KUWAIT CITY, Nov 7: Kuwait Finance House (KFH) won “Best Consumer Digital Bank in Kuwait 2017” Award from Global Finance Magazine in the Middle East Category.
Also, KFH and KFH-Turkey won Product Innovation (Al Nuwair Deposit), and Product Innovation (New Generation Credit Card) awards respectively in the category of The Innovators 2017 -Islamic Finance.
Executive Manager Group Public Relations and Media, Yousef Abdullah Al-Ruwaieh received the bank’s awards in London at Global Finance’s Best Digital Bank Awards dinner.
KFH was chosen among entries evaluated by a world-class panel of judges at Infosys, a global leader in consulting, technology and outsourcing. Global Finance editors were responsible for the final selection of winners in the First Round.
KFH was selected based on the following criteria: strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality.
Joseph D. Giarraputo, publisher and editorial director of Global Finance said “Digital banking is here to stay, and this year’s winners illustrate the importance of relentless innovation in products, systems and services. Corporate and retail clients expect transformative new solutions, and this year’s winners consistently deliver on those expectations.”
KFH offers over 180 e-services online, and takes advantage of social networking sites, where it offered secure banking services for clients using those sites.
KFH has recently launched a novel approach of banking services; XTM that allows customers to conduct their transactions and perform many banking services in minutes in a very modern way using advanced tools through visual and audio communication options. The bank launched ‘Mobile Wallet Payment Service’ that enables KFH customers to pay for their purchases by simply tapping their smart phones at Point of Sale (POS) terminals equipped with Near Field Communication (NFC) technology. KFH launched Visa Checkout service, which enables quick, safe and secure online payment. The bank has launched several other innovative digital banking services.
Al-Nuwair deposit is distinguished by its Islamic Wakala structure, where KFH acts as an agent on behalf of the clients to manage their investment activities. In contrast KFH promises the clients with expected profit rates based on different investment periods, noting that the deposit allows clients to receive returns without the need to wait until end of the fiscal year. In addition, clients can withdraw up to 30% of the invested amount without having to cancel the deposit.
KFH-Turkey’s new generation credit card characterized by its affordability brings a different perspective in the sector. Saglam Card offers holders of this card the option to charge their basic health and education bills and repay them in 5 installments with no extra payment and to determine the number of installments they would choose at their discretion up to 12 installments for each spending of TL 100 or more by card. The holders of the card earn Gold Points corresponding to 50 TL without any card fee if they spend 200 TL or more a month and they repay their credit card debts regularly.
KFH will continuously improve its services and keep abreast with latest banking technology in order to meet the aspiration of its customers while maintaining its pioneering position as a world leading Islamic financial institution.
It is worth noting that Global Finance Magazine is a monthly magazine founded in 1987. It provides a valuable source of data on 192 countries. With vast experience in international financial markets, it helps corporate leaders, bankers and investors chart the course of global business and finance.