New index highlightsa need for more digitalized customer service across UAE banking sector 

New index highlightsa need for more digitalized customer service across UAE banking sector 

  • The UAE Banking Sentiment Index reportreveals consumer sentiment based on social media conversations related to major UAE banks
  • According to the report’s findings, UAE banks fail to respond to over a third of priority conversationson social media and take an average of 13 hours to respond to direct conversations
  • Service complaints account for half of the industry conversation on social media platforms

Dubai, UAE, 30June 2021: While digitalization of banking and financial services has progressed rapidly during the pandemic, service complaints account for half of the industry conversation on social media platforms.This was among the key findings of the UAE Banking Sentiment Index, conducted by KPMG in partnership with BrandsEye. The index is based on an analysis of41,430 public tweets about major UAE banks over three months.Each post received a sentiment rating—positive, neutral, or negative. These scores were then used to calculate a Net Sentiment ranking for each bank.

Goncalo Traquina, Partner, KPMG Lower Gulf, said: “The boundaries between front and back offices are blurring and banks are becoming closer to their customers, driven to innovate by the insights they gain. Customer-centric banks today are structuring their operations in new and exciting ways. The UAE Banking Sentiment Index highlightshow customer service responsiveness can be a competitive differentiator, translating into greater profitability.It is, therefore, crucial to build trust and sustain value through all customer experiences and interactions.”

In the past year, the UAE’s Central Bankhas taken action to strengthen consumer protection in the financial services sector. Additionally, organizations are operating in an increasingly competitive business landscape and the entry of new, digital-only players has highlighted the need for banks to make digital service a foundational enabler of their operating models and supply chain.

In terms of channels of communication, call centres were mentioned most frequently (51.8%) and also had the highest levels of negative sentiment (-84.8%) on social media. Interestingly, while mobile apps ranked fourth in terms of frequency of mentions, they had the least negative sentiment, with many banking customers complimenting the user-friendliness of this channel.

Turnaround (wait) time was the largest pain point for customers. Nearly half (44%) of customer service complaints received had long wait times at their core. This was followed by reports of no response being received (22.4%) and the issue of dealing with multiple customer service agents (9.5%) to get assistance. The report also found that banks do not respond to over a third of priority conversations and take an average of 13 hours to respond to direct conversations.

The top three topics that dominated the share of conversations were customer service, reputation and products, with negative sentimentsof 92%, 75% and 90%, respectively.

Managing online reputation is critical for business success. The report reveals that,based on their own positive experience, customers were more proactive with referring their bank to peers.If they were happy, they encouraged others to use their own bank’s services and conversely, dissuaded othersfrom choosing their banks if they were not satisfied.

Nic Ray, CEO, BrandsEye, concluded: “COVID-19 has forced many consumers to turn to digital channels, such as social media, to contact their banks for assistance. As consumers increasingly expect the same standard of service across all channels and providers, there isa business imperative for banks to rapidly evolve their customer service efforts on social media platforms.”

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About The UAE Banking Sentiment Report

This UAE banking sentiment index, conducted by KPMG in partnership with BrandsEye, offers insight into how UAE banks are addressing customer concerns on social media.

From 1 October – 31 December 2020, 41,430 public Twitter mentions were collected about eight traditional banks and three digital banks. Traditional banks comprised: Abu Dhabi Commercial Bank; Abu Dhabi Islamic Bank; Commercial Bank of Dubai; Dubai Islamic Bank; Emirates NBD; First Abu Dhabi Bank; Mashreq Bank UAE; and RAKBank. The digital banks were Liv Bank; Mashreq Neo; and Now Money.

A statistically relevant sample of these mentions was then analyzed to understand consumer concerns within the UAE retail banking sector in areas such as customer service, products, reputational risk and priority conversation.

About KPMG International

KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 146 countries and territories and have 227,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

About BrandsEye

BrandsEye is a social data and insights business, which specialises in helping large organisations to identify, analyse and prioritise their most valuable digital customer interactions. Using a unique blend of AI and human intelligence, the company offers various tailored solutions that range from customer service and experience, to market conduct and risk management. 

Founded in South Africa in 2007, and headquartered in London, BrandsEye continues to expand internationally. Today, the company supports enterprise clients across four continents covering a range of business sectors, including financial services, telecommunications, automotive, and retail.

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