Regulatory Alerts2023-03-29
Management of Customer Service and Support Array
The Banking Supervision Department issued Proper Conduct of Banking Business Directive no. 501 to establish principles and obligations for banking corporations regarding the quality, availability, and fairness of customer service and support. The directive mandates that boards and senior management implement governance structures and proactive strategies to ensure service arrays respond optimally to customer needs across all channels, including digital platforms. It further requires the adoption of a service covenant and the public publication of service details, with phased implementation dates extending up to two years from gazettal.
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