Qatar banks introduce innovative services, leading to high satisfaction in GCC

A recent social media analysis of sentiment in the GCC banking sector revealed that Qatar's banks garnered the most favorable feedback from consumers.

Conducted by auditing firm KPMG in collaboration with DataEQ, an analytics company, the GCC banking sentiment index scrutinized over 3.9 million social media posts spanning May 2022 to April 2023 concerning 20 banks across Saudi Arabia, the UAE, Qatar, Bahrain, and Kuwait.

Understanding customer sentiment in the GCC banking industry is crucial, according to Abbas Basrai, Partner and Head of Financial Services at KPMG Lower Gulf. Basrai highlighted the report's findings and the complexity of the subject. For companies that want to make sure their plans are in line with what consumers want, the data-driven results are a vital yardstick.

While Saudi Arabia dominated the online banking conversation in the GCC, accounting for 83.3 percent, Qatar emerged as the frontrunner with a notable net sentiment score of 7.8 percent. Net sentiment, a key metric in gauging customer satisfaction, weighs positive sentiment against negative sentiment, adjusted by conversation volume.

Qatar's impressive score was attributed to its robust financial performance and the introduction of anticipated remittance services, including instant money transfers to India, which are particularly appealing to expatriate residents. Additionally, collaborations aimed at enhancing cross-border payments were highlighted.

Melanie Malherbe, Chief Commercial Officer at DataEQ, underscored the value of social data in providing organizations with genuine insights into consumer perceptions and competitive landscapes. She emphasized the untapped potential of social media platforms as a rich data source for real-time analysis, offering valuable insights into customer experience, product quality, pricing, and conducting feedback.

Although the UAE boasted the highest proportion of positive mentions at 21.1 percent, Qatar trailed closely behind by only 0.9 percentage points. Positive sentiment towards UAE banks stems from successful partnerships, robust financial performance, corporate social investment initiatives, and commendable customer service.

However, the report noted prevalent complaints across all GCC countries, including service issues, app downtimes, and prolonged wait times, highlighting areas for improvement in the banking sector.

Read also: Saudi Arabia announces issuing VAT warning

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