Annual Report and Accounts 2004 - National Bank of Kuwait

NBK was also a pioneer when it introduced online banking for the first timein Kuwait in 1998. Watani Online offers customers a quick and easy way toview and manage their accounts, pay bills including utility and mobiletelephone bills, and pay school tuition fees. The Bank leveraged its onlinepayment engine with strategic merchants, such as MTC Vodafone, KuwaitNational Cinema, educational institutes, and major newspapers, enablingcustomers to use their NBK debit card for online payments. With MyWOL,customers can also customise and enhance their online banking experience.A sizeable share of our customers use Watani Online to conduct most oftheir transactions, accounting for about 8% of the Bank’s delivery channel mix.We are continuously developing the usage and personalised functions ofWatani Online and have achieved notable improvements in transactionperformance, as measured by the total execution time and success rate forlogging in to an account and checking the account balance.Internet and e.BusinessA pioneer bank…NBK continued to maintain its leading position indelivering remote banking services, with emphasison Internet and mobile technology. The Bank wasamong the first to embrace the Internet, and ouronline banking offering was the first in the region.We were early in anticipating the convenience ofmobile telephone technology as a means ofdelivering products and services to our customers.Above all, our leadership in this arena stems fromour firm commitment to innovation and technologyin delivering value-added services as well asconvenience, confidentiality and security to ourcustomers. In recognition of this, Global Financenamed NBK the ‘Best Internet Bank in Kuwaitand the Middle East’.We have been on the Internet since 1995, whenwe were among the first in Kuwait to launch aninformation portal. Today, our bi-lingual websitewww.nbk.com offers customers access to comprehensiveinformation on NBK’s products and servicesat their convenience. NBK also uses targeted emailsto keep customers informed of new services, promotionsand special events. In 2004, www.nbk.comwas given a complete revamp in line with therefreshed NBK logo and enhanced look.The Bank’s NBK Mobile offering leverages our technological expertise inusing mobile messaging to provide customers with personalised alerts ontheir account activity, as well as promoting products and services to targetedgroups of customers and communicating with them.These initiatives have made NBK a forerunner in the delivery spaceproviding customers with convenient banking options, both in the physicaland online worlds.International BankingRegional expansion…NBK’s international presence is a key asset, allowing us to providecomprehensive financial services to our customers, from corporations andbusiness people to wealthy individuals and those who travel frequently.NBK’s international network of Group offices outside Kuwait consists of thesubsidiaries, National Bank of Kuwait (International) PLC, based in Londonand Paris; National Bank of Kuwait (Lebanon) SAL; and NBK (Suisse)in Geneva; together with the branches in New York, Singapore, Bahrain andJordan; associated representative offices in Bangkok and Ho Chi Minh City;and an associate company in Qatar.The planned expansion of our international network continued during 2004with the opening of a new branch in Amman, Jordan and the acquisition ofa 20% stake in the International Bank of Qatar (formerly Grindlays Qatar Bank),together with full management control of the bank under the terms of amanagement contract. Under NBK’s management it is intended that IBQ willdevelop and grow significantly in the future. The Bank intends to undertakefurther expansions in 2005 with entry into the Iraqi market through amajority stake in Credit Bank of Iraq; opening a new branch in Jeddah, SaudiArabia that will provide a full range of services and support to NBK customers;and the establishment of a representative office in China.19