KFH First Kuwaiti Bank to launch digital signature for personal financing transactions

Alshamlan: The service features multiple advantages and confirms the successful digital transformation strategy

Kuwait: Following successful technical tests, Kuwait Finance House (KFH) has launched, as the first bank in Kuwait, a digital signature service in personal financing products that includes the electronic handling of all paper documents for personal finance transactions.

The new service enables KFH customers to electronically sign any required document using any device and anywhere as well as complete the entire financing request automatically in accordance with the terms and conditions.

Group General Manager Retail Banking at KFH, Khaled Yousif Alshamlan said that this initiative reinforces KFH leadership in implementing the digital transformation strategy. He added that the bank has been a pioneer in promoting investment in the financial technology "FinTech" and digital banking services, while ensuring that they are provided to customers at the highest standards of efficiency and quality.

Alshamlan appreciated the fruitful cooperation with the Public Authority for Civil Information, praising the efforts made in the technical arrangements that led to successfully completing the electronic link with PACI at an advanced level of coordination and cooperation.

Alshamlan explained that KFH has succeeded in automating the whole process of financing request, including digital signature by customers, automatically and in a fast and secure manner. Consequently, the customers can apply for financing request through fully automated process and without the need to visit KFH branches.

He confirmed that the new developed financing request reinforces KFH leadership in providing digital solutions and reflects the digital transformation and financial inclusion, ensuring best services with the utmost speed, accuracy and safety. In line with the current exceptional circumstances and social distancing requirements, the new service also guarantees continued access to KFH services, taking into account the health safety of customer and employee. This contributes to moving the wheel of the economy and areas of financial development.

Alshamlan pointed out that the personal financing service is linked to a number of important economic activities in the local market and is considered one of the basic requirements of customers and an important element in the relationship between the bank and the customer.

“Through converting paper transactions into smart files with the possibility of digital signature and automating all points of contact with the customer, KFH aims at delivering many benefits, most notably: reducing the time of transaction in a way that enhances customer engagement and loyalty and ability to face competition by providing services at a high level of flexibility anywhere and anytime. This helps keep the customer in constant contact, bringing KFH closer to its customers while meeting their aspirations and needs in accordance with the highest quality standards,” He said.

Alshamlan praised the success of the administrative, legal and technical arrangements along with all concerned departments in these areas, stressing that all precautions were taken to ensure safety elements in digital signatures in terms of verifying the authenticity and legitimacy of signatures.

He stressed the importance of this service as a unique qualitative leap, adding that the digital signature is a pioneering technological service, featuring multiple advantages and flexibility in application and development to serve customers and enhance their banking experience.

© Press Release 2021