2024 UAE banking sentiment index report

Publication
10 minute read
October 03, 2024

The retail banking sector in the UAE is undergoing a significant transformation, driven by increasing customer demand for digital services, the emergence of new digital banks, and the rise of progressive regulations under the Financial Infrastructure Transformation (FIT) programme.

Amidst heightened competition and evolving risks such as customer fraud, banks must stay closely attuned to their customers' needs. Social media has become a critical platform for UAE consumers to express their opinions and experiences with financial institutions. However, many banks are not fully leveraging this valuable customer feedback.

To bridge this gap, PwC Middle East collaborated with DataEQ to analyse social media's role in monitoring and benchmarking customer sentiment and share of voice.

Our report highlights the growing online conversations about UAE banks, emphasising the importance of integrating social media feedback into customer experience (CX) strategies to enhance services and maintain a competitive edge in the market.

Key industry themes

Rising consumer engagement
Although sentiment saw a slight decline, increased consumer engagement highlights strong customer connections and opportunities for improvement.

Opportunities in customer service
Customer service presents a significant opportunity for improvement, with 80.6% of feedback focused on turnaround times, staff competency, and responsiveness. Addressing these areas will allow banks to elevate their service standards and enhance customer satisfaction.

Product interest and discussions
Product-related conversations saw a significant increase, reflecting strong consumer interest. While there were mentions of credit cards and loans, this highlights key areas where banks can focus on improving services, particularly in addressing card functionality and streamlining loan applications.

Digital security focus
Digital security has become a key area of focus, offering banks the opportunity to strengthen cybersecurity measures. By investing in robust protections, banks can enhance consumer data security and further build trust.

Balancing operational and reputational sentiment
While operational challenges have impacted sentiment, strong reputational efforts have helped maintain a positive perception. By addressing operational areas, banks can further enhance their reputation and create a more balanced, positive customer experience.