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Better banking standards needed, survey finds

Dubai - Founder and CEO of Souqalmal.com, Ambareen Musa, believes that the situation isn't all grim, and it is noteworthy that the overall bank satisfaction index at 34 per cent is still visibly on the rise from 27 per cent in 2014, and 15 per cent in 2013 in the UAE.

Over 66 per cent of UAE respondents say that better banking standards are needed in the region, according to the latest NPS Survey by Souqalmal.com.
The survey results showed that 34 per cent of UAE respondents would recommend their bank as a first choice to friends or colleagues, while the number is only slightly higher at 38 per cent in Saudi Arabia. When asked about areas of improvement, 36 per cent of respondents in the UAE and 32 per cent of respondents in KSA pointed out better customer service as the main area when dealing with their banks.
Founder and CEO of Souqalmal.com, Ambareen Musa, believes that the situation isn't all grim, and it is noteworthy that the overall bank satisfaction index at 34 per cent is still visibly on the rise from 27 per cent in 2014, and 15 per cent in 2013 in the UAE.
"The upward swing is positive and indicative of the fact that banks are listening to their customers and making every effort to meet their specific needs. The survey we conducted shows that there are still areas that need improvement though, specifically improved CRM processes to ensure that customer service continues to exceed expectations, targeted products and further transparency, and more competitive rates on loans," she told Khaleej Times.
"This is not a surprise as in the last three to four years, banks have been focusing a lot more on retaining quality customers versus trying to increase customer base. Many financial institutions have realised that keeping and retaining the current customers has become a very important part of their growth strategy," she added.
Going deeper into the findings the numbers indicate that 25 per cent of customers in the UAE and 22 per cent of customers in KSA would like to see better and more custom product offering from their bank. More transparent and competitive rates on loans, more efficient online channels and better phone banking assistance are just some of the other areas where respondents would like to see improvements.
- rohma@khaleejtimes.com