Around 53% of bank customers in Saudi Arabia have complete trust on their primary financial service providers (PFSP), compared to 44% globally, according to a global consumer banking survey ‘winning through customer experience’ by Ernst & Young (E&Y).
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The survey was conducted on 500 retail consumer banking customers in Saudi Arabia, having at least one financial product, and 32,642 retail consumer banking customers across 43 countries.
The study showed that Saudi customers trusted their banks most for protecting financial information, keeping personal information safe and reputation. They were also happy with mobile banking features and easy access to branches and ATMs.
E&Y MENA financial services leader, Gordon Bennie, said the highest level of trust is a clear differentiator in creating advocacy, and customer experience is a key driver of that level of trust.
Additionally, the survey found that 66% of Saudi customers were involved in opening and closing accounts with different PFSPs, compared to 52% globally.
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By GlobalDataE&Y Riyadh office managing partner, Fahad Altoaimi, said due to the nature of customers in Saudi Arabia actively exploring and pursuing their options, financial services providers need to retain their customers by adapting their services to match the competition entering and penetrating the existing marketplace.
