BankScape, run for the first time by Ipsos in Egypt, provides overall market insights, unearths consumer trends, behaviors, attitudes and brand perceptions in the financial services industry in Egypt, from the perspective of banking customers.
Ipsos in MENA has the region’s largest library of syndicated research, including work done in the Financial Services industry. As part of our syndication efforts, we focus on the latest unfolding trends, not only within the banking and financial services industry, but also those related to the wider digital landscape. This syndicated research sheds the light on key changes within the Egyptian banking segment and unravels plenty of untapped opportunities.
Results show that despite the high satisfaction levels amongst customers towards their banks, there are plenty of missed opportunities. Uptake of credit services from banks remains low, but not due to a lack of need. 4 in 10 customers currently acquire financial assistance from sources other than banks, while the increased usage of mobile wallets with non-banking institutions such as telcos and fintechs also introduces threats to the traditional industry players.
Conventional banking channels remain the most dominant forms of dealing with banks, with trust still low towards digital banking options, particularly among older customers.