ITS: Strategic Partner for Digital Transformation
ITS flagship solution, ETHIX, remains an integral part of KFH’s strategic plans to gain a higher market share and provide better services to their customers. The Bank has leveraged ITS technological solutions to support their digitalization journey since 2009 and continues to upgrade its IT infrastructure in line with a digital strategy that focuses on digital transformation process and technology-based growth.
ETHIX solutions are supporting KFH to seek better growth opportunities, enhance their response to market needs and to increase the Bank’s market share. As the Bank’s Digital transformation partner, ITS previously replaced KFH’s existing obsolete banking system with ETHIX Core Banking, which allowed it to offer integrated state-of-the-art Shari’a compliant financial services by integrating the branch automation system, trade finance, Islamic finance, internet banking, in addition to services related to human resources and treasury. Subsequently, in an effort to deliver next-generation banking, KFH also chose ITS to upgrade its Core Banking System with the ETHIX Net modules.
The Project: ETHIX Finance Upgrade
The newest upgrade to the system included the latest release of ETHIX Finance and the development of a completely new module, ETHIX Collateral. KFH required the upgrade to the latest version of ETHIX Finance in order to be able to gain the latest business and technical features provided in the release.
While the execution of the implementation was fairly smooth a number of challenges had to be overcome. In particular, rapidly growing customer requirements saw ITS bring development resources on site. These onsite resources coordinated with our Global Business Solutions (GBS) team in order to more efficiently handle the code changes on the customer data and conditions. Other challenges included those brought on by the COVID-19 operating environment, where a special working routine was established including off-site access facilities to enable the necessary social distancing and curfew governmental restrictions. As a result of the extended-on hold period a new security assessment was initiated which revealed that increased security standards during the period had come into effect. Aligned with ensuring full security compliance, a workshop comprised of KFH and ITS Implementation and Development held in order to address any security issues and to ensure full alignment with KFH standard accepted security levels.
Read more about KFH, the first Islamic bank in Kuwait (KFH), upgraded its Core Banking System to serve its customers better!