scorecardresearchRBI advises banks to prioritise a customer-centric approach

RBI advises banks to prioritise a customer-centric approach

Updated: 26 Sep 2023, 12:28 PM IST
TL;DR.

Swaminathan J, the Deputy Governor of RBI, urged the senior leadership of banks and other financial sector institutions to prioritize a customer-centric approach as a means to enhance public confidence in the banking system.

RBI issues new order to banks seeking better customer service.

RBI issues new order to banks seeking better customer service.

The Deputy Governor of the Reserve Bank of India (RBI) Swaminathan J recently convened a meeting in Mumbai with the leaders of the Customs Service Committee of the Board, managing directors, executive directors responsible for customs service areas, and principal officers from major banks, reported Economic Times.

The RBI said in a release, “Discussions during the meeting included prompt resolution of customer complaints, streamlining of grievance redressal mechanisms, use of technology to improve customer experiences, prevention of frauds and loss minimisation. Focused on the need to create greater awareness and responsible policies to achieve excellence in customer service.”

Swaminathan emphasised the crucial role of customer service in building confidence within the financial system. He directed the Board's top management and the Custom Service Committee to prioritise the development of a customer-centric approach aimed at ensuring the maintenance of customer trust in the banking system.

He emphasised five critical areas of focus: The necessity of adopting a customer-centric approach for regulated entities, the significance of identifying the root causes of complaints, and the importance of resolving issues at the initial point of contact.

The Deputy Governor also underscored the importance of responsible complaint handling, which includes empowering front-line personnel with authority, tools, and training, as well as addressing cybercrime.

Furthermore, Swaminathan underscored the significance of fostering a culture of ongoing enhancement, recognising that maintaining the quality of customer service is a journey rather than a destination.

 

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First Published: 26 Sep 2023, 12:28 PM IST