Room to improve bank online complaint info

media release – 19 October 2015

Room to improve bank online complaint info – Banking Ombudsman

Banks need to improve their online complaints information, the Banking Ombudsman Scheme says in its 2014-15 Annual Report released today.

The online survey, conducted earlier this year, replaces its previous in-branch mystery shopper surveys to check member banks are complying with a requirement to publicise complaints procedures to customers and inform them of the scheme when they need it.

“We reviewed bank online complaint forms and information this year as customers are increasingly choosing to bank and make complaints online. We specifically looked at how easy the banks make it for online customers to complain.

“The results show many banks provide effective links and detailed information about complaints on their websites. However, others have information gaps, making it harder for customers to work out how to complain and specifically, how to make a complaint online.

“It was good to see all banks have complaint pages accessible from the homepage via a quick link, tab or search engine,” Banking Ombudsman Nicola Sladden said.

The Banking Ombudsman Scheme resolved 12 percent more disputes during the financial year.

“Poor customer service was the underlying cause of almost half of our complaints and disputes.

“The next biggest cause was unhappiness with bank decisions (19 percent), especially on property loans, KiwiSaver withdrawals, credit cards and life insurance. That was followed by fees, charges and rates, which made up 16 percent of cases,” Ms Sladden said.

Lending-related problems continued to dominate, accounting for a third of complaints and disputes, though this is down from 37 percent the previous year. Cases about early repayment costs to break fixed-term loans rose as interest rates fell during the year.

2014/15 Annual Report

Bank website survey

ends

© Scoop Media