The rankings reveal the financial services brands that have been the most successful at converting aware consumers into considerers of brands
The UAE rankings are divided into three categories: Retail Banks, Insurance and Financial services
The top 10 list under Retail Banks features two Neo Banks, highlighting the growing popularity of digital banking among residents
The top ten list for financial services prominently features homegrown brands, with UAE’s leading remittance and foreign exchange service provider Al Ansari Exchange closely following Visa in second
YouGov Finance Purchase Funnel Rankings 2021 highlight the top-ten brands successful at converting consumers through the purchase funnel over the past year across key categories in the Finance sector.
The brands in YouGov Finance Purchase Funnel Rankings are ranked based on their Consideration score among consumers who are aware of each brand. Brands were measured between 1st September 2020 and 31st August 2021.
Retail Banks
In ‘Retail Banks’ category Dubai’s government-owned bank Emirates NBD takes the top spot with a consideration score amongst those aware of the brand of +40.5. Emirates NBD is an official Premier Partner of Expo 2020 Dubai and the launch of Emirates NBD’s Expo 2020 Dubai account targeting SMEs should help the bank further consolidate its consideration scores looking ahead.
ADCB (Abu Dhabi Commercial Bank) is placed in second (30.4), followed by popular Islamic retail banking providers Dubai Islamic Bank, ADIB (Abu Dhabi Islamic Bank) and Emirates Islamic occupying the third (27.0), fourth (25.8) and seventh (19.7) place, respectively.
Also featuring in these rankings are two digital-only NEO banks, LIV. By Emirates NBD and Mashreq Neo, by Mashreq Bank. Their presence at 5th and 9th respectively in the rankings indicates a mature appetite in the region for digital-only banks.
Finally, First Abu Dhabi Bank (22.3), HSBC (17.7) and RAK BANK (16.2) complete the top ten list for this category.
Insurance
UAE’s largest health insurance brand Daman – National Health Insurance Company is the top performer in the Insurance category, with a score of 27.3.
Tawuniya, the Saudi headquartered insurer lands in second (24.5), followed by Friends Provident International in third (23.0) and UK based multinational insurance company RSA in fourth (22.3).
Life Insurance Corporation (International) appeared in fifth (22.2) with the French insurance giants AXA Insurance taking sixth (21.5) place in the list.
Other notable brands that make it to the top ten this year include Cigna (21.2), Oman Insurance Company (20.1), Abu Dhabi National Insurance (20.0) and MetLife (19.9).
Financial Services
Within ‘Financial Services’ category, global payments technology company Visa tops the UAE rankings with a consideration score of +48.6 among UAE consumers who are aware of the brand. MasterCard (also an official Premier partner of Expo2020) and Western Union follow in third (45.7) and fourth (35.8).
The top ten list for financial services in UAE prominently features home-grown brands, with Al Ansari Exchange following Visa in second (48.0). National Bonds appears in the sixth place (25.7), while payit, the digital wallet platform, UAEXCHANGE and MashreqPay take the seventh (25.3), ninth (19.6) and tenth (19.3) place, respectively.
Digital wallet brand Apple Pay that launched in the Emirates a few years ago is placed in fifth (33.2) and Xpress Money secures the eighth (21.7) position in the top ten list for this category.
Methodology:
The brands in YouGov Finance Purchase Funnel Rankings are ranked based on their Consideration score among consumers who are Aware of each brand. This allows us to show which brands are most successful at converting Aware consumers into ones that would consider the brand when next in-market.
To identify the Aware audience we ask, ‘Which of the following brands have you ever heard of? Please select all that apply.’ And in follow up we ask the Consideration question, ‘When you are in the market next to use a product or service from a Financial Services brand, which of the following would you consider?’. The questions vary slightly from this template in different sub-sectors and regions.
The rankings chart shows the brands with the highest average Consideration score between 1st September 2020 – 31st August 2021. The scores are representative of Aware consumers within the general population of adults 18+.
All scores listed have been rounded to a single decimal place; however, we have used additional precision to assign ranks. All brands have been tracked for at least 6 months to be included in the rankings.