2024 KSA Banking Sentiment Index Report

2024 KSA Banking Sentiment Index Report
  • Report
  • 2 minute read
  • September 25, 2024

The banking sector in Saudi Arabia is undergoing a profound transformation, driven by Vision 2030’s ambitious agenda and the rise of digital technologies. As financial institutions embrace these changes, they are working to enhance customer experiences, innovate their services, and navigate an increasingly competitive landscape. The Saudi Arabian Monetary Authority (SAMA) has introduced forward-thinking regulations aimed at fostering financial inclusion, strengthening digital banking infrastructure, and creating opportunities for both traditional banks and fintech players.

In this rapidly changing environment, understanding customer sentiment has become more important than ever. The 2024 KSA Banking Sentiment Index report, created in collaboration with DataEQ, offers a comprehensive analysis of consumer perceptions and feedback. By examining over 62,800 public mentions from May to December 2023, this report sheds light on the key trends shaping the sector—covering topics such as digital transformation, service quality, and emerging challenges.

With this report, gain valuable insights into the evolving preferences and concerns of banking customers across the Kingdom. Discover how sentiment is shaping the future of the industry and how banks are responding to meet these new demands.

Key industry themes

01

Operational improvements underway
Operational challenges persist, impacting industry net sentiment, with gradual improvement.

02

Increased demand for loans and cards
Consumers displayed a keen interest in banking products, particularly loans and card solutions.

03

Customer service—an area of opportunity
Challenges in customer satisfaction present an opportunity to enhance service.

04

Digital communication grows
Consumers showed a growing preference for digital channels for communication, despite a rise in complaints.

05

Real-time engagement—a key opportunity
The response rate to priority mentions remained stagnant, with over half left unanswered.

06

Downtime risks rise
Downtime remained the primary risk factor impacting the industry, with a noticeable upward trend.

Discover our latest insights and analysis in the KSA Banking Sentiment Index 2024 report

Contact us

Mark Stanley

Partner, Financial Services Consulting, PwC Middle East

Tel: +971 56 411 9259

Jean Abou Assi

Partner | Financial Services , PwC Middle East

Tel: +971 4 304 3100

Wissam Hajjar

Director | Financial Services, PwC Middle East

Afaq Qazi

Director | Financial Services, PwC Middle East

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