Malaysian banks put complaints management in spotlight
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Malaysian banks are aggressively beefing up their complaints management systems and investing millions of ringgit to not only cope with rising complaints, but also to enlarge their customer base to boost bottom lines, industry observers say. Ernst & Young
“First, it is due to competitive pressure and also because it is advantageous for banks to adopt good systems. It is easy for customers to switch banks if they are dissatisfied with the service, as word travels fast and far via the social media.
“On the other hand, handling customer complaints and feedback the right way enhances customer satisfaction and loyalty.
“Second, it is in line with Bank Negara’s [central bank’s] expectations that banks promote responsible and fair dealings with financial consumers,” he said.
Due to the high volume of complaints and feedback received, particularly from consumer banking customers, Chan said an efficient system solution had become a must for banks.
Meanwhile, the Association of Banks in Malaysia (ABM) said in that all 13 of its council banks had set up dedicated customer service units to handle customer complaints, and that the full set of customer service contact particulars for each member bank could be found on its website.
Common types of complaints, said ABM, related to savings and current accounts, credit cards, home loans, hire-purchase and scams.
