Banks need to Invest in the registration Resolution Mechanism for Complaint Registration : SBP

The State Bank of Pakistan has instructed the banks to increase the complaints registration process used to deal with investments in innovative methods such as SMS, Mobile Applications, Self-Service Kiosks and other Social Media platforms to register complaints.

Such expenditures would increase consumer convenience and allow banks to better capture and manage complaints.

SBP has provided for banks with required registration of complaints, including call centres, emails, e-forms, surface postings, faxes and Complaint Boxes / Registration, to ensure their availability and accessibility at all times.

It was also suggested to send awareness-raising SMS messages at least two years to increase knowledge about the use of the lodging mechanisms for complaints.

In order to effectively manage consumer concerns, the supply of complaint tracking numbers in writing form has been made mandatory. The rapid and deserving handling of complaints has also been given particular attention.

Moreover, in the light of worldwide and local needs/trends, SBP has improved reporting criteria for the processing of complaints. The banks are also urged to provide appropriate support in the fields of human resources, information technology, training, etc. for dealing with complaints in banks.

Banks Resolve 97% Customers Complaint

In a statement, the Banking Regulator stated that it focuses on improvement of complaints management systems by banks, MFBs and DFIs in order to make the complaints process more inexpensive, accessible, fair, accountable and effective. The SBP therefore took a variety of initiatives to increase banks' responsible complaint processing as over 97% of banking-related complaints are dealt with in one year.

Recently, the SBP has undertaken a thorough assessment of complaints management policies in the banks, concentrating particularly on 'easy of housing' and on 'ease of complaints processing.' On the basis of the findings of the evaluation, SBP has instructed the banks to improve the complaint management system they have used to improve the improvisation of banking services.

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