The confidence index for 2018, prepared by the Federation of Banks, showed that the confidence of dealers in UAE banks increased during the last year to reach 74%, compared to 68% at the end of 2017.

The Federation of Banks, in presenting the results of the index questionnaire, said that the electronic signature has been approved by the Central Bank and the Ministry of Justice, where it is ready for implementation.

Increase confidence

Customers' confidence in UAE banks rose last year to 74%, according to the 2018 Confidence Index survey, prepared by the Union of UAE Banks, in collaboration with research firm Kantar.

The results of the survey, presented yesterday, by the President of the Federation of UAE Banks, Abdulaziz Al-Ghurair, that the level of confidence of customers rose from the year before last, which reached 68%, noting that 95% of retail banking customers are satisfied with the bank dealing With him, compared to 93% in 2017.

The results of the fourth edition of the survey, which surveyed 1,515 residents in the country, showed a significant improvement in overall impressions, with 83% of respondents saying that their perception of UAE banks is “very positive”, compared to 76% in 2017 and 72% in 2016.

Key indicators

The main indicators that showed a noticeable improvement in the «excellent customer service» index, up from 65% to 76% year on year, and «contribution to the economy», up from 68% to 77% year on year, in addition to the index «Product and Service Group», up from 65% to 76% year on year.

The survey also showed the best performance of banks, as “digital innovations” came first, followed by “contributions to the economic development of the UAE”, while 61% of respondents said “higher interest rates on loans and credit cards” are more Challenges facing banks in the country.

Services

72% of respondents said that banks operating in the country offer similar banking services, even better than those provided by banks in their home country, compared to 65% in 2017, while "good customer service" and "safe services and products" The two most common features that come to mind when talking about UAE banks are 48% and 43% respectively.

78% of respondents said that banks operating in the UAE are excellent or very good in terms of customer comfort, 77% of respondents said their experience with ATMs was excellent or very good, while 76% of respondents stated that their experience in the field of services Online banking was excellent or very good.

Customer confidence

Al Ghurair said sustainable economic growth was closely tied to customer confidence, helping to measure the banking sector's ability to build and strengthen that confidence.

He pointed out that the results of the survey showed a marked improvement, despite the economic fluctuations and global geopolitical tensions, which confirms the commitment of the UAE banking sector to improve the quality of services and products, and provide a distinctive and accessible experience for customers, and address key issues and challenges.

Al-Ghurair said in a statement to reporters on the sidelines of the meeting to present the results of the questionnaire, that transparency was the most prominent developments in the work of banks, during the past year, stressing that digitization was the main feature of that.

He pointed out that customers are now more able and quick to get their information, and the decline of human intervention in banking operations reduced the presence of any problems or breaches.

Complaints system

Al Ghurair said part of the improvement in customer satisfaction is linked to the complaints system that has been in place, which includes requiring banks to create a department to handle complaints during a given period.

He said that the complaints committee of the Union of Banks meets with the heads of customer services and consumer protection committees on a regular basis, where the Committee considers many complaints filed by customers against banks, pointing out that many of the complaints result from poor knowledge by the client.

He also pointed out that some complaints require transfer to another stage, but most of them and more than 75% of them are resolved at the first point, whether on the phone or in the branch or via e-mail.

electronic signature

Al Ghurair said that the electronic signature was approved yesterday by the Central Bank and the Ministry of Justice, where it is ready for implementation.

He added that the adoption of this mechanism is a qualitative leap in the work of national banks, and will make it easier for customers in their dealings with banks, as there will be no need to keep his signature, pointing out that the work to accept the electronic signature has become a matter of procedure and pending circulation only.

initiative

The President of the Union of UAE Banks, Abdulaziz Al Ghurair, said that he discussed in Abu Dhabi yesterday, with the Department of Land, Property and Land in Dubai, and the Department of Planning in Abu Dhabi, the initiative to develop mortgage, noting that the development of the main lines of this initiative.

He explained that the initiative aims to create an integrated mortgage system in the country, so that the buyer can complete all bank transactions without the need to go to other local government agencies.

Mortgage loans

Banks are learning about the real estate sector and are taking measures to make it easier for customers to stick to their debts, the chairman of the UAE Banking Federation, Abdul Aziz Al Ghurair, said.

Al Ghurair pointed out that the decline in interest rates is positive for borrowing customers, as it reduces the burden on them, but at the same time negative for banks, which will lose part of their profits from the decline in interest rates.

95%

Of customer services

Retail Banking,

Satisfied with the bank

That they are dealing with.