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- Hassan Al Serkal: “This unique initiative underlines DFM’s efforts to further enhance the investor services, strengthening the leading position of Dubai and the UAE as a center of excellence globally”
Dubai Financial Market (DFM) organized an educational workshop for its licensed brokers about the recently launched brokers Excellence Rating; the first-of-its-kind initiative globally aimed promoting quality of service offered to investors.
The initiative aims at evaluating excellence of services provided by DFM-licensed brokerage firms to their clients and their achievements in terms of embracing the digital transformation and innovation strategy of the UAE’s and Dubai.
Thirty-Two brokers representing 16 brokerage firms have attended the workshop. Jamal Al Khadhar, Executive Vice President and Head of Human Resources and Strategic Planning and Ola Khader, VP, Head of Business Excellence from DFM as well as Shaikha Al Bishri, Director of Business Excellence and Khaoula Bouhajar, Principal Executive, Business Excellence Department from Dubai Economy have shed light on the details of this initiative. Dubai Economy cooperates with DFM in implementing the rating.
The workshop addressed the two criterion of the rating as the first one focuses on customer experience based on the Mystery Shopper that measures consistency of the experience across direct dealings, company website, and call center, and the weightage of the criterion is 70%. The second criterion measures the brokerage firm’s ability to cope with DFM’s vision and has 30% weightage based on four pillars including; services efficiency, service innovation, multi-channel access and commitment to Corporate Governance.
Commenting on this, Hassan Al Serkal, Chief Operating Officer (COO) and Head of Operations Division, DFM, said: “This unique initiative underlines DFM’s efforts to further enhance the investor services, strengthening the leading position of Dubai and the UAE as a center of excellence not only on the region but globally. The Rating creates an ongoing mechanism enabling brokerage firms to identify strengths and gaps based on the evaluation conducted by experts and evaluators as well as the results of customer satisfaction surveys and Mystery Shopper.”
The Rating includes five categories as per stars number from one to five, for the 47 DFM-licensed brokerage companies based on service excellence. The Rating will be quarterly reviewed and brokerage firms will be updated with the outcome, while the results will be announced on an annual basis, which creates strong dynamism amongst brokerage firms in order to enhance their position in the Rating and ultimately improves services provided to customers.
The DFM Brokers Rating measures the strengths and weaknesses of various communication platforms between brokerage firms and its client base including; customer service centers, call centers, websites and smart phone applications. The rating aims at ensuring companies achieving highest levels of efficiency and prompt customer service. The Rating employs various tools including a Mystery Shopper programme, site visits to customer service centers as well as companies’ head offices.
“We would like to extend our sincere thanks to (Dubai Economy) for cooperating with us in implementing the initiative. We also thank the brokerage firms for their commitment towards DFM’s initiatives aiming at realizing the strategic objectives of achieving highest levels of customer satisfaction and happiness and reinforcing the digital transformation and innovation drive in the UAE,” Hassan Al Serkal concluded.
