DUBAI, United Arab Emirates -- The penetration and usage of different financial products and services is lower in Saudi Arabia than in neighboring Middle Eastern countries, a survey from marketing research company NFO Merac found.
According to a report in Banker Middle East, only 22 percent of Saudi Arabia's population carry credit cards, although ownership of a credit card was far higher in the country's largest cities.
NFO Merac researchers said that Saudi Arabians have an alternative to cash payment in the form of ATM/SPAN debit cards, with about two thirds of customers expressing a preference for using those cards to make purchases.
The survey also showed that customers who used only basic banking services valued qualities such as the bank's proximity and network of branches and ATMs, while customers using other more sophisticated products were influenced by other factors such as international banking and advisory services.
NFO Merac identified four segments with varied needs and profiles within the Saudi community - traditional/conservative, Islamic, active and Islamic assurance seekers. It said banks in Saudi need to identify what proportion of their customer base is comprised of each of these segments and adapt their marketing initiatives accordingly.
