FinFirst, one-stop-shop app for instant financial services launches in Kuwait
A new, secure mobile app marketplace that simplifies and accelerates financial services for the industry and consumer alike has been launched in Kuwait.
FinFirst provides transparent financial services at a customer’s fingertips across four service streams: Business Banking; Consumer Banking, Auto Financing, and Insurance. The superapp has been founded by Abbas Hijazi, CEO of FinFirstCapital, with a multi-national team of finance and technical experts.
“FinFirst creates immediate growth value for bank partners by acquiring real-time high-profile prospects through matching their criteria to customer profiles,” explained Hijazi. “For the consumer, FinFirst delivers a superior and personalised user experience available 24 hours a day, which is totally independent of any banking system, providing key product information specific to their requirements and enabling them to apply and seek approval for loans and other financial services from the luxury and convenience of their home, office or even coffee shop.”
At no cost to themselves, consumers can browse bank services and reviews, compare multiple product options, submit applications, and seal deals in a complete, end-to-end transaction. “This will make consumers savvier about the financial services available,” explained Hijazi.
FinFirst will also enable a faster route for SMEs to raise business development funds with an easy sign up and application procedure and deliver essential time-saving approvals.
For banks, car agencies, and insurance companies, FinFirst will offer round-the-clock digital exposure to over 100,000 customers, a client matching service, more efficient customer service, and data analytics via a tailored and embedded algorithm.
“FinFirst enables financial service providers to effectively participate in the inevitable digital experience that consumers and SMEs now expect and to gain valuable insights that can empower them to make better-informed decisions on improving their products and strategies,” explained Afrah Al Hubail, Chief Operation Officer. “The sector now has an end-to-end financial services aggregator and credit solution so it can serve customers quickly while our ‘Pay as you lend’ approach provides it with higher conversation rates and lower client acquisition costs.”
In its official pre-launch phase from March to June this year, FinFirst has notched up 100% month-on-month transactions growth and now boasts 4000 customers mostly Kuwaitis of managerial level, and has processed 85 loan applications valued at KD10 million (US $32.5 million).
The company has international ambitions for the app planning to lead in five countries and successfully partnered with local and international banks, financing companies in addition to retailer and car agencies with an objective to close US $100 million in financial transactions by end of 2021.
July 2020 has seen a 45% drop in the number of deals, but total funding has increased by 72% when compared to the same month last year. Discover more trends and insights in our July 2020 Dashboard.