Banking customers in the Kingdom of Saudi Arabia are significantly utilizing digital channel to conduct their purchases, with mobile banking leading the way, according to a new study from Avaya. The searchings for disclose that Saudi customers' most-preferredn network for accessing banking solutions is through a mobile application, while 40% of participants claimed it was a top priority to have everything on their smart phone - the greatest out of nine nations checked.

The Customer Experience in Banking Survey, performed with YouGov, quized more than 10,000 banking customers in two waves - the initial covering the UK, UAE, India and Australia, and the 2nd France, Germany, Italy, KSA and South Africa. Virtually a quarter (24%) of respondents in both the UAE and Saudi Arabia claimed a mobile app was their chosen channel, behind just India and South Africa, and a lot greater compared with simply 8% in Germany and 10% in France.

Saudi Arabia currently has one of the greatest mobile infiltration prices in the region, with a populace infiltration price of 140% since Q1 2017, inning accordance with one report by the Ministry of Communication & Information Technology.

Saudi banking customers are additionally more likely to alter their banks because of poor client service - and less likely to offer the bank a possibility to do something concerning it. While over half (52%) would alter banks - the highest from all 9 countries - only 37% would certainly lodge a grievance, the most affordable of the countries evaluated. When asked to examine what was essential to them in interacting with their bank, leading asks from KSA banking customers include wanting to have the exact same level of experience and service across all networks, and for their problems to be dealt with on the first factor of call, all no matter which contact channel they used.

While more robust digital channels are one way for financial institutions to improve the customer experience, almost a quarter of those in the Kingdom would still like to visit their bank's branch and speak to a partnership officer for services. Virtual Financial Advisors (VFAs) - representatives from the bank that involve customers through virtual methods and service them from another location with online tools - seem to be an ideal remedy based on the choices of KSA respondents. Inning accordance with the study, one of the most valued advantage of having a VFA is having the ability to settle their banking questions much faster, regardless of which contact channel they used.

1 http://www.mcit.gov.sa/En/AboutMcit/SectorDevelopment/Pages/SectorIndic

Customers in the Kingdom usually choose not to be gotten in touch with by their bank for marketing offers or new services. But they want to speak with their bank when it comes to renewing their bank card or services before they expire, and dealing with troublesome or possibly deceitful transactions. Virtually a quarter of respondents (23%) say that they would certainly not want to be contacted for any of these problems, favoring to get in touch with the bank only when they have to.

Getting consumer experience right is vital for banks in KSA, and it is clear that supplying a superior consumer experience calls for sychronisation throughout all touchpoints - whether online or offline," says Yaser Alzubaidi, Interaction Solutions Sales Leader for Asia Pacific, Middle East & Africa (AMEA) at Avaya. "Financial institutions in the region are increasingly purchasing digital transformation to deliver the ideal customer experience. Nonetheless, it truly comes down to personal freedom and providing customers the possibility to pick the means they engage with their bank. That is where new modern technologies can really make a distinction. Additionally, these new modern technologies help customers to do what they wish to do as fast and efficiently as possible.

To learn about how Avaya is digitally is digitally transforming economic services, take a look at this short video or browse this resource guide.