KUWAIT: Kuwait Finance House (KFH) implemented an innovative banking awareness experiment to measure the banking awareness of university students and provide educational advice and the need to review and read any contract signed to complete banking transactions. The experiment comes as part of the awareness campaign “Be Aware” launched by the Central Bank of Kuwait in collaboration with the Kuwait Banking Association, and part of the bank’s social responsibility.
The experiment focused on testing the banking information of some university students to enhance their banking awareness and shed light on the importance of reviewing the terms and conditions of any contract to be signed for the completion of various banking services.
KFH conducted the awareness experiment at Gulf University for Science and Technology, and it consisted of testing a number of students by asking them to sign a contract that includes the terms and conditions for opening a fictitious bank account, and then the students received a text message via mobile phone indicating a deduction of an amount of KD 100 as account opening fees, which sparked reprehensible reactions for the reason of the deduction from their personal account, despite the fact that the contract signed by the students participating in the awareness experiment stipulates the deduction of KD 100 in account opening fees.
Having conducted the experiment, Public Relations representative at KFH, Muhammad Al-Awadhi, explained to the students the need to review and read the terms and conditions contract before signing it to complete to avoid such a practical experience that the students were exposed to. The banking experience received great interaction from students, positive responses from followers and the public, and praise for the quality of the presented content, idea and implementation.
It’s worth noting that KFH has conducted an awareness experiment in Kuwait University campus. The experiment took the form of a competition requiring participants to enter their information to be able to enter the draw, win a cash prize and share the one-time OTP with KFH employee. Students had different reactions. KFH officer confirmed to the participating students that KFH would not ask for the personal information of any of its customers through e-mail, SMS, or phone calls. He reiterated that such messages should be ignored and avoided as they represent fraudulence attempts to obtain their banking information and steal their funds or information.
KFH is continuing to support the “Be Aware” campaign to protect customers rights, spread awareness in this respect, enhance best practices and spread awareness on the banking services provided by the bank. The bank supports various related campaigns by posting educational videos and materials and awareness messages on KFH social media channels and various communication points with the public. Also, the bank explains the mechanisms of filing complaints and protecting customers rights.
The campaign “Be Aware” comprises various topics: recognizing the bank’s role as a financial mediator, the significance of saving and investment, how to benefit from products provided by banks, awareness on customer’s rights when obtaining individual finance facilities e.g. consumer or residential finance, services provided to persons with special needs, the mechanism to file complaints regarding banking services, various banking cards, the most important steps to be applied to avoid being exposed to fraud.