Souqalmal.com: Majority of UAE Respondents Want Better Banking Standards

Souqalmal.com, the UAE's #1 personal finance and insurance comparison website, surveyed close to 1,500 bank customers in the UAE for the 2017 edition of its annual Bank Satisfaction Index.

     (Photo: http://mma.prnewswire.com/media/474842/2017_People_s_Choice_Awards.jpg )

Results from the survey revealed that 25 per cent of UAE respondents would actively recommend their bank to friends or colleagues. This is a 9 per cent drop from the results seen last year.

According to Ambareen Musa, Founder and CEO of Souqalmal.com, "The aim of the survey is not just to understand how satisfied bank customers are, but also to uncover what factors influence customer satisfaction. The Bank Satisfaction Index provides banks with constructive feedback to help them tap into the pulse of the market, and work towards resolving the biggest concerns that customers have."

Customer service has a high influence on customer satisfaction, survey results highlighted. Respondents pointed out that customer service was the primary banking feature they would like to see improvement in. Customers also called for better product offerings and higher transparency in rates, as the second and third most upgrade-worthy areas in banking.

Among other areas where customers would like to see banks step up, are improved online banking functionality and mobile app offering, faster turnaround time for processing customer requests, and a wider ATM network.

"The survey highlights the gaps in the customer experience journey, and banks can use this knowledge to design products, and deliver service that is sure to delight the customer, and in turn boost customer loyalty towards their primary bank," said Josiane Assaad, Director of Communications at Souqalmal.com.

The survey also sheds light on how customers like to bank. Results revealed that digital banking channels are displacing physical channels like branches and ATMs as the preferred way to bank, among UAE (68 per cent) respondents.

Factoring in findings from the NPS survey, Souqalmal.com has also revealed the 'Most Recommended Bank' in the UAE, wherein Abu Dhabi Commercial Bank outshone its peers.

The survey results have further been supplemented with Souqalmal.com's annual rankings of the 'Most Popular Banking Products' in the UAE, in five retail banking product categories - Personal Finance, Home Finance, Car Finance, Credit Cards and Accounts. The results are based on an in-depth analysis of product searches and visits received on the site for the period January 1, 2016 to December 31, 2016.

   
                    Most Popular Banking Products

    Personal Finance        ADIB's Personal Finance
    Home Finance            RAKBANK's Home In One
    Car Finance             DIB's Al Islami Auto Finance
    Credit Card             The American Express Gold Credit Card
    Account                 ADCB's Millionaire Destiny Savings Account
    Souqalmal.com

"At Souqalmal.com, we aim to gauge what drives customer behaviour and expectations, and how users can get the most out of their banking experience. The survey has been a step in the same direction, and helps us build on our ongoing research efforts based on the 800,000+ visits we receive on a monthly basis," Musa concludes.

About Souqalmal.com: 

Souqalmal.com is the biggest financial & insurance aggregator/comparison site in UAE & KSA allowing users to compare retail banking products like credit cards, loans, accounts and insurance, as well as education products.

Conceptualized as a highly transparent marketplace, Souqalmal.com is designed to empower consumers to make the right choice by bringing together on one convenient platform all the latest details on more than 3,200 retail banking, telecoms, insurance and education products offered by various providers in the UAE and Saudi Arabia (KSA).

SOURCE Souqalmal.com