A quarter of all retail banking customers in
the Gulf Cooperation Council (GCC) – made up of Oman, Bahrain,
Kuwait, Qatar, Saudi Arabia and the UAE – are planning to switch
their bank accounts in 2011, according to a survey by Ernst &
Young.
While 25% said they wanted to switch, 10%
stated that they had switched banks already because of unsatisfying
banking experience.
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The Retail Banking in the GCC: Competing
for customers survey looked at customers’ needs, the quality
of their banking experience and also analysed measures to encourage
customers to recommend their bank.
Ernst & Young Middle East and North Africa
retail banking sector leader Salaam Jaffrey said that the banking
sector in the GCC region had become very competitive and urged
banks to provide better customer experience in order to maintain
their client base.
Other key findings of the survey included:
- 71% considered trust very important for a stable relationship
with their bank - 70% cited fast transactions as highly important
- 66% said service quality was very important
- 45% put importance on the bank staff’s attention to their
customer needs - 7 % said they received the attention they required from banks’
staff
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By GlobalData
