Majority of UAE customers would readily switch their bank

Majority of UAE customers would readily switch their bank

New research by the Boston Consulting Group (BCG) reveals that 76 per cent of bank customers in the UAE are willing to switch banks. Further, 70 per cent said they are actively searching for new bank offers.

The research also showed that 87 per cent of respondents would be willing to open an account with a branchless digital-only bank. BCG says this correlates with its own global benchmark, which saw more than 53 per cent of UAE banking customers increasing their mobile app usage for banking during the pandemic, and over 50 per cent who enrolled in digital banking for the first time as a result of the crisis.

Read: Open Banking set to transform finance in the GCC

BCG's research also showed that 63 per cent of respondents expressed that