The results of Souqalmal.com’s 2018 Bank Satisfaction Survey are out. Only 32 percent of residents are largely satisfied with their bank. Read on to know more about the banks, products and topics UAE bank customers are most interested in.
The results of Souqalmal.com’s annual bank satisfaction survey are a direct reflection of how pleased customers are with their overall banking experience. Souqalmal.com surveyed over 7,000 residents in 2018 to conclude that only 32 percent of UAE residents would recommend their bank to others.
This is a 7 point jump from the 2017 edition of the same survey which revealed a customer satisfaction index of only 25 percent. The 2018 values are, however, a 2 percent decrease from 2016 when 34 percent customers expressed satisfaction with their bank.
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While it is true that the banking sector in the UAE is robust and fiercely competitive in terms of financial products and services offered, it is imperative for banks to advance the quality and value of their services in order to retain their customers.
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According to the outcome of the Bank Satisfaction Index, Emirates NBD outshone other banks to emerge as the most recommended bank by UAE residents. Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank followed a close second and third, respectively.
Most Popular Banking Products
Based on the product searches and visits recorded on Soulqalmal.com between January 1 and December 31, 2017, personal loans and credit cards are the two most sought-after banking products in the UAE. Customers also expressed a clear preference for specific bank products within each product category.
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In the personal finance category, RAKBANK Personal Loan is the most sought after product whereas the title of the most popular Credit Card went to the LuLu Platinum Credit Card by Abu Dhabi Commercial Bank. The most coveted home finance product is Abu Dhabi Islamic Bank Home Finance, the most popular choice for bank account is Al Islami Current Account by Dubai Islamic Bank and the most favored car finance product is Auto Finance by Noor Bank.
Ambareen Musa, founder and CEO of Souqalmal.com, observes that UAE residents are increasingly using the website to look up Non-Salary Transfer Personal Loans. This is the preferred choice of borrowers who are either not eligible for salary transfer personal loans or already have an ongoing salary transfer loan commitment.
She also pointed out that residents are becoming increasing cost-conscious in a bid to save on their day-to-day expenses. This was evident from the exceptionally high number of searches for co-branded credit cards, especially those that have tie-ups with supermarkets and offer considerable savings to cardholders in the form of rewards and cashback.
Most Popular Blog Articles
The analysis also shed light on the most popular topics on Souqalmal.com’s blog, “The Money Doctor”. The most searched-for articles were the ones that dealt with topics like Debt Repayment, Saving Options and the Fine Print associated with banking and insurance products. Articles that offered details about how to compare bank products like loans and bank accounts, as well as driving schools and telecom providers ranked higher than others too.