UAE Banks Witness Significant Improvement in Customer Satisfaction, Reveals KPMG Study
In a recent study conducted by KPMG and DataEQ, it has been revealed that banks in the United Arab Emirates (UAE) have made remarkable strides in enhancing customer satisfaction. The study, which analyzed nearly 100,000 public tweets gathered between January 1 and December 31, 2022, examined various aspects such as service quality, product offerings, reputational risk, and market conduct.
The UAE Banking Sentiment Index, employing a combination of crowd and AI technology, assessed customer concerns and sentiments towards banks in the country. The findings showcased a significant year-on-year improvement in the net sentiment of the industry, with banks demonstrating a remarkable seven-percentage point increase in performance compared to the previous year.
The comprehensive analysis encompassed seven prominent banks in the UAE: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, and Mashreq Bank UAE. Each institution was evaluated based on their operational efficiency, reputational performance, and overall net sentiment.
Among the banks assessed, Abu Dhabi Commercial Bank garnered the highest operational Net Sentiment score, reflecting the positive sentiment expressed by customers regarding the bank’s operational aspects, including customer service, efficiency, and technology-driven solutions. Dubai Islamic Bank maintained its top ranking in terms of reputational performance, indicating the bank’s success in building a strong and trusted brand image among customers. Additionally, Commercial Bank of Dubai claimed the leading position in the overall net sentiment category, demonstrating its ability to consistently meet and exceed customer expectations across various dimensions.
The study’s methodology involved analyzing a vast number of tweets from the general public, providing valuable insights into customers’ perceptions and experiences with UAE banks. By leveraging advanced data analytics and machine learning techniques, KPMG and DataEQ were able to extract meaningful sentiments and sentiments from the tweets, allowing for a comprehensive assessment of customer satisfaction levels.
This study comes as a testament to the continuous efforts made by UAE banks to prioritize customer experience and enhance their services. By monitoring and analyzing public sentiment, banks can gain valuable insights into customer expectations, concerns, and areas for improvement. Such insights enable banks to refine their strategies, introduce innovative solutions, and deliver a personalized banking experience that aligns with the evolving needs of customers.
The positive shift in customer sentiment towards UAE banks not only reflects the industry’s commitment to customer-centricity but also contributes to the overall development of the UAE’s financial sector. Enhanced customer satisfaction fosters customer loyalty, attracts new customers, and boosts the country’s reputation as a leading global financial hub.
Commenting on the study, John Paul Abraham, Partner and Head of Financial Services at KPMG Lower Gulf, highlighted the significance of customer sentiment in the banking industry. He stated, “Customer satisfaction is paramount in the highly competitive banking landscape. The findings of this study underline the importance of continually listening to customer feedback and leveraging advanced analytics to drive improvements in customer experience.”
As UAE banks continue to invest in digital transformation initiatives, customer-centric services, and innovative technologies, the findings of this study serve as an encouraging affirmation of their progress. By nurturing positive customer sentiment and delivering exceptional experiences, banks in the UAE are poised to strengthen their market position and contribute to the sustainable growth of the nation’s banking sector.
In conclusion, the KPMG and DataEQ study sheds light on the remarkable progress made by UAE banks in improving customer satisfaction. With a significant seven-percentage point increase in net sentiment, banks have successfully demonstrated their commitment to delivering excellent services and meeting customer expectations. As the UAE’s financial landscape evolves, banks’ continued focus on enhancing customer experiences will undoubtedly play a pivotal role in shaping the future of the nation’s banking sector.
