Key findings from the NPS Survey used for conceptualizing the Bank Satisfaction Index were presented at an event, where the delegates were advised to listen to the consumer voice from Souqalmal.

As per the survey, Al Islami Used Car Finance from Dubai Islamic Bank is the most popular car finance in the UAE, ADIB Home Finance for Expats the most popular home finance in the UAE, and Emirates NBD Standard Current Account the most popular bank account in the UAE.

With 750,000 visits a month, we are able to get very good insights into what customers seek,” Ambareen Musa, founder and CEO of Souqalmal, said in her presentation.

Adopting a more customer-centric approach with stronger focus on customer analytics, designing products based on what customers are looking for and streamlining processes for improved customer interaction both online and offline are the need of the hour,” she added.

Ivan Jakovljevic, head of travel and finance, Google MENA, shared a number of interesting regional statistics during his presentation, including the fact that consumer online channels are the second most effective driver of the sales of financial products and that around 50 percent of bank customers in Saudi Arabia and the UAE research financial products online and later buy offline.

“Increased connectivity and digitalization are enabling banking industry disruptions,” Jakovljevic said. “The time is now to acknowledge the impact of digital on one’s business, which clearly defines a digital ambition and fully equips oneself to ride the inevitable digital wave,” he added.

Professor Peter Zemsky, dean strategic initiatives and innovation at INSEAD, shared his perspective on the rapid expansion in Fintech investments and geographic concentrations as customer expectations change.

Quoting data, Zemsky said heavy investment areas include channels, customer service and experience, processes, products and marketing; in 2015, it was estimated that $20 billion went into FINTECH globally.