To timely redress the customers grievances, the Reserve Bank of India (RBI) has launched Complaint Management System (CMS)’, which will enable members of the public to lodge their complaints on its website against any of the regulated entities with a public interface such as commercial banks, urban co-operative banks, and non-banking financial companies, among others.
The system will be accessible on the desktop as well as on mobile devices.
The Governor Shaktikanta Das inaugurated the system, and it will provide features such as acknowledgment through SMS/e-mail notification(s), status tracking through unique registration number, receipt of closure advises, and filing of appeals, where applicable. It also solicits voluntary feedback on the customer’s experience.
“The Reserve Bank also plans to introduce a dedicated Interactive Voice Response (IVR) System for tracking the status of complaints. I am sure, with time, the customer-friendly nature of the CMS will be further enhanced,” the Governor said.
He further elaborated that the benefit to the financial system will accrue from seamless access to the CMS by the nodal officers of banks/financial service providers (FSPs). CMS can generate various reports for monitoring and managing complaints pertaining to each entity.
“I expect banks/FSPs to use the data on CMS not only for reducing their turnaround time in resolution of complaints and strengthening their grievance redressal mechanism, but also for undertaking root cause analyses with an objective of understanding their customer pain areas, behavior and expectations so as to improve their services for maintaining customer loyalty,” he said.
“Insights from the data available from CMS can, for example, be used by banks/FSPs for designing products, which meet the expectations of their customers. Obviously, those entities who perform better in analysing the data and using it for creating customer value would be able to benefit more and have a competitive advantage,” he added.
Data from CMS can be leveraged by the central bank for analytics, which can be used for regulatory and supervisory interventions if required. Various dashboards provided in the application will help the RBI effectively track the progress in the redressal of complaints.
With this move, the processing of complaints received at the offices of the Ombudsman and Consumer Education and Protection Cells (CEPCs) of the RBI has been digitalised.