Your bank getting up your nose?

Feb Edition 2005 - Femina

If you feel that your bank couldn't care less about you and your problem, you'll be please to know that things are changing, says Bruce Manuel of the Ombudsman for Banking Services.
He says that from a complaint-handling perspective, "There is a very keen sense of competition among them to win the annual award that identifies the bank that handles complaints the best. The banks have realised the need to keep customers on their books, hence the need to address customer complaints with efficiency to avoid them moving to the competition."

Although banks have started to listen, Bruce says it could still improve. "In the 2003 markinor survey, the results for the question 'Why do customers complain?' indicated that 27 percent of the customers did so because of attitude of staff or the way they were treated. In 2004, the percentage for this category came down to 24 percent." An indicator of increasing awareness is the launch of the Mzansi account and the possiblity of providing home loans to people who don't qualify for a bond.

Bruce adds, however, that another Markinor study shows that, although banking clients are the most loyal in the financial services industry, loyalty decreases as income improves. He cites reasons from enhanced sophistication, better education and lower exit barriers to reduces risks of change, coupled with new product and market entrants with attractive offers. "Complainannts are feeling less trapped than before, which places the banks at risk of churn," he concludes.

So it's time to start airing your views. If you're disgruntled to the point of taking your business elsewhere, first talk to your bank manager. You owe it to yourself to find the bank where you feel comfortable and valued.