Highlights:
RBI stated that Complaint Management System could generate different reports for monitoring as well as managing complaints relating to each entity and such data would be used by the central bank for regulatory and supervisory interventions.
For complaints against bank or NBFC, Complaint Management System (CMS) is launched by RBI
Making it simpler to lodge complaints against banks and NBFCs, the Reserve Bank of India Monday has launched an application on its website for lodging grievances against banks as well as NBFCs so as to improve customer experience in timely redressal of grievances. The Complaint Management System (CMS) is a software application for facilitating RBI's grievance redressal procedure.
Through the launch of Complaint Management System (CMS), the processing of grievances received in the offices of Banking Ombudsman (BO) and Consumer Education and Protection Cells (CEPCs) of RBI has been digitalized.
The CMS is currently the single window for lodging complaints against any RBI regulated entity. The customers could lodge complaints against any regulated entity with the public interface for example commercial banks, urban cooperative banks, Non-Banking Financial Companies (NBFCs). All the grievances lodged on the CMS shall be directed towards the appropriate office of the Ombudsman/Regional Office of the RBI.
The CMS would be accessible on desktop and also on mobile devices. The Reserve Bank of India additionally plans to introduce a dedicated Interactive Voice Response (IVR) system for tracking the status of grievances. Keeping the convenience of customers, the CMS has been designed towards enabling online filing of complaints.
The application likewise improves transparency through keeping the complainants informed through auto-generated acknowledgments as well as enabling them towards tracking the status of their grievances and file appeals online against the verdicts of the ombudsmen, where applicable.
CMS was designed to enable online filing of complaints. It gives features for example acknowledgment through SMS/Email notification(s), status tracking through unique registration number, receipt of closure advises as well as filing of Appeals, where applicable. It likewise solicits voluntary feedback on the customer’s experience.
The complainants could also voluntarily share feedback on their experience in obtaining redressal. Sustaining the confidence of consumers in banks as well as other financial service providers (FSPs) through prompt as well as effective grievance redressal, together with empowering consumers through education is essential for keeping up trust in the banking system. An alert and making aware the consumer could effectively guard against the risks of mis-selling, cheating, frauds, and other such dangers.
CMS has self-help material (in video format) for guiding the users of the portal; videos on safe banking practices; and on the regulatory initiatives of RBI. This system enables the regulated entities for resolving customer criticisms received through CMS by providing seamless access towards their Principal Nodal Officers/Nodal Officers. The system gives facilities for the generation of a diverse set of reports towards monitoring and managing grievances by the Regulated Entities. They could use the information from CMS for undertaking root cause analyses and initiating appropriate corrective action, if necessary.
The Complaint Management System (CMS) also has facilities for RBI authorities handling the grievances to track the progress of redressal. The data available in CMS can also be used for regulatory as well as supervisory interventions if required.
The banks/FSPs are expected towards using the information on CMS for reducing their turnaround time in resolution of grievances and strengthening their grievance redressal mechanism. The information should also be used for undertaking root cause analyses with a goal of understanding their customer pain areas, conduct, and expectations so as to improve their services for maintaining customer loyalty. Also, insights from the information available from CMS could be used by banks/FSPs for designing products which meet the expectations of their consumers.
Those entities that perform better in analyzing the data as well as utilizing it for creating customer value would be able to benefit more and have a competitive advantage. Data from CMS could be leveraged through the central bank for analytics which could be used for regulatory and supervisory interventions if required.
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Conclusion
Different dashboards provided in the application would help RBI to effectively track the progress in the redressal of grievances. With the launch of CMS, the processing of grievances received in the offices of Ombudsman and Consumer Education and Protection Cells of RBI has been digitalized.
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