RAK Bank tops UAE retail banking survey

CREDIT DUE: RAK Bank has topped the fourth annual banking survey of the UAE.

RAK Bank has come out on top of an independent survey of retail banking in the UAE, Ethos Consultancy said on Tuesday.

The Bank Benchmarking study, in its fourth year, conducted 1,500 visits to the 29 banks covered and data collected measured 80 different criteria. In total, more than 40,000 responses were analysed.

Ras Al-Khaimah-based RAK Bank was voted the best bank in the country for the third year running, while Abu Dhabi-based First Gulf Bank was the runner-up.

Lloyds TSB was named the best performing international bank, a day after Arabian Business reported that it had more than doubled the minimum monthly salary needed to qualify for a personal loan in the UAE to 25,000 dirhams ($6,806).

This is the third consecutive year Britain's fourth largest bank has won the category.

Within the best Islamic bank category, Emirates Islamic Bank came out on top with an "excellent performance" across all the delivery channels, Ethos said.

Best performing new entrant in this year's survey was Al-Hilal Bank, with Noor Islamic Bank also doing well. But other new entrants, Doha Bank, Samba Bank and Umm Al-Quwaim Bank found themselves at the wrong end of the customer service quality table.

Abu Dhabi Commercial Bank (ADCB), which was ranked fourth best overall, was voted the most improved compared to its performance last year.

Other big improvers compared to 2007 were Emirates Islamic Bank, Mashreqbank, Commercial Bank of Dubai (CBD), RAK Bank, First Gulf Bank and Barclays.

But three banks who showed a notable decline in customer service performance from last year were National Bank of Abu Dhabi (NBAD), Union National Bank (UNB), and Royal Bank of Scotland (previously ABN Amro).

Robert Keay, managing director of Ethos Consultancy, said in a statement: "The continued lack of improvement in customer service levels from some banks is alarming. More than 75 percent of prospective customers get in touch with a branch first and then move on to other delivery channels.

"The focus of all banks should primarily be on branches followed by the call centre."

In the call centre channel, the best performance was from Dubai Islamic Bank (DIB) for the second year running. DIB had a response rate of less than one minute for answering all calls and researchers said their employees showing good depth of knowledge and empathy for customer enquiries.

The best website response performance went to First Gulf Bank.

Graham Honeybill, general manager of RAK Bank, said: "We are delighted that the quality of the service we provide to our customers has been voted best in the UAE market for the third year running.

"Our entire team is delighted with this result which is exactly the encouragement we need as we endeavor to give our customers the quality service they deserve."

The full overall rankings:

1. National Bank of Ras Al-Khaimah
2. First Gulf Bank
3. Emirates Islamic Bank
4. Abu Dhabi Commercial Bank
5. Dubai Islamic Bank
6. National Bank of Dubai
7. Mashreq Bank
8. Lloyds TSB Bank
9. Commercial Bank of Dubai
10. Al-Hilal Bank
11. Noor Islamic Bank
12. Barclays
13. Commercial Bank International
14. Citibank
15. Emirates Bank International / Me Bank
16. National Bank of Abu Dhabi
17. Standard Chartered Bank
18. HSBC Bank
19. National Bank of Sharjah
20. Union National Bank
21. Dubai Bank
22. Royal Bank of Scotland (RBS) (formerly ABN Amro)
23. Abu Dhabi Islamic Bank
24. Al-Masraf
25. Doha Bank
26. National Bank of Umm Al-Quwaim
27. SAMBA
28. Bank of Sharjah
29. United Bank Limited

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READERS' COMMENTS

RAK Bank tops UAE retail banking survey
Posted by Srivatsa, Dubai, U A E on Wednesday 19 November 2008 at 15:09 UAE time


I have banked with RAK bank and it offers excellent service. I have banked with more than 5 banks in the region and the service across the counter by RAK has been far superior. Even tough, a little conservative in providing loans but the overall - including the ambience, quick service and not to forget the everready smiling staff, is all fine.

Congrats RAK bank, keep it up.

the worst bank - RAK bank
Posted by Mohammed Raza, Dubai, UAE on Wednesday 19 November 2008 at 13:30 UAE time

This survey seems to be a sham. Probably sponsored by the banks declared as top banks. The consultancy firm must have got huge amount of business from them....
I have dealt with RAK bank long long back and I can vouch that they are the worst bank in the UAE and probably the world. I decided never to bank with them and it's been 5 years since then.

Bank Services
Posted by Maria Da Sa, Dubai, UAE on Wednesday 19 November 2008 at 08:13 UAE time


In a kingdom of the blind, the man with one eye becomes king. Very appropriate for the services rendered by Banks in this part of the world.

Banks in UAE
Posted by A.Tam on Wednesday 19 November 2008 at 07:48 UAE time


Personally has not yet have any real banking relationship with RAK but did try to apply for a car loan there. I later on stopped the process myself but found the process and follow-up by their staff quite adequate and not to the point annoying. While the survey quite rightly pointed out about Sama Bank being at 27th place as my friend had problem to get the interest for a fixed deposit in a timely manner.

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