fe Bureau
Posted: Saturday, Sep 24, 2011
: With growing competition and shrinking margins, banks, insurance companies, mutual fund houses and other financial institutions are coming up with innovative products to attract customers, and are putting in place various mechanism to address customers' grievances promptly. Even the Reserve Bank of India (RBI) constituted a committee, headed by M Damodaran, former chairman of the Securities and Exchange Board of India, to review the existing system of customer service in banks.
The committee had recently submitted its recommendations and had underlined the fact that banks will have to examine the methods of leveraging technology for better customer service with proper safeguards including legal issues. Simultaneously, the Ombudsman Committee of the central bank had also suggested that banks should initiate the process of providing one view of all bank accounts of a customer with the help of available technology, such as core banking. It has suggested that banks complete the process.......More
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