UAE ranks second globally in consumer trust in banks

UAE ranks second globally in consumer trust in banks

UAE ranks second globally and first in Asia, Africa and Europe in consumer trust in banks, which stood at 84% in 2022, according to an Annual Trust Index Survey. The survey was conducted by the UAE Banks Federation, the sole representative and unified voice of UAE banks, in collaboration with a global financial market research firm specialising in data collection. The UAE banking sector outperformed the average global trust index, which reached 67%. This placed the UAE second in the world and first in Asia, Africa and Europe, surpassing several advanced global centres for financial and banking services such as Singapore, Hong Kong, Taiwan, Malaysia, Canada, the US, the UK, China, Japan, France and Germany. Banking sector most trusted The banking sector remained the most trusted sector in the UAE for the second consecutive year. Over the past four years, the sector index rose from eighth place in 2019 to sixth in 2020 and then to first place in 2021 and 2022. The Trust Index found that 85% of respondents are convinced that banks operating in the UAE put customers first, while 100% say banking services have improved; this compares to 98% in 2021 (2020: 92%, 2019: 87%). Meanwhile, all