for innovators to share their valuable ideas, whether in Kuwait or at the Group level, and rewarding them for their contributions that bring about tangible results in various aspects of operations.

“Innovation and creativity are at the core of KFH’s strategy of excellence and leadership,” said AlOmar.

General Manager Digital Transformation and Innovation, Mazyed Abdullatif Al-Mazyed

General Manager Digital Transformation and Innovation, Mazyed Abdullatif Al-Mazyed, expressed his joy at the large number of employees who participated in the competition. He said that the competition received hundreds of entries from employees at the Group level.

He explained that a specialized committee carefully examined and assessed all the proposals submitted by different departments. The committee evaluated the proposals based on precise professional criteria, particularly their alignment with the institution's overall policy. The proposals should introduce a new idea, product, or service, or contribute to enhancing and advancing the level of service. It is also crucial for the proposals to be feasible and include clear steps and implementation stages, as well as consider the dimensions of competition, profitability, quality, and professional and organizational standards, locally and globally.

The innovation committee at the Group level evaluates ideas that have been given an "exceptional" and "good" rating. These ideas are then included in the list of the top 10 innovative ideas of the year. The owners of these ideas can enter the final competition at the Group level and present their ideas to the CEO and the Executive Management. The best 3 ideas are then selected, contributing to the adoption of a flexible business model for the flow and implementation of innovative ideas at the Group level. This is done based on the nature of each market, customer segments, controls, and standards in which the Group operates.

Meanwhile, the winners expressed their gratitude to KFH for the recognition they received and for motivating them to continue generating innovative ideas that bring value to both KFH and customers.

Some of the exclusive digital services KFH rolled out in 2023:

• Tam Digital Bank
• Liveness Face Matching service in branches
• Emergency Cash Service
• Exclusive Gold Account services (buying, selling, delivering, storing)
• Zaheb Digital platform
• KFHonline for corporates
• Instant credit and prepaid card printing service for the first time in the Middle East
• Transfer cash from prepaid card to an account
• Transfer to Western Union through KFHOnline App
• Five digital portfolios to facilitate online payments: Google Pay, Fitbit Pay, Garmin Pay, Samsung Pay and Apple Pay)
• Innovative digital products
• Updating EZway and reporting systems
• Direct automatic classification system for Hesabi and Bayti customers
• Automating the complaint submission process through KFH website
• Enhancing customers statement of accounts