Saudi Arabia Retail Banking Analysis by Consumer Profiles, 2023 Update
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Saudi Arabia Retail Banking Market Analysis Report OVerview
A few distinct personas have been created through a cluster analysis of GlobalData’s 2023 Financial Services Consumer Survey to understand Saudi Arabian survey respondents and their attitudes, preferences, and unmet needs. The five personas have been created based on age, relationship status, and preference for digital or traditional providers. Each of these profiles is then individually analyzed to describe the unique features of its preferences and product holding. This analysis facilitates the provision of recommended actionable steps for providers to cater to the needs and wants of customers fitting a given profile.
Customer Personas | · Gen Z
· Millennial · Gen X · Digital Boomer · Entrepreneur |
Channel Preferences | · In-Branch
· Telephone · Online · Mobile · Video Chat · Instant Message |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Buy The Full Report to Know More About the Customer Preferences in the Saudi Arabia Retail Banking Market, Download A Free Report Sample
Saudi Arabia Retail Banking - Customer Personas
The five customer personas analyzed in the Saudi Arabian retail banking market are Gen Z, Millennial, Gen X, Digital Boomer, and Entrepreneur.
Gen Z: The consumer persona of Gen Z is that of an ambitious, fresh graduate who is new to money management and is focusing on debt repayments without ignoring one’s savings. One wants to build up savings and investment portfolio to achieve one’s goal of buying a house. One wants one’s bank to provide budgeting tools that help one manage one’s salary, which will also aid in achieving financial goals. Looking at the channel preferences, one prefers alternative/digital banks due to the speed and ease that it provides. Online and mobile channels unsurprisingly dominate the rankings.
Gen X: Gen X customers look to build their wealth to ensure family security as well as prepare for retirement. Their aim is focused on asset accumulation to achieve financial goals. To do this, they prefer using traditional providers, despite using digital channels across multiple banking activities. As a customer, the Gen X is concerned about the privacy and security of their data when it comes to finances.
Buy The Full Report for More Insights into Saudi Arabia Retail Banking Consumer Profiles, Download A Free Report Sample
Saudi Arabia Retail Banking – Channel Preferences for Banking Activities
The key channel preferences in the retail banking market in Saudi Arabia are in-branch, telephone, online, mobile, video chat, instant message, and chatbot. Online and mobile channels are the most preferred channels for banking among Saudi customers for more everyday activities. 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 such as applying for a mortgage.
Saudi Arabia Retail Banking Market Analysis by Channel Preferences of Millennials
Buy The Full Report to Know More About the Channel Preferences in the Saudi Arabia Retail Banking Market, Download A Free Report Sample
Segments Covered in the Report
Customer Personas
- Gen Z
- Millennial
- Gen X
- Digital Boomer
- Entrepreneur
Scope
This report helps:
- Understand consumer preferences in Saudi Arabia with regards to banking activities.
- Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
- Identify the areas for improvement.
- Undertake actionable measures to help businesses target specific customer profiles.
Key Highlights
- Across most consumer profiles, online and mobile banking were the two popular 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
This report helps:
- Understand consumer preferences in Saudi Arabia with regards to banking activities.
- Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
- Identify the areas for improvement.
- Undertake actionable measures to help businesses target specific customer profiles.
Table of Contents
Frequently asked questions
-
What are the key customer personas in the Saudi Arabia retail banking sector?
The five customer personas analyzed in the Saudi Arabian retail banking market are Gen Z, Millennial, Gen X, Digital Boomer, and Entrepreneur.
-
What are the key channel preferences in the Saudi Arabian retail banking market?
The key channel preferences in the retail banking market in Saudi Arabia are in-branch, telephone, online, mobile, video chat, instant message, and chatbot.
-
What is the channel preference for millennials in the Saudi Arabia retail banking market?
The millennials prefer using digital channels for everyday activities, although they do not feel the need to move to a digital-only bank.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.