Best Banks in UAE in 2010

Ethos Consultancy announced the results of its 6th Annual UAE Bank Benchmarking Index for service excellence to find out the best banks in UAE. Ethos researchers conducted 483 branch visits, contacted Call Centers to make 378 inquiries, and submitted 231 inquiries via bank websites. This year’s (2010) study covered a total of 21 UAE retail banks, comprising 15 local and 6 international banks and focused on three geographical areas of operation, Abu Dhabi, Dubai and Sharjah.

Researchers focused on real scenarios a prospective customer would face when using either traditional channels i.e. visiting a branch or using alternative delivery channels such as the Call Center or website. The customer experience is evaluated to determine whether the service delivery meets the 5 key variables (reliability, responsiveness, assurance, empathy and a well equipped service environment). Two new dimensions were added to the survey this year, complaint management and customer loyalty. As it turns out, the Bank with the highest performance overall continues to be RAKBank, followed by Dubai Bank

Best Banks in UAE in 2010

– Best Bank-Overall Performance: RAKBank
– Best Bank- Branch Performance : RAKBank
– Best Bank- Call Centre Performance : Abu Dhabi Islamic Bank
– Best Bank- Website Performance: RAKBank
– Best Islamic Bank : Dubai Bank
– Best international Bank: Lloyds TSB
– Most improved Bank: Abu Dhabi Islamic Bank
– Most Highly Recommended Bank: RAKBank

Having named the best, time to mention the worst; my personal less-favorable banks to deal with when in the UAE, based on my personal experience of 9 years: ABN Amro, Citibank, HSBC, and Emirates NBD. Thankfully RBS has pulled out of UAE, after a rubbish level of services. I need to state that I’ve never dealt with RAK Bank before, not do I know a close friend who did. I’m currently suffering from Emirates NBD bank, considering my options, and was considering Al Hilal Bank. Should any of the readers have further information regarding this topic, I’d appreciate if they leave a related comment.

According to Mercer’s 2010 global cost of living survey, Abu Dhabi (UAE’s capital) is the 50th most expensive city to live in the world and Dubai (2nd biggest emirate/city) the 55th. Mercer’s 2010 global cost of living survey inspects the cost of more than 200 items in 214 cities across five continents. These include food, housing, transport, clothing, entertainment and household goods. It is the world’s most comprehensive cost of living survey and is used to help multinational companies and governments determine compensation allowance for their expatriate employees.

[Update 1] The Commercial Bank Of Dubai has won the “Best Bank In The UAE 2010” award in Feb 2011.