KUWAIT CITY: Kuwait Credit Bank (KCB) is financial institution wholly owned by the State of Kuwait, specialized in granting social loans and mortgages to Kuwaiti citizens. The objective has been to provide a convenient and simplified automated loan application process for citizens. The New ‘5 Minute Loan Approval’ Project The project objective was to make it more convenient and comfortable for the citizen to apply for the loan and obtain approval with minimum effort.
It was to improve the loan application process and make it a fully automated. To achieve this Kuwait Credit Bank (KCB) had to be abreast with the latest technologies and advances of data management and integrated systems. It acknowledged the government’s timely investment smart chip technology that connects it to the Civil ID card across different governmental entities to obtain the data required for loan approval. On the bank’s side, the project increases employee productivity by 95%, reduces waiting time and eliminates human error in input and processing.
A loan which used to take two days to complete will now be completed in less than five minutes. In order for KCB to follow their vision and fulfill the ambition of a fully automated real time online application loan service partners SAP & MDS have been bought on board to fulfil the technological requirements of the project with the recent installation of datawarehousing and integration software at the bank. “The new project will certainly help raise the job satisfaction of the employees who operate the system, seeing that customers too are satisfied with the impressive service. And with on average 400 loan applications per week, and the extension of the project to handle the 105,000 backlog of new houses being granted to the Kuwaiti citizens by the government, these system improvements are key in maintaining KCB’s position as the most trusted and forward thinking bank in Kuwait. At this stage KCB is now evaluating SAP’s in-memory ‘Hana’ platform for the impending volume explosion”
