First Bank Advisor: rising complaints related to cards obliged banks to review operating, support systems
Banking cards accounted for the lion's share of complaints submitted by customers regarding banking products; as cards complaints represented about 66.8% of the total complaints, according to the latest financial stability report issued by the Central Bank of Egypt.
Most of the complaints were related to the customers’ objections on cash withdrawals and purchases transactions as well as the default in the operational system related to these transactions which accounted for 75% -80% of the total card complaints.
It has been observed that complaints related to banking cards are in relative increase which revealed that the banks operating in Egypt are in much need to reconsider and continuously review their card support and operating systems.
Furthermore, the banks also are required to expand the scope of financial education for their customers in order for them to become aware of all the terms and conditions related to the issuance and use of card; a step which will support the customers’ experience with the bank and reduce the rates of complaints.
It is noteworthy that, during 2021, a unified reporting system was prepared that links all banks through an e-platform which is controlled by the Central Bank in order for banks to submit reports on their quarterly complaints, which in turn helps in measuring the performance of the Egyptian banking sector.
In 2021, the banking sector received about 1.170 million complaints, 88% of which were resolved in favor of customers, while about 13.300 complaints were submitted to the CBE. Cairo and Giza governments were the highest in the ratio of the number of complaints to the number of bank customers in the governorates, as they recorded 6% and 4%, respectively, during 2021.
