Significant rise in confidence in the banking sector in the UAE

The Federation of UAE Banks has revealed the results of the 2018 confidence index survey, which was recently prepared by the Federation for the fourth consecutive year, in which 74% of respondents expressed their confidence in the banking sector in the country, compared to 68% in 2017.

The survey, conducted in conjunction with Kantar, a leading global consultancy, data and research company, indicated an increase in the level of customer confidence in the banking sector in the country. The results indicated that 95% of retail banking customers are satisfied with the bank they deal with. Compared to 93% a year earlier.

The results of the fourth edition of this questionnaire show a marked improvement in overall impressions, with 83% of respondents reporting that their perception of UAE banks is “very positive”, compared to 76% in 2017 and 72% in 2016.

The list of key indicators that showed a marked improvement in both the "excellent customer service" index increased from 65% to 76% on an annual basis; and the "contribution to the economy", up from 68% to 77% on an annual basis; Index of "products and services group", up from 65% to 76% year on year.

“Sustainable economic growth is closely tied to customer confidence, which is the main criterion for measuring the ability of the banking sector to build and strengthen this confidence. The results of this year's survey showed a significant improvement despite This is a testament to the economic volatility and global geopolitical tensions, which underscores the commitment of the UAE banking sector to improve the quality of services and products, provide a distinctive and accessible experience for customers, and address key issues and challenges. '

According to the survey, customers confirmed their confidence that banks operating in the country have all the necessary ingredients that make them well equipped to deal with various issues in this sector. The survey highlighted the best performing banks, with “Keeping Up with Digital Innovations” in the first place followed by “Contributions to Economic Development in the UAE” and 61% of respondents stated that “high interest rates on loans and credit cards” were the most challenging. Banks face in the state.

The survey showed that the UAE enjoys a higher level of confidence in the banking sector than some developed countries around the world such as the USA, UK, China, Japan, France and Germany.

He added: “The Emirates Banks Union will continue to exert various efforts along with its 52 member banks to enhance the exchange of expertise and knowledge and fulfill the main role of the Union in raising the standards applicable in the sector, in the interest of society and the state on a comprehensive scale. Achieving the UAE's progressive vision and empowering society at all levels.

We are confident that the results of the confidence index questionnaire will motivate banks to continue to improve their performance and better prepare for the future, and will help to identify the changing challenges in the market.

Other highlights

- 72% of respondents said that banks operating in the country offer similar and even better banking services than banks in their home country, compared to 65% in 2017.

- “Good customer service” and “Safe products and services” were the most common features that come to mind when talking about UAE banks with 48% and 43% respectively.

78% of respondents confirmed that banks operating in the UAE are excellent or very good in terms of customer comfort.

- 77% of respondents stated that their experience with ATMs was excellent or very good.

- 76% of respondents stated that their online banking experience was excellent or very good.

The UAE Banks Association launched the annual confidence index questionnaire in 2015 in order to determine the level of customer confidence in the banking sector.The questionnaire provides valuable data, which in turn supports the adoption of key steps to develop reform and development measures and strategic action plans.

The fourth edition of the questionnaire targeted a sample of 1,515 adults (who were residing in the UAE in 2018) and were carefully selected from a variety of nationalities and social groups to ensure a representative sample of all segments of society.