Souqalmal.com has revealed the results of the 2018 edition of its annual Bank Satisfaction Survey, the most comprehensive survey of its kind in the UAE, based on responses collected from over 7,000 UAE residents.
According to findings revealed in the survey, close to one-third (32%) of UAE respondents would actively recommend their primary bank to friends and family. Compared to results from last year’s survey, consumer satisfaction is up by 7%.
Founder & CEO of Souqalmal.com, Ambareen Musa says, “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.”
Musa adds, “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.”
Emirates NBD has emerged as the ‘Most Recommended Bank’ in the UAE, with ADCB and ADIB coming in at a close second and third.
Souqalmal.com has also released its annual rankings of the UAE’s ‘Most Popular Banking Products’ to supplement the findings from the survey. The rankings cover four of the most visited product categories – personal finance, credit cards, home finance and bank accounts, and are based on product searches and visits recorded on the site from January 1, 2017 to December 31, 2017.
|Most Popular Banking Products|
|Personal Finance||RAKBANK Personal Loan|
|Credit Card||ADCB LuLu Platinum Credit Card|
|Home Finance||ADIB Home Finance for Expats|
|Account||DIB Al Islami Current Account|
Top searched bank products and services
In keeping with the trend observed in previous years, personal loans followed by credit cards retained the status of the most searched-for product categories on the site.
A closer look at search trends also reveals that more UAE residents are leveraging the personal finance comparison site to look for non-salary transfer personal loans.
Musa says, “These loans are often the only choice for borrowers who already have an ongoing salary-transfer loan commitment or those who do not qualify for a salary-transfer loan to begin with.”
Within the credit card product category, rewards credit cards, especially co-branded cards generated the most searches. Credit cards that have tie-ups with supermarkets garnered considerable interest from users – “A sign that residents are increasingly conscious about their everyday spend and costs of living.” – Musa adds.
The latest edition of Souqalmal.com’s annual analysis also sheds light on the most popular personal finance topics and concerns among UAE residents.
The topics that saw the highest customer engagement revolved around debt repayment, savings options, and terms and conditions associated with banking and insurance products. Comparison was a popular theme as well, be it related to comparing bank accounts and personal loans or driving schools and telecom providers.
“We’re constantly trying to gain insights into what our users are looking for and find new ways to demystify personal finance products and the small print. The ultimate aim is to empower our readers to make sound financial decisions”, Musa concludes.
Souqalmal.com is the biggest personal finance comparison website in the UAE and Saudi Arabia, allowing users to compare personal finance products such as Credit Cards, loans, bank accounts and Insurance. www.souqalmal.com