Saudi Arabia Retail Banking Consumer Profiles 2023

Saudi Arabia Retail Banking Consumer Profiles 2023

Summary

This report uses data taken from our 2023 Financial Services Consumer Survey to break down the Saudi Arabian retail banking market into five distinct profiles based on age, relationship status, and preference for digital or traditional providers. Each of these profiles is then analyzed individually to describe the unique features of its preferences and product holdings. This analysis facilitates the provision of recommended actionable steps for providers to cater to the wants and needs of customers fitting a given profile.

Based on the consumer profiles covered in this report, a few general results can be gleaned. For example, most customers conduct their banking digitally, either on a mobile app or on a provider’s website. However, despite the digitization of retail banking, consumers generally still hold a reasonably strong preference for the use of branches when it comes to big tasks like applying for a mortgage. However, the advantage of this report lies in the findings that are unique to individual profiles. Customers who match the profile of Mohammed, an older, mass affluent customer, are among the most digitally active but also the least satisfied with the current digital offering offered by their bank.

Scope

• Across almost all consumer profiles, online and mobile banking were the two most commonly used channels.
• Several consumer profiles showed a strong preference for branch access for certain banking activities.
• Loyalty rewards are a common complaint.
• Young, single consumers who prefer to use alternative providers are less satisfied with their bank’s integration of digital and non-digital services than other features of their bank’s digital services.

Reasons to Buy

• Understand how consumer preferences vary between different types of consumers.
• Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
• Identify the areas for improvement that matter to particular consumers.
• Benefit from the provision of actionable steps that can help your business target specific customer profiles.