Bet­ter bank­ing stan­dards needed, sur­vey finds

The Pak Banker - - COMPANIES/BOSS -

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 me­dia. "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.

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