UAE banks improve customer sentiment by seven percentage points: KPMG report

UAE banks improve customer sentiment by seven percentage points: KPMG report

UAE - Banks in the UAE have improved their customer satisfaction rankings, according to a study by KPMG and DataEQ, based on nearly 100 000 public tweets retrieved from January 1 to December 31, 2022.

The UAE Banking Sentiment Index, which used crowd and AI technology to analyse banks and their customers’ concerns in relation to service, products, reputational risk, and market conduct, found that net sentiment improved year-on-year in the industry, with banks showing a seven-percentage point improvement in performance compared to the previous year.

A total of seven banks were benchmarked in the analysis, including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, and Mashreq Bank UAE. From among these, Abu Dhabi Commercial Bank recorded the highest operational Net Sentiment score, and Dubai Islamic Bank maintained the top ranking for its reputational performance. Commercial Bank of Dubai topped the ranking in terms of overall net sentiment.

Despite overall progress, the operational performance of most banks was impacted by service complaints due to slow turnaround time, as well as account admin, transfer delays and loan applications. On a positive note, the average customer response rate improved, with almost two-thirds