One in three unhappy with GCC banks - survey

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An extensive online survey conducted by Arabian Business has found that one in three Gulf residents is unhappy with the region’s "inadequate" banking experience.

More than 20 percent of respondents rated their overall banking experience as "terrible".

Some 41 percent of expatriate respondents said they rated Gulf banks as "much worse" than the banks in their home country.

Less than half that figure believes the Gulf banking experience is better compared to that offered in the country they are from.

The Arabian Business Banking Survey 2010 attracted more than 800 respondents across the six Gulf states.

Conducted over a six-week period, it collected information from readers of 63 different nationalities, who were the customers of more than 60 different banks in the region.

More data from the Arabian Business Banking Survey will be published online soon.

In a report last month, Global Investment House said the UAE’s eight biggest banks may report an 18 percent rise in profit in 2010 and earnings may increase further if provisions from Dubai World’s debt restructuring aren’t high

The Kuwaiti investment bank said in a report that earnings may grow at an average annual rate of 26 percent over the next four years as UAE economic growth accelerates beyond the 2 percent to 3 percent rate expected this year.

Related:

Special Report

Banking Survey Results 2010

Banking Survey Results 2010

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Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: vicky

the fact is that Bank doesn't have money.. now they want us to pay their dept..! i could say not 1 of 3.. but 3 of 3 are 100% unhappy!

Posted by: Yusuf Jehangir, Head of Marketing Al Rajhi Bank

Whilst I believe its true to say that there is scope for improvement in customer service across the region I also believe that the current financial downturn has had a halo effect on the banking sector overall. As individuals we are being forced to work harder to get returns from our money, whether it be shares, property, investments or simply savings accounts. This has in turn created a certain degree of frustration which then manifests itself in everything related to the industry. I am not saying banks do not have a long way to go with regards to service improvement and consistency, however, parallel research also indicates the level of customer service in banks is perceived as no worse than for the majority of other industries. On a positive note, most banks are working hard to improve their service levels and almost all have multiple complaint feedback channels, including telephone, email or in person at branches to register complaints.

Posted by: Ahmed

Dealing with the banks here is a nightmare. From the nonexistent customer service to the mind-boggling charges, it seems like they are enjoying their reign of tyranny in the absence of all accountability and regulation.

Posted by: Mark

I would also like to add that I spoke to the person in charge of remittances about my issue. His response was that we had submitted remittance applications beyond the cut-off time of 02.30 pm. When I told him that we usually submitted applications by 11 am his answer was "your's is not the only remittance application that the bank receives. if you want to ensure same day value date remittances, submit the application before 9 am!!!!" This is a nutshell is mashreqbank.....they are always right even if they are bleedingly obviously wrong

Posted by: Appalled customer

I absolutely agree with Mark. We also have a corporate account with Mashreq and the service is terrible and the charges are exorbitant.

Posted by: Glen

Bad banking impacts on the cost of doing business, simple tasks are complicated by staff who are unwilling to serve the customers properly. When my daughter complained to a bank employee about his unproffesional response to the issue, she asked who his manager was as she wished to complain. He replied, there she is you can do nothing about it. It seems that bank employees have an assurance that attendance is the only requirement to keep their jobs. Even one of the banks who has received awards for being the most proffessional has not responded to two online reqest for information relating to a fixed deposit account with them. As for the survey why are "62% of GCC customers mulling bank switch" as reported in AB, this means that at least 62% of customers are certainly not happy with their banks. The other 38% are just like me, stcking with the lousy banker you know rather than starting all over again with a lousy banker you do not know.

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