9 out of 10 UAE Residents Prefer Online Banking than Making Visits to Physical Bank Branches
Recently, a survey was carried out by YouGov together with Backbase which revealed that the appetite of consumers with regards to using digital self-service e.g. online banking has increased significantly due to Covid-19.
As per the survey, 9 out of 10 UAE residents now more likely to use online banking services instead of making a visit to a branch of a bank.
The survey showed that 72% of the participants to the survey, use online banking at least once a week, and 24% use the said services at least once a day.
Closures of banks or restrictions on movement at the start of the COVID-19 pandemic forced many consumers to use online services. Many banks responded to this change by quickly shifting their services and products to their digital banking platforms.
Due to the COVID-19 pandemic, expectations of many consumers have shifted from day-to-day banking services to also include a little bit more complex banking services, such as remote subscriptions to new services or products or account openings.
However, 31% of the participants to the survey said that their bank is weak with regards to providing seamless access to digital banking services.
The results of the survey also showed that 44% of the respondents cited poor or weak customer relations as a key factor behind switching to a different bank.
With more digital transformation planned ahead, financial institutions should make sure that the right platform is available to them for managing future expansion.
Matthijs Eijpe, regional vice-president sales for EMEA at Backbase said that as the COVID-19 pandemic recedes, banks have the opportunity to offer its customers enhanced engagement online, which will help the physical bank branches in delivering more high-value and complex activities.
He further said that in order to ensure that banks can capitalize on changing consumer behavior by breaking free from siloed technology architecture and bringing customer engagement at the forefront of their online/ digital operations.