Kuveyt Türk's R&D and Technology Revenues Exceeded TRY 62 Million

Being the only financial institution in Turkey to have two R&D centers, Kuveyt Türk's revenue from R&D sales exceeded TRY 62 million. Kuveyt Türk also exports technologies developed by its subsidiary Architecht to 20 countries.

Global Economy 19.10.2021, 10:25
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Kuveyt Türk's R&D and Technology Revenues Exceeded TRY 62 Million

Bringing its distinguished financial products and services together with savers and investors in an effective way, Kuveyt Türk has been maintaining its technology-innovation studies in its R&D centers for 11 years in order to provide the best service to its customers through the steps it has taken on the path of digital transformation. Having established Turkey's first R&D center opened by a financial institution in Istanbul in 2010 and obtaining the title of the only financial institution with two R&D centers in Turkey today through its R&D center opened in Konya in 2017, Kuveyt Türk has been implementing many innovative products and services, as well as supporting the R&D world through its training.

Among the projects developed by Kuveyt Türk in its R&D centers, there are many innovations such as BOA Banking Platform that offers operational efficiency, XTM that combines the service richness of branches with the practicality of ATM, Senin Bankan (Your Bank), a digital finance platform that is a breakthrough in the field of participation finance, CebimPOS developed for SMEs,  Online Finance System that enables the use of financing via the internet or mobile branch without going to the branch, and the application module of the lease certificate (sukuk) offered to the public, which is also a breakthrough in Turkey.

Kuveyt Türk also provides over 80 API services through the API Market platform it has established in line with its open banking and platform banking works. By means of the data sharing offered by Kuveyt Türk on the API Market platform, FinTechs can develop innovative products and services in their mobile applications.

"We develop our products and services through domestic and national facilities"

İrfan Yılmaz, Executive Vice President of Kuveyt Türk Banking Services Group, made some comments in his statement on the subject, "Digital technologies now form the basis of a human-oriented service approach and standing out in the competition in the financial sector. In order for turning technology into a competitive advantage and providing the best service to our customers, we have established two R&D centers with the awareness that the importance of R&D and innovation will gradually increase, and we have been continuing our works for 11 years.  We carry our leadership in the participation finance sector to the R&D world with our products and services that we have developed with domestic facilities and a national perspective. Together with our R&D centers and our subsidiary Architecht Teknoloji, we will continue to increase our investments in digital channels, open banking, and artificial intelligence, as we have done so far."

"We hold the intellectual property right of 12 patents"

Stating that the patent applications and scientific publications of the R&D centers continue, İrfan Yılmaz said, "As Kuveyt Türk, we hold the intellectual property rights of 12 patents. In addition, the number of publications, articles, and papers in which our employees have shared the research phases and results of our R&D projects has exceeded 80. With the awareness that human resources are the most important factor in R&D studies, we support our employees' graduate study and doctorate processes and bring our employees together with the academic community in order to improve our cooperation with universities. We also continue our test engineering and API banking certification program with determination. While we continue to develop innovative products and services in our R&D centers, we also offer employment opportunities for young people who want to pursue a career in this field. We invite young people who want to realize their ideas in the field of R&D and innovation to Kuveyt Türk."  

Revenue from R&D sales reached TRY 62 million

Kuveyt Türk's R&D centers contribute both to import substitution and to the country's economy through direct exports with the products they develop. Accelerating the commercialization process, one of the most important requirements of R&D, with the technology company Architecht that it has established in 2016, Kuveyt Türk offers the main banking system BOA developed by itself to the service of both newly established participation banks in Turkey and banks abroad. All of the exported banking software products are developed by Turkish engineers through leading technologies. Increasing its revenue from R&D sales to TRY 62 million, Kuveyt Türk exported the technologies it has developed to more than 60 banks in 20 countries through its 100% subsidiary Architecht. 

Up to TRY 50 thousand of support to graduate studies and doctoral programs.

Kuveyt Türk also demonstrates a different approach in the sector by encouraging and supporting the personnel working in the R&D center to complete graduate studies or doctoral programs. Increasing the number of information technology personnel to 420 with an increase of 26 percent since 2015, Kuveyt Türk provides TRY 25 thousand of education support to R&D employees who studying master's program with thesis, as well as 35 days of paid leave. Kuveyt Türk provides education fee support of TRY 12,600 for those who are studying master's program without thesis. R&D employees in the doctoral programs can benefit from Kuveyt Türk's salary support worth TRY 50 thousand, while they can take 55 days of paid leave during the course of their education. In addition to a gross education compensation of TRY 2,100 is paid to graduates of master's and doctoral programs, they are also given an academic work permit for one day a week. 

As of October, the number of publications, articles, and papers sharing the research phases and results of Kuveyt Türk's R&D projects has reached 83. On top of all these, Kuveyt Türk implements an R&D award incentive system, and as a result of the discovery and successful completion of the idea, it awards TRY 6,300 to its employees who develop projects that receive domestic patents, and TRY 7,350 to its employees who develop projects that receive international patents. 

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