UAE and Qatar Banks Lead in GCC Reputation, KPMG Report Finds

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According to a recent report by KPMG, banks in the United Arab Emirates (UAE) and Qatar are leading the Gulf Cooperation Council (GCC) region in terms of reputation. The report, analyzing customer perceptions of the banking sector, highlights the strong reputation of Emirati banks, setting them apart from their counterparts in other GCC nations.

Through an analysis of nearly 4 million social media posts on platform X (formerly Twitter) over a year, KPMG gained insights into customer sentiments towards banks. The report notes that Saudi Arabian banks witnessed the highest volume of online interactions with customers, with an impressive response rate. These interactions, managed by bank social media teams, range from addressing grievances to responding to inquiries and positive feedback.

As the GCC region diversifies its economy beyond oil, the banking sector has seen significant growth, with customer service emerging as a key competitive advantage. Abbas Basrai, Partner at KPMG, underscores the importance of understanding consumer sentiment for banks aiming to prioritize customer-centric approaches.

While the report highlights the positive reputation of GCC banks, it also identifies areas for improvement, particularly in addressing operational-related complaints. Enhancing turnaround times and improving resolution rates are cited as key focus areas for banks in the GCC. This aligns with a trend towards offering better services, with customer satisfaction increasingly tied to service quality and product offerings.