Banking customers’ trust remains high

dubai — Customers in the UAE banking sector maintain higher trust levels than their peers elsewhere in the Gulf, a survey has disclosed.

While 68 per cent of respondents in the survey conducted by the UAE Banks Federation (UBF) stressed their trust in the banking sector, 93 per cent of retail customers indicated that they are satisfied with the performance of their main bank.

The survey by the professional representative body of 49 banks operating in the UAE said that despite global challenges and transformations, the banking industry remains committed to offer customers best services, qualitative products and outstanding experience.

Abdul Aziz Al Ghurair, chairman, UBF, said the survey would inspire member banks to further enhance their performance and achieve significant improvement across the industry. “We will continue coordinating with all of our members to further developing their products and services to meet customers’ expectations, and therefore boosting the trust level and overall customer experience.”

The UBF survey results complement the findings of a similar study conducted by CFA Institute recently showing that trust level among investors in the UAE’s financial services sector is higher than their counterparts globally.

According to the UBF study, 40 per cent of respondents believe that the country’s banks offer better services than those in their home nations, up from 33 per cent in 2016 and 38 per

The trust index is a sound indicator and proof that banks are pursuing a successful strategy to achieve their joint goal of customer satisfaction and happiness

Abdul Aziz Al Ghurair, Chairman, UBF

cent in 2015, while 30 per cent said that their home country banks offer better services than those in the UAE, compared with 27 per cent in 2016 and 23 per cent in 2015. The survey also shows that UAE enjoys higher levels of trust in the banking sector than many other developed nations around the world.

Most respondents particularly appreciated the efforts to harness digital innovation, improve online services and prevent cyber-crime. While branch, online and ATM channels were all highly rated, the performance of call centres was noted as an area with room for improvement. Al Ghurair said the trust index is a sound indicator and proof that banks are pursuing a successful strategy to achieve their joint goal of customer satisfaction and happiness.