Islamic banking firm Kuwait Finance House (KFH) has introduced its first fully-automated digital self-banking branch at Ishbiliya Co-op in the Kuwait City.
Called KFH-Go, the 24/7 e-branch is equipped with advanced technical devices and self-service instruments to offer retail banking services.
KFH group chief retail and private banking officer Waleed Khaled Mandani said that the opening of the new branch is a part of its plan to diversify retail banking services.
What digital self-banking branch will offer?
Mandani said that the branch features XTMs and ATMs as well as two cash deposit machines (Bulk Deposit).
These cash deposit machines are capable of accepting 300 notes in a single transaction. Using the XTM machines, it can also communicate with the telephone service personnel in audio and video calls.
Overall, the branch will offer more than 30 services including cash withdrawals using the mobile phone, credit cards requests, card activation and opening accounts among others.
Additionally, the customers can carry out Murabaha business transactions as well as update their data with the bank through the KFH-Go.
Mandani said: “This branch is a qualitative leap in the era of digital self-banking, which is based on direct interaction between the customer and advanced machines and platforms.
“We are working to cover new areas through digital branches. Starting with Ishbiliya branch, we carefully chose the area due to its location in the center of many areas, as well as the distinctive nature of its inhabitants, where the advantage of accessibility of the branch is a factor in the choice of place.”
KFH is expected to open similar digital self-banking branches in other locations next year.