UAE Banks Federation: High Consumer Trust Index confirms UAE’s momentum in banking sector
UAE ranks second globally and first in Asia, Africa and Europe for consumer confidence in banks
Banking sector remains at the top of the most trusted sectors in the UAE
100% of customers confirm significant improvement in banking services in 2022
Abu Dhabi, United Arab Emirates; 12 July 2023:
UAE Banks Federation, the sole representative and unified voice of UAE banks, revealed that customer confidence in the UAE banking sector remains among the highest, which stood at 84% in 2022, according to the Annual Trust Index Survey conducted by the federation 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 United States of America, the United Kingdom, China, Japan, France and Germany.
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 respondents agreed that banking services will continue to improve in the coming months.
Jamal Saleh, Director General of UBF, said, "The results of this annual Consumer Trust Index survey confirm the continued advancement of the banking and financial sector in the UAE and its ability to meet the growing needs of all retail and institutional customers, all under the direct supervision of Central Bank of the UAE and its diligent guidance to the federation and its members. Central Bank of the UAE is committed to creating the best conditions for customers to enjoy convenient banking services that meet the highest international regulatory compliance standards, particularly in governance, transparency, accountability and risk management."
The Director General of UAE Banks Federation added: "Trust is one of the main pillars of the banking sector in any country, as the sector depends on maintaining a good reputation and the confidence of customers to ensure continuity and development, an aspect confirmed by recent developments in the global banking sector. We at UAE Banks Federation are proud that our member banks have achieved high customer confidence in the face of major challenges facing the global economy and the banking sector in several countries. The positive performance of the banking sector in the UAE is the result of concerted efforts by member banks to understand and meet the needs of customers by investing in various aspects of banking. The outstanding results are an incentive for us in the federation and the member banks to continue our efforts in further developing the banking sector in line with growing customer expectations."
The banking and financial sector in the UAE has been able to achieve many milestones that have strengthened the UAE's position as a regional and global centre for financial services by adopting the sector and using advanced technologies to provide smooth and secure banking services. This is underlined by the Digital Transformation Strategy launched by Central Bank of the UAE, which lays a solid foundation for providing a secure and effective infrastructure for digital banking services and making optimal use of technological capabilities, techniques and solutions in artificial intelligence and data processing.
Under the guidance and in constant collaboration with Central Bank of the UAE, UAE Banks Federation promotes sponsors and supports UBF members in providing the best banking services to their customers and developing them for digital transformation. We do this by ensuring that they strive to maintain the highest levels of electronic security and data protection; upskill human capital, especially Emirati cadres; improve cybersecurity and adopt advanced technologies to enhance risk management and continuously improve their effectiveness in developing technical solutions for business and fraud prevention; and constantly comply with local and global regulations, policies and laws.
It is worth mentioning that in 2015, UBF launched the first Trust Index Survey to measure customer trust in banks. This was the result of the federation's keenness to identify and implement solutions and initiatives aimed at improving banking services and strengthening customer confidence in the banking sector. The Trust Index provides annual data that help UAE Banks Federation identify critical steps to be taken by member banks at all levels to improve services to achieve customer satisfaction, which is the role entrusted to the Federation.
UBF also measures the level of customer confidence in UAE member banks every year, which has increased significantly over the past four years. This indicates the great efforts made by Central Bank of the UAE in supervising the banking sector in the country and the support the federation provides to all its members in growing together and ensuring that the UAE's financial and banking sector remains a global leader.