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Banking customers are urged to remain extra vigilant during these trying times
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South Africa Banking customers are urged to remain extra vigilant during these trying times – AfricaBusiness com
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May 20, 2021
Retail banks are under increasing pressure to innovate and personalize their products and services for the benefit of their customers, yet at the same time they are subject to rapidly developing laws and regulations concerning the protection and processing of their customers’ personal data.
By Chantel van Zyl, senior sssociate, and Janet MacKenzie, partner and head of the technology, media and telecommunications practice at Baker McKenzie, Johannesburg
The Deloitte Future of Retail Banking Report (2020) noted that progress in other industries – for example in retail (tailored products), transport (ride hailing), and hospitality (home-sharing platforms) – alongside advances in fintech, are contributing to the redefinition of customers’ expectations of banking services and products.
“We define a vulnerable consumer as someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a bank is not acting with appropriate levels of care,” says banking ombudsman Reana Steyn. Factors that determine whether you are a vulnerable consumer include your age, life events (such a death, divorce, retrenchment or crime perpetrated against you), literacy levels and physical disabilities.
A case study in the banking ombud’s annual report for 2020 ties in with the vulnerable consumer policy. The 78-year-old complainant fell victim to fraud to the amount of R6,765.63 and immediately reported it to his bank.
Regulations are forcing banks to put you first
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There has been a shift among the major retail banks in adopting a more customer-centric culture and improvements in how they treat and service you. However, the banks are still failing consumers through poor service from call centres and not doing more to assist those whose accounts have been hacked by fraudsters.
This was revealed in a press briefing last week by the Financial Sector Conduct Authority (FSCA), which only relatively recently has taken on the task overseeing the market conduct of the banking sector.
The FSCA reported back on how banks were responding to new regulations imposed on them since the introduction in 2017 of the so-called “twin peaks” regulatory regime, under which their financial wellness is monitored by the Prudential Authority (within the South African Reserve Bank), but their market conduct now falls under the FSCA.
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