Saudi Arabia Retail Banking Competitor Benchmarking - Financial Performance, Customer Relationships and Satisfaction

Abstract

This report looks at market performance, retention risk, and market shares across key products within Saudi Arabia's retail banking space. It also ranks the market's leading banks across a range of criteria, from digital adoption and user experience to rewards and money management tools.

Higher interest rates in 2022 resulted in increased net interest incomes for the majority of Saudi banks. Nonetheless, most banks' net interest margins were squeezed as a result of rate hikes. In terms of market power, the new entity Saudi National Bank consolidated its position as the most popular current account provider, following the biggest banking merger of the Middle East. Despite generally high satisfaction rates among customers, many are considering changing providers.

Scope

• The level of concentration has increased in the Saudi Arabian retail banking market within the last 10 years, as the two biggest players-Saudi National Bank and Al Rajhi Bank-control over half of the market.
• Cross-selling rates are low in Saudi Arabia, which is typical for the region. Nonetheless, Net Promoter Scores (NPS) are quite high, with considerably more promoters than detractors.
• Digital banking tips and support is the biggest driver of NPS, and satisfaction with digital banking metrics is quite high.

Reasons to Buy

• Identify factors affecting growth prospects across the deposit, credit card, personal loan, and mortgage markets.
• Track competitor gains and losses in market share.
• Assess the financial performances of competitors.
• Unlock detailed analysis of the drivers of customer advocacy.