Emirates NBD ranked as UAEs most trusted bank: Survey

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Souqalmal’s 2018 edition of its bank satisfaction survey found that overall customer satisfaction with banks rose seven per cent to 32 per cent from 2017, when 25 percent of respondents said they’d actively recommend their bank, reported Arabian Business.

The 2018 figure, however, represents a two per cent decrease from 2016, when 34 percent of the 7,000 surveyed respondents expressed satisfaction with their bank. The survey also looked into the most popular banking products in the UAE covering a number of categories including personal finance, credit cards, home finance and bank accounts. The results are based on product searches and visits recorded on the site between 1 January 31 December 31, 2017.

“The bank satisfaction index serves as a barometer for customer sentiment, and the results are a true reflection of how happy, or unhappy, bank customers are with the overall banking experience. The UAE banking market is highly competitive, and banks need to wow their customers with great service and product offerings in order to retain them,” said Souqalmal.com founder and CEO Ambareen Musa, according to Arabian Business.

The survey found Emirates NBD to be the most trusted UAE bank, followed closely by Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank. RAKBANK offers the most popular personal finance product and ADCB LuLu Platinum Credit Card was the most popular credit card. Abu Dhabi Islamic Bank offers the most popular home finance product, while the most sought-after account was the Al Islamic current account from Dubai Islamic Bank. Noor Bank’s auto finance service was ranked the most popular vehicle financing product.

Musa noted that co-branded credit cards generated the most searches, with greater cards that have tie-ups with supermarkets being of particular interest to Souqalmal users, which she said is “a sign that residents are increasingly conscious about their everyday spend and costs of living.”

The issues that saw the highest levels of customer engagement, according to Souqalmal, were debt repayment, savings options and terms and conditions associated with banking and insurance products, Arabian Business added.