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According to a recent survey, UAE customers are happier with bank services after the financial crisis. Do you agree?
The results are in.
November 30, 2009 2:04 by Aarti Nagraj
Customer satisfaction with banks in the UAE has increased dramatically this year, according to a recent survey by global customer service agency Ethos Consultancy. The Bank Benchmarking Study of retail banks in the country found that the average customer satisfaction level rose by 10 percent this year as opposed to the usual 2 to 4 percent yearly growth.
“Customer service quality among UAE banks has been improving over the years, but never as drastic in 2009. In addition to initiatives that banks have taken previously, this year has been a particularly critical year due to the crisis. Banks’ focus took on a dramatic shift from customer acquisition to customer retention,” said Barry Judge, marketing director of Ethos Consultancy.
“When a lot of their customers lost their jobs, and companies reduced salaries, banks were concerned not just about getting new clients to replace those that they have lost, but also in keeping the new ones, and ensure those that stayed with them will not look for other banks,” said Judge.
While 8 percent of our respondents agreed that customer service has improved after the crisis because banks are losing business, another 19 percent said that the only reason they were receiving better service was because employees were afraid of losing their jobs.
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