Moving forward in its digital transformation strategy, Kuwait Finance House (KFH), the world-leading Islamic financial institution, has signed an agreement with Aion Digital, a digital-first banking platform, to transform all functions of Retail and Corporate Banking services at the bank.
Under this agreement, KFH will drive its expansion plans through the digitization of its Retail and Corporate Banking services. This will enable a secure and efficient digital omnichannel platform that has open APIs. Furthermore, Aion Digital will design, develop, configure, and implement a leading and modern Digital Banking Platform to enable KFH’s digital transformation and enhance its value proposition in delivering high-quality and digital-first products and services to its customers.
Aion’s role as the digital banking technology partner will be to provide the Aion Rubix Next-Generation Enterprise Digital Banking Platform that delivers on the bank’s requirements and the bank’s desired digital capabilities. This will enable the bank to offer unique customer digital journeys that facilitate digital banking services in a flexible timeline for KFH to offer valuable services to its Banking Customers.
In addition to the launch of the first-ever digital onboarding solution in Kuwait last year, this new collaboration will allow KFH to consolidate its position as a pioneer digital and retail player in the GCC Banking industry.
Aion will also help KFH revamp its current corporate e-banking services with a modern and state-of-the-art Digital Omni-Channel enabled Platform, enabling the bank to offer unique customer digital journeys to its corporate and SME banking customers.
The introduction of the Aion Rubix digital platform will enable KFH to shorten the time taken to develop new products and accelerate time-to-market. Along with the enabling technologies such as facial recognition, fraud analysis, OCR and selfie checks, Aion Digitals ready-to-go banking with over 200 pre-integrated customer journeys will also provide KFH with the flexibility to customize their core-independent development, enabling faster digital innovation without the limitations from back-end systems.
The Aion Rubix platform will allow KFH to transition and operate on a modern, and highly efficient technology architecture that is future-ready to meet the digital-first demands of customers. The platform can scale to other key markets and across various regulatory bodies while connecting to multiple ecosystems in the digital world. By using cutting-edge technology that will benefit and transform the lives of the Banking community, KFH envisions a future where digital delivery of its products will lead the way towards the adoption of cashless and digital financial solutions. Aion Digitals’ expertise and extensive range of solutions have been proven time and again.
KFH is looking forward to successfully complete the digital transformation road map and accelerate the development of its digital banking products services. KFH’s digital innovation journey that is being undertaken with Aion Digital has placed the people at the center of our digital investment, with technology being the critical driver in transforming the bank and ensuring it stays ahead of the competition in the next digital banking revolution.
Group Chief Operations Officer at KFH, Abdulla Abu Al hous said: “KFH being the leader in providing utmost customer experience and optimized customer journeys, launched this “Digital Channels” initiative to provide all KFH customer segments (Corporate & SME, Retail) with unique set of digital services & digital technologies to empower them like never before, transforming their relationships with KFH and their use of financial products and services with deep understanding of KFH customer ecosystem and becoming a part of it.
He pointed out that as a world-leading Islamic financial institution, KFH is focusing on core customer needs and digitally augment their core capabilities to deliver the outcomes customers really desire, rather than the products or services they’ve traditionally sold.
Meanwhile, Shariq Nazim, Co-Founder and Chief Technology Officer at Aion Digital said, “Once again, we are excited to partner with KFH on its bank-wide digital transformation journey. Our priorities are to work as partners, ensure customer success, and digitally transform while keeping the customer experience as a priority without impacting ongoing operations. The benefit of working with Aion Digital is the range of integration processes that can support banks to execute in a faster and cheaper manner, strategic digital transformation projects that are tailored uniquely for them.” Added Shariq.
