Mumbai, Reserve Bank of India Deputy Governor M Rajeshwar Rao on Thursday asked banks to focus more on redressal of customer complaints. He said banks are “heavily invested” in customer acquisition, but pay little attention to increasing compensation from customer complaints.
“Unfortunately, it seems that the banks’ efforts to provide timely solutions to customer complaints have not kept pace with the boom in technology and products,” Rao said while addressing the annual Fibac event here.
“… this seems very strange for a sector that prides itself on being a service industry,” he added.
According to him, the boards of banks must give “serious thought” and show the intention to look at this aspect.
Rao also said that banks should focus on strengthening cyber security and preventing cyber frauds in the hyper-personalized and technology banking environment.
He said mis-selling has emerged in a digital avatar now — called Dark Patterns. He explained it as design interfaces and tactics used to trick users into desired behavior such as high-cost short-term consumer credit masquerading as an instant loan.
“We need to work hard, work smart and work together to protect customers from these threats to retain and strengthen their trust,” he said.