The UAE banking sector ranked first in Asia, Africa, and Europe in the global Annual Trust Index Survey. Conducted by the UAE Banks Federation in collaboration with a global financial market research firm, the survey revealed consumers’ trust levels of UAE banks at 84 percent in 2022.
Surpassing prominent financial centers like Singapore, Hong Kong, and the US, the UAE banking sector has emerged as a trusted provider of reliable and top-notch financial services.
Globally, the UAE banking sector placed second in the survey. It ranked ahead of other global financial hubs such as the UK, China, Japan, and Germany. The UAE banking sector outperformed the average global trust index which stood at 67 percent.
Customer confidence
In addition, the UAE banking sector has maintained its position as the most trusted sector for the second year in a row. Over the past four years, the UAE banking industry’s trust index has experienced a steady climb. From eighth place in 2019, it rose to sixth in 2020, and finally secured the top spot in 2021 and 2022.
Survey respondents also expressed confidence in the customer-centric approach adopted by UAE banks. About 85 percent affirmed their needs are being prioritized.
Read: Enhanced cost efficiencies, lower impairment charges boost UAE banks’ profitability
Continuous improvement
Moreover, the survey highlighted the continuous service improvements of UAE banks, according to 100 percent of the respondents. The result affirms the sector’s commitment to meeting customer expectations and elevating the overall banking experience.
Jamal Saleh, director general of the UAE Banks Federation, emphasized the importance of ensuring a high level of consumer trust in banks. He said, “The results of the Annual 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 the Central Bank of the UAE and its diligent guidance of the federation and its members.”
The Annual Trust Index Survey, initiated in 2015, has proven instrumental in driving improvements in banking services and bolstering customer confidence in the UAE’s banking sector. It provides valuable data for the federation, enabling it to identify areas for improvement.
The UAE’s performance in the annual trust index further affirms the strong fundamentals of the UAE banking sector. According to KPMG Lower Gulf, “While the global banking ecosystem is currently experiencing greater levels of volatility and stress, the banking sector in the UAE is expected to maintain a stable outlook in 2023. The country is among the largest financial centers in the Middle East, and the banking industry continues to play a significant role in supporting the UAE’s economic growth.”
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