Customer Advisory Board Glossary

Inoperative Accounts – Interactions with customers revealed that the customers have to face a lot of difficulties due to accounts being frozen by banks unilaterally as inoperative without prior intimation or attempts to contact the account holder. The pricing of products and services in a bundling approach may not necessarily serve the best interest of the customers who need only basic banking services. The Committee interacted with the different customer segments in the various parts of the country and the customers have expressed their opinions quite freely.

You might make up your Committee with a broad selection of people. All with the view, to call on this group of individuals at regular intervals. Cause you never know when you need the collective views of your tribe. A customer advisory board is a great way to spend quality time with real customers, to deepen your relationship and turn them into loyal fans, and to help validate your ideas and shape your strategic roadmap.

The general view among the bank customers that Banking Ombudsman would ensure customer service in banks has put a vicarious responsibility on BO offices which was quite different from their objective of providing a simple dispute resolution option to the customers. The Committee in its deliberations came to the view that the full responsibility of customer service should reside with the service providers viz. The areas such as loans and advances had also been covered with limited applicability as the commercial decision of the banks was kept out of the purview of the questioning by the Banking Ombudsman. In terms of the provisions of Section 35A of the Banking Regulation Act, 1949, the Banking Ombudsman Scheme (BOS) 1995 was first notified by RBI on June 14, 1995 with a view to provide for a system of redressal of customer grievances against banks. RECOMMENDATIONS – The Committee examined the existing instructions and deliberated upon them by correlating them with the feedback obtained from the customers and bankers. Further, it is also necessary that the customer is made aware of his rights to approach the concerned Banking Ombudsman in case he is not satisfied with the bank’s response.

Customer committee meeting 12.5.2022

Invitations to attend the customer advisory board should be sent out well in advance to allow participants plenty of time to work it into their schedule. It’s often best to avoid the loud-but-big customers, these are usually the ones suggested by salespeople. Many organizations will want to send two people, which are typically a technology advisor and a business representative. You should invite six to eight customer representatives to participate in your customer advisory board. Salespeople usually want to be on-hand if their customers are invited.

• “I am passionate about improving the lives of people in my community, and in making Salford a better place for everyone to live, work and play in.”
• Empowering Disabled Persons – Members of various Associations representing disabled persons across the country felt that the banks need to reach out to disabled persons and make banking services available to them.
• Before marking the account as inoperative, banks must intimate the account holder by SMS and send a mail.
• If the account holder is not traceable, banks must make efforts to trace the whereabouts of the account holder or his nominees in case the account holder is deceased.
• Banks should put in place an effective mechanism to ensure that rude Relationship Managers do not expose the bank and the customers to undesirable risks.
• While focused attention benefits a customer, it also exposes him to high risk in case suitable control mechanism on the Relationship Manager is absent.

Customer committee meeting 11.5.2023

She helps organisations work out how to utilise customer data, insight, and technology; and supports them in leading the cultural change needed to transform customer experience and improve business results. This field is for validation purposes and should be left unchanged. The Customer Committee is made up of our tenants and they’re paid for their time and insight – just the same as our Board Members.

key benefits of a customer committee

D.5. LOCATION OF BO OFFICES – Presently there are 15 Banking Ombudsman Offices in major State Capitals having jurisdiction over the entire country. This Charter should be displayed on the bank’s website/notice board of every branch. There should be a Regulatory Prescription similar to that of administered charges for remittance transactions (NEFT/RTGS) on pricing by fixing an upper cap for small transactions to ensure that such transactions are not discouraged by high thresholds.

Banks should put in place a suitable mechanism to ensure that all branches dealing in forex matters as also the forex customers of the banks have access to proper advice either online or through phone. Banks should put in place an effective mechanism to ensure that rude Relationship Managers do not expose the bank and the customers to undesirable risks. While focused attention benefits a customer, it also exposes him to high risk in case suitable control mechanism on the Relationship Manager is absent. Banks need to ensure compliance with the provisions of Disabilities Act, 1999.

Banks having computerised operations may adopt the afore-said format and generate copies electronically. All bank’s branches should maintain a separate complaints register in the prescribed format given for entering all the complaints/grievances received by them directly or through their Head Office/Government. For the residual cheques in the system, cheque truncation should be implemented all over the country. However, in the banking sector it was observed that the introduction of technology resulted in raising the pricing threshold to a higher level to the complete disadvantage of the small customers. Business Process Re-engineering – Customers have brought to the notice of the Customer committee Committee several issues causing hardship in day-to-day operations on account of incomplete BPR while going in for CBS.

And, the customers should have the confidence created by a close regulatory oversight on such issues. As financial product offerings are based on cost of funds, asset and liability management, risk etc., the offerings need to be objective and transparent. Uniform Know Your Customer (KYC) Norms – The customers complained that KYC compliance norms were not uniform across all banks and the customers had also highlighted that for an existing customer also, KYC documents were sought when opening fresh Term Deposit accounts. The Committee is of the view that banks should inform the customer immediately on the balance in the account breaching minimum balance and the applicable penal charges for not maintaining the balance by SMS/e-mail/letter.