Consumer trust in UAE banks at a five-year high, industry body says – The National

Consumer trust in UAE banks at a five-year high, industry body says – The National

More than three quarters of respondents to UAE Banks Federation annual survey displayed high levels of trust in lenders





























The coronavirus pandemic will help customers migrate from branches and ATMs to online and mobile banking, says Abdulaziz Al Ghurair, chairman of the UAE Banks Federation and chairman of Mashreq Bank. Christopher Pike / The National 











More than three quarters of consumers in the UAE had high trust in the country's banking sector last year, a 2 per cent improvement from 74 per cent in 2018, according to the UAE Banks Federation's (UBF) annual Trust Index survey.



This is the highest reading for UAE banks in the past five years, the federation said on Monday.



"It's going to be very difficult to keep growing consumer trust forever. We should be ready for a 0.5 per cent to 1 per cent improvement or deterioration on this indicator [for 2020],“ Abdulaziz Al Ghurair, chairman of UBF, said at a virtual press conference announcing the survey's results.









With digital transformation, the use of branches will shrink





Abdulaziz Al Ghurair, chairman of UAE Banks