Survey conducted by Brilliant Basics uncovers need for banking institutions to adopt new measures to retain customers and remain competitive

DUBAI, UAE - April 8, 2015 - Consumer banking in the UAE is lackluster finds a recent survey conducted by Brilliant Basics (bb), a global design and digital product studio. In a country where everything tops the charts, from hotels to airlines and buildings to enterprises, the UAE is surprisingly under par where customer experience in banking is concerned.

The findings underscore the need for banking institutions to adopt new customer focused measures to retain customers and, also to adapt to the rapidly changing market:

  • Almost half of respondents have considered leaving their bank (44%). This suggests that satisfaction and loyalty within the UAE banking sector is low.
  • Around a third (36%) of respondents use their bank's mobile apps - a low figure when you consider high mobile penetration in the region (78% smartphone penetration according to Nielsen).
  • Massive recent growth in mobile usage has the potential to disrupt the industry - but existing players in consumer banking are not taking the opportunities or investing in innovation.

"The findings of this survey serves as a call to action for retail banks in the UAE," says Anand Verma, Founder and Global CEO, Brilliant Basics. "Banking in the UAE is in danger of becoming a missed opportunity."

"In a country that is extraordinary in so many ways, why should the crux of the economy - retail banking - remain ordinary? The survey bb conducted shows that the sector has huge potential to lead, and that presents so many opportunities for improvement - to retain existing customers, create a better digital customer experience, increase revenue opportunities and most importantly augment the brand in a competitive marketplace," added Verma

Other findings include:

  • 31% of respondents said that banking in the UAE was worse than their home country
  • 43% have considered leaving their existing bank
  • 90% of respondents have basic banking tasks such as: checking balances, depositing and withdrawing money, paying bills, which they want to perform with ease
  • 54% use bank branches which had the lowest customer satisfaction rating

The call to action based on the findings of this eye-opening survey include:

  • Make the brand promise uniform in all interactions. From branch visits to mobile apps, customers should have a ubiquitously pleasant experience
  • Leverage the potential of the growing digital trend and optimize platforms that enable the customer to tend to their banking needs via mobile, tablet or using digital touch points in store
  • Be 'always on'. Customers expect to be able to do everything, at any time of day. Being unable to cope with simple tasks when your branches are closed provides a broken experience
  • Offering customers a greater number of digital channels will lessen the reliance on branch visits and negate dissatisfaction with the experience.
  • Make the branch a place people want to visit with brilliant brand experiences in store, coupled with staff digital tools and training

"Simplicity in banking is the main mantra today," concluded Verma. "Simple improvements make things better and those improvements will undoubtedly propel the UAE to be a leader in consumer banking."

bb creates intelligent, simple-to-use digital products centered on customers and innovation. Its unique proposition lies in creating customer-centric products that makes life simpler and better. The company was founded three years ago in London by a team of senior executives in global consultancies and design studios who had a desire to reduce the clutter of agency business processes that often undermined end products. Combined with a passion in innovation, and expertise in simplifying and optimising products, bb has been a part of many successful global products that place the customer at the core.

The Dubai office was recently launched to service its growing regional customer base. bb recently completed the launch of the National Bank of Abu Dhabi's new English and Arabic website and continues to work with the bank on digital amelioration efforts. Its other banking clientele includes: HSBC, UBS, CBD and BNP Paribas. bb also operates in London, Norwich, Singapore, and Hong Kong.

For more information, please contact:
Naheed Ahmed
Nth Degree PR
Dubai
naheed@nthdegree.media
+971-55-881-8042 

About Brilliant Basics (bb)
Brilliant Basics (bb) is a global design and product studio. bb creates products that make life simply better. In a world full of clutter, bb simplifies by focussing on the basics, and innovating brilliant products and experiences for clients, customers and the company.

bb was founded in 2012 by Anand Verma and today employs a team of 80 talented designers and strategists, analysts, developers and entrepreneurs. bb operates in London, Norwich, Hong Kong, Singapore and Dubai. Clients include the Bill Gates Foundation, BNP Paribas, Commercial Bank of Dubai, HSBC, Investec, McMillan Publishing, National Bank of Abu Dhabi, UBS, Vodafone and more.

To find out more please visit: www.brilliantbasics.com/

Or find bb on twitter: @bbTellsAll 

© Press Release 2015