UAE Bank Services have Improved according to the 2015 Index

, Finance

If you are thinking of making a move to Dubai to set up your business or open a LLC, then there’s good news for you. In a recent report released by the 2015 Retail Banking Customer Experience Benchmark, the banks in the UAE are showing a rise in 18 percent improved customer experiences over the last 10 years. The index is developed by the Ethos Integrated Solutions.

The sample studied the efforts of 12 GCC banks from a total of 65 banks. This followed a six months’ mystery shopping exercise which included the branch visits, website interactions and call centre responses with close to 40 contacts made with each bank across all delivery channels.

Let’s see how the bank services have improved and what they are doing to stay ahead in the race.

The sample study and the index developed therewith clearly showed that the banks in the GCC were getting better. However, the trend was not uniform across the region and some countries fared better than the others. The sample study looked at 65 GCC banks, of which 22 were in the UAE, 10 in Saudi Arabia, 9 each in Bahrain and Qatar, 8 in Kuwait and 7 in Oman. The index measured them on parameters such as reliability, assurance, responsiveness and empathy, etc.

The index named Abu Dhabi Islamic Bank as the Best Bank in the GCC for the second year in a row.  The trend in the last 11 years has positively climbed higher and shown improvement. It is also true that customers have become more educated, more service-oriented and the UAE banking sector has seen tough competition, and as such, the banks are also striving hard to work better, perform better and satisfy the customers to the best that they can.

The overall growth and change in the banking sector is closely linked to the growth prospects of the industry and economy as such. Looked at in close relationship with the interesting and innovative policies being pursued by the government of the region, the banking sector improvements are giving a special push to the infrastructure development and attracting more entrepreneurs to shift base there.

What are these banks doing differently?

All banks are offering competing parallel services and interest rates which are at an all-time low. The only difference is in problems getting fixed quickly or sound financial advice on investment portfolios. And the banks which are successfully beating the competition are adopting the policy of being accessible for the customer on the go by offering services through the mobile.

These days, not many people prefer or have the time to visit the bank, so mobile has become extremely important in this scenario. Seamless online banking through the mobile phone has become critical in the scheme of things. Technology is being utilized effectively to ensure that the customer gets to access their bank accounts in time at the convenience of their home.

Banks are also listening in to their customers and in the view of a low-rate interest environment; banks are extremely keen on attracting investments and deposits. This works to the bank’s benefit too so they ensure that technology brings the bank closer to the customer.

Digital technology is bringing the banks closer to the customers and affluent investors and depositors. As such, the level of service has improved, and the banks too are going all out to ensure that they work well and perform to satisfy their customers.

This is leading to a banking service improvement and overall economy boost with a win-win result for customers and investors!

Come be a part of the growth and success story of the GCC region; let us help you discover opportunities!

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