PwC and DataEQ succeed in monitoring customer reactions to 7 Saudi banks in 2023

PwC, in collaboration with DataEQ, has undertaken an analysis of customer sentiments towards seven leading banks in the Kingdom of Saudi Arabia (KSA) to gain a deeper understanding of customer perceptions and experiences, thus shaping the industry’s reputation and risk profile.

This year’s index tracked over 5 million posts on X (formerly known as Twitter). These posts were processed using DataEQ’s proprietary method, which utilizes a unique combination of Crowd and AI technology.

Overall, the industry demonstrates signs of improvement, with an 11.3 percentage point increase in Net Sentiment compared to 2022.

This improvement can be largely attributed to a 9.1 percentage point increase in reputational Net Sentiment driven by positive media reports on financial results for several banks, engagement with Corporate Social Investment (CSI) initiatives, as well as benefits and loyalty programs.

However, banks are still contending with ongoing challenges and feeling the negative impact of consumer criticisms, primarily focused on slow service and lengthy processing times.

This index taps into an often-overlooked source of truth – unsolicited social media feedback – providing a quantifiable measure of the industry’s performance in areas such as pricing, products, customer service, and risk-related conversation.

This raw, unfiltered data illuminates real consumer pain points and the areas where banks are excelling.

By analyzing key drivers of consumer satisfaction and frustration, the study aims to assess how well Saudi banks are meeting customer expectations in terms of service and experience.

With these insights, stakeholders will be better equipped for swift action and the development of long-term strategic plans that will likely see their public sentiment, and profits, soaring to even greater heights.