The Kuwaiti lender is prioritising customer protection, transparency and compliance to deliver high-quality financial services.
With the increasing adoption of digital payments and the growth in online transactions, ensuring secure and reliable payment execution has become a top priority for financial institutions.
In addition, banks must also comply with regulatory requirements and promote customer protection to maintain a high level of trust with their clients. Case in point, Ahli United Bank (AUB) Kuwait is committed to delivering high-quality financial services to its customers with a strong focus on customer protection.
The bank’s remittance department plays a crucial role in its operations, managing local and international inward and outward remittances with a focus on optimal business practices.
Secure transactions
AUB has invested in information technology systems such as SWIFT Payment Controls and SWIFT GPI to ensure fast, accurate and reliable payment execution while mitigating fraudulent attacks.
The lender also collaborates with the GCC cross-border payment system AFAQ (Arabian Gulf System for Financial Automated Quick Payment Transfer) to execute remittances in the region, thus promoting economic and financial integration while mitigating financial risks.
In addition, AUB has partnered with the Central Bank of Kuwait to launch and implement the Kuwait National Payments System (KNPS) programme. This aims to modernise the country’s national payments and settlement process as well as enhance customer services and cost-effective solutions.
Promoting integrity
Customer protection is paramount to AUB, with the bank committed to adhering to fair treatment, honesty and quality financial services principles. AUB processes all relationships and transactions with customers impartially and with integrity, providing clear and easily comprehensible information on services and products.
To ensure compliance with its business objectives and regulatory requirements, the lender has aligned its information security operations with its overarching goals. It has established the necessary governing frameworks, policies and procedures to provide customers with financial services within a culture of integrity and transparency.
Quality pillars
AUB’s customer protection strategy is based on four pillars that ensure compliance with the Central Bank of Kuwait’s instructions. These are:
- Fair and equal treatment
- Disclosure and transparency
- Financial awareness and culture
- Professional behaviour
The bank offers special assistance to customers with limited income or education, senior citizens and those with special needs, without discrimination based on gender or other biases. It also disseminates clear and accurate financial and banking information to existing and potential customers, and its website includes a dedicated page on financial awareness.
AUB maintains a culture of integrity and credibility, providing extensive training to all employees to ensure compliance with its customer protection principles. The lender’s information security risk management processes, privacy and security practices, annual training and awareness campaigns, and adherence to external security standards and best practices, all contribute to protecting its clients against financial fraud.
Ahli United Bank CEO Jehad Soud al-Humaidhi has won the Mena Islamic Banker of the Year award at the Mena Banking Excellence Awards 2023. The bank has also won accolades in the Best Remittance Service and Excellence in Customer Protection/Fraud Control categories.