Understanding the Appetite and Aptitude Local Consumers have for Online Banking Provides Substantial Opportunities for GCC Banks to Widen their Customer Base

ME Newswire

Dubai, United Arab Emirates - Sunday, September 22nd 2013 [ME NewsWire]

The number of online bank accounts is on the rise across the GCC,  but efforts are needed to establish online banking (especially among non-users) as consumers vary enormously in their propensity towards it – according to the latest consumer survey results by Roland Berger Strategy Consultants Middle East.  

Online account penetration differs across GCC countries but is at a fairly promising level overall. Customer satisfaction then becomes key to retention, whilst increasing competition is widening consumer choice. Customers' needs and requirements must be clearly understood by banks with their increasingly diverse and demanding customer base.

"How satisfied are GCC banking customers with their primary banks?", "What are consumer attitudes towards online banking?", "How does affinity towards online banking vary across different consumer segments?" These are some of the questions covered in Roland Berger's recent analysis across several GCC countries including the United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Kuwait, with 1,300 consumer interviews conducted.

"Creating consumer awareness, building customer trust and developing a clear, commercially enriched value proposition paves the way for online banking adoption", said Francesco Pavoni, Senior Partner and Head of Financial Services at Roland Berger Middle East.

Dorit Posdorf, a Principal with Roland Berger and Head of the Marketing & Sales function in the Middle East continued:  "In-depth consumer insights need to go beyond demographics. With data from our recent study and applying the Roland Berger Profiler tool, we identified six consumer types with comparable value sets where the different segments proved to be very distinct in terms of values and demographics but also in terms of their attitude towards online banking. At the same time, these segments also exhibited varying degrees of aptitude and appetite for online banking. Therefore a strategic consumer segmentation and in-depth insights are essential to selecting and adding value to specific consumer types".

The RB Profiler uses value-based profiling of target groups and brands as an instrument to develop, evaluate and implement brand strategies and marketing and sales concepts.

The results of the GCC market study referenced here are only a small sample of the information available. Based on the substantial data gathered, tailored analytics to companies operating in the telecommunications, the financial services and the retail industry can be made available upon request.

Roland Berger Strategy Consultants, founded in 1967, is one of the world's leading strategy consultancies. With 2,700 employees working in 51 offices in 36 countries worldwide, we have successful operations in all major international markets. The strategy consultancy is an independent partnership exclusively owned by around 250 Partners.

Contacts

Mia Mutic

Roland Berger Strategy Consultants

Tel.: +971 50 9105302

e-mail: mia.mutic@rolandberger.com

www.rolandberger.com

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