Offering the fastest and easiest experience for clients looking to postpone their loan payments

Kuwait, 03 May 2021: While local banks and financing companies were starting the process of managing their loan deferment requests, Gulf Bank implemented a quick and strategic response program that activated a variety of channels designed to receive loan deferment requests. The Bank’s strategic response plan offered customers a variety of options to contact the Bank, including Gulf Bank’s online and mobile banking services, Customer Contact Center, branches, and SMS service, which notified clients of successful registration within half an hour. The latest loan deferment option was launched in accordance with Law No. 3 of 2021, which states that citizens may defer repayment of loans over a period of six months without interest on the deferral period.

Customers' reactions on social media have been overwhelmingly positive, especially regarding the swiftness of Gulf Bank’s response and the seamless experience of postponing loan payments. On Gulf Bank’s part, the Bank was keen to ensure that the process of registration would not exceed one minute, whether through the website, application, or via the Customer Contact Center.

It is worth noting that 87% of Gulf Bank’s customers have applied to register for loan installment deferrals, with 99% of them completing the deferment registration process using Gulf Bank’s website, application or the Customer Contact Center (47% of customers used the Gulf Bank application or website, and 52% phoned the Customer Contact Center, with only 1% of customers visiting a branch to request a deferment).

Bader AlAli, Deputy General Manager of Consumer Banking at Gulf Bank, said: “During the past year, we have been focusing on developing Gulf Bank’s various digital services, and today we are proud to reap the benefits of our ongoing investment in technology to provide a superior customer experience and unparalleled customer service. This is only the beginning, and we invite all our clients to anticipate even bigger and better developments across the many channels that Gulf Bank has provided for them.”

It is worth noting that Gulf Bank also launched its updated Interactive Voice Response (IVR) system last year, offering clients a variety of new services and providing higher levels of security. The service has been designed so that clients can reach their required department or services faster than ever, while also allowing clients to activate their bank cards through the phone. The new update also offers clients an extra layer of security, allowing customers to set a security number for the phone service, and reap the full benefits of safe and secure banking with the added convenience of carrying out their transactions at the time and place of their choosing. Gulf Bank callers can now authenticate their mobile banking through the IVR system, as well as activate their Gulf Bank cards, including debit, credit and prepaid cards. The new IVR system also enables customers to carry out most transactions without having to speak to a customer service representative, saving customers both time and effort.

Gulf Bank also launched a digital “Know Your Customer” (KYC) service, allowing customers to update their personal information quickly and easily as part of an already seamless online banking experience. Gulf Bank launched the digital KYC service as part of its ongoing efforts to increase security and improve its online banking experience for customers, and is one of the first banks in Kuwait to introduce a KYC service that allows customers to update their personal information via online and mobile banking.

In order to facilitate various banking services even more for clients, especially while traveling, Gulf Bank also offers an in-app notification service to update clients on their transactions, in conjunction with the SMS service. These notifications include single-use OTP messages that clients receive to confirm their identities when conducting online banking transactions. With Gulf Bank’s latest update, clients can also receive these messages even while traveling and using a phone line that is different from the one registered with the bank.