Consumer sentiments towards Saudi Arabia's largest banks increased significantly by 11.3 percentage points in 2023 compared to the previous year. This information emerges from an industry report developed by PwC Middle East in collaboration with DataEQ. The report, titled the first joint KSA Banking Sentiment Index, assessed over 5 million social media posts related to leading retail banks in Saudi Arabia, including Al Rajhi Bank(1120.SA), Alinma Bank(1150.SA), Bank Albilad(1140.SA), Riyad Bank(1010.SA), The Saudi National Bank(1180.SA), Saudi Awwal Bank(1060.SA), and Banque Saudi Fransi(1050.SA).

The study utilized DataEQ’s advanced Crowd and AI technologies to analyze the net sentiment across operational and reputational aspects of these institutions. It noted a 9.1 percentage point rise in reputational net sentiment, attributed to factors such as community social investment initiatives, strong financial performances, and enhanced customer experiences.

Despite these positive trends, the report highlighted ongoing challenges in customer service and response times, which continue to negatively impact consumer perception. The banking sector also faces issues with digital downtime affecting customer confidence. Particularly, operational conversations on social media, which often reflect customer grievances, indicate the need for banks to improve operational interactions quality. The report cited a net sentiment of negative 82.1 percent in customer service discussions, underscoring the urgency for improvements in this area.

Mark Stanley, a partner at PwC Middle East, emphasized the importance of customer acquisition and retention being deeply intertwined with consumer sentiment. He pointed out that social media feedback provides direct, unfiltered insights into consumer experiences, making it crucial for banks to heed these voices.

Additionally, the report revealed dissatisfaction in product-related discussions, especially concerning debit card services and card issuance delays, leading to a net sentiment of negative 37.4 percent. However, reputation-related topics received favorable responses, highlighting banks' community programs, educational initiatives, and environmental efforts.

A significant concern for the banking sector is its digital experience. Technical issues such as system outages and app downtime have adversely affected the net sentiment, with a recorded figure of negative 81.1 percent. This underscores the necessity for improvements in digital infrastructure.

In conclusion, the report suggests that while Saudi Arabia’s banking sector has made strides in reputation and financial performance, there remains a considerable scope for enhancement in customer service, digital experience, and operational efficiency.