E-banking complaints jump by 177pc

Published March 7, 2021
The State Bank of Pakistan (SBP) on Saturday said the number of e-banking complaints increased substantially by 177 per cent during 2016 to 2019. — File photo
The State Bank of Pakistan (SBP) on Saturday said the number of e-banking complaints increased substantially by 177 per cent during 2016 to 2019. — File photo

KARACHI: The State Bank of Pakistan (SBP) on Saturday said the number of e-banking complaints increased substantially by 177 per cent during 2016 to 2019.

Also per branch complaints increased by 83pc during this period.

The SBP’s Review of Complaints received against Banks/MFBs/DFIs 2016-2019 has been prepared by Banking Conduct and Consumer Protection Department. The review was conducted as part of the central bank’s strategic goal under SBP Vision 2020. Banks use the calendar year for their annual accounts.

The ever-increasing number of complaints have created doubts that new technology could resolve related problems and how much the new technologies are effective for the customers.

During 2016 to 2019, total branch network of the banking industry increased by 10 per cent. “The number of complaints per branch gradually increased by 83pc,” said the review.

Majority of the complaints in banks pertained to short or non-payment of cash, provision of faulty cards, service disruption, service delivery issues from third-party vendors for dispatch of statement of account, issues in rewards points, annual charges, etc.

The review of data obtained from the banks indicated that almost 84-92pc complaints during this period were in four major categories including ATM/Debit Card, account maintenance, E- Banking and Credit Cards.

Published in Dawn, March 7th, 2021

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