Annual Report and Accounts 2004 - National Bank of Kuwait

services offered through a complete spectrum of delivery channels.Customer loyalty, a cornerstone of the Bank’s success, is highly prized by theBank and our employees. Our efforts and initiatives are all geared towardssafeguarding this loyalty and meeting customer expectations.Responding to customer needs requires us to focus on serving them throughthe different stages in their lives. Main events such as graduation, car andhome purchase, marriage, planning for children’s education and retirementrequire products designed to meet a specific goal. Our personalised servicesand customised product offerings cater to all segments of the population,from the most established high networth customers to young children whoconstitute our future customer base.NBK has consistently been the market leader inKuwait in terms of size, market share andprofitability. This is a result of the Bank’sunwavering efforts since its inception to delivervalue to shareholders, customers and thecommunity at large. In 2004 we successfullyleveraged our varied expertise, technology,financial strength and strong relationships withcustomers to strengthen our leading positionand growth potential. We achievedimprovements across our activities, driven by astrategy focused on continuously enhancing ourability to understand and meet customer needs,following best practices and offering world-classproducts and services. We also made progressagainst our strategic goal of expanding ouroperation within the region to realise our visionof being the premier Arab bank.Consumer BankingCustomer focused…NBK has always been a strong, respected andtrusted brand name among consumers in Kuwait,synonymous with quality, convenience, richproduct array and innovative technology. NBK isvirtually a ‘one-stop shop’, revolving aroundcustomer needs and wants with personalisedThe Bank offers young customers specialised services through Zeina for childrenand Azraq for teens, allowing them to open their first bank account andobtain benefits such as reward points, discounts at key stores in Kuwait, andInternet access. Mustaqbal offers young university graduates starting theirfirst job a package of services geared to their needs, such as an ATM card,special loans and discount credit cards.In 2004, NBK launched a new Thahabi package for affluent customers thatoffers access to a personal relationship officer, trained to advise them onwealth management strategies and provide them with the attention theyrequire to manage their finances. Customers also receive priority access tothe call centre in addition to exclusive discounts and offers, as well as otherbenefits.Customer loyalty at NBK is built on superior quality of service, and the Bankmaintains a dedicated approach to measuring and managing service levelsacross sales channels, ensuring that our customers experience the highestlevels of service at all times. NBK’s service quality programme has helpedthe Bank remain a leader in customer service in the local market throughthe systematic benchmarking of service quality. Relationship staff in branchesand in the call centre are highly trained and motivated to serve customersaccording to the highest standards, and are evaluated by internal and externalauditors to ensure they meet these standards.NBK offers the widest range of products and services in the country, fromtraditional deposit accounts and loan packages to credit cards and a full rangeof mutual funds and insurance products. We extend loans to Kuwaiti nationalsas well as a large number of working expatriates. NBK’s loan offering providescustomers with quick approval for the financing they need. In 2004, wefurther enhanced the efficiency of our loan services by establishing a presenceat major car dealerships. We also implemented the first credit scoring systemin Kuwait, which helped to streamline the approval process and to increaseNBK’s potential retail lending market without jeopardising asset quality.9