The oldest Islamic bank in Kuwait will be implementing artificial intelligence (AI) in its operations, becoming the first bank in the State to do so.
Kuwait Finance House (KFH) will launch a robotic process automation (RPA) program in partnership with EY in a bid to optimize operational efficiency and enhance business quality. The RPA system will facilitate the evaluation of creditworthiness of KFH’s potential customers and digitize other processes which were traditionally conducted manually.
“Companies today are still grappling with a high number of routine, repetitive tasks that occupy a significant portion of employees’ time,” commented EY Partner Houssam Itani. “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 program.”
The RPA system will assist KFH in evaluating the creditworthiness of potential customers, achieving operational efficiency in strict compliance with the instructions of the regulatory authorities, analyzing customer data, filling out the required documents and allowing a whole host of other procedures to be carried out electronically.
“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 e-services in different sectors at group level,” said Waleed Khaled Mandani, the bank’s group chief retail and private banking officer.
The Islamic bank confirmed that with this new partnership, “many more” will follow in the future.