The pressures of digital transformation on the traditional banking business model have increased locally and globally
Kuwait Finance House (KFH) participated in the virtual symposium of the Kuwait-US Business Council entitled “Digital Acceleration and Cyber Security in the Financial Sector”, which was organized by the American Chamber of Commerce in cooperation with the Central Bank of Kuwait, in the presence and participation of representatives from the local banking sector and the technology industry.
Head of Information Technology for the Group at KFH, Haitham Al-Tarkit, said during the symposium that the pressures of digital transformation imposed on the traditional business model of banks, whether in Kuwait or the world, have increased, so adopting a flexible approach has become a necessity for the development of this industry. He added, “This development requires concerted efforts and the application of advanced and practical operational processes, given that technology is the engine for transforming the world of banking.
We live in an age of disruptive technology where innovation has become too strategic for competitive industries such as banking.”
Al-Tarkit believed that based on the foregoing, banks will need to adopt flexible practices, organize and participate in relevant workshops, employ new resources and cooperate with financial technology companies “Fintech” to accelerate the process of digital transformation, as well as replace old systems with advanced systems that can meet the growing need to improve the digital transformation model. the job.
He stressed that the adoption of flexible systems can meet the growing needs for digitization and facilitate this digital transformation.
Cyber Security While talking about cyber security, Al-Terkait said that banks should rely on the latest technologies, machine learning, automation and artificial intelligence to enhance their cyber security, stressing the importance of customer awareness, which he considered necessary to enhance customer and user knowledge, and push forward the digital transformation process.
Al-Terkait pointed out that KFH looks at cybersecurity from a different perspective and considers it as one of the enabling factors for the banks’ journey towards digital transformation, stressing its keenness on continuous compliance with local and international regulatory and supervisory standards related to cybersecurity.