The Banking Supervision Department’s survey of public enquiries and customer protection measures for 2019 and outlook for 2020

The Banking Supervision Department published a survey today regarding the handling of public enquiries in the banking system andthe credit card companies (hereinafter: “the banking system”) in Israel.  The handling of public complaints is an important tool for resolving disputes between the bank/credit card company and the customer, and for mediating between the parties.  In addition, learning from the complaints leads to correcting broad deficiencies in the banking system and to improving the system as a whole.

 

Supervisor of Banks, Yair Avidan, said: “The survey reflects the Banking Supervision Department’s philosophy in protecting the rights of customers of the banks and credit card companies, and is intended to increase the public’s awareness of its rights in the banking field.  The survey reflects what is being done in order to protect the customer and advance an organizational culture of fairness in the banking system in Israel.  The Banking Supervision Department is acting, and will continue to act, to lead the banking system as a fair, stable, and advanced system, and will use its authorities and the tools at its disposal to assist households and businesses during this challenging period.  We view this work as part of our public mission.”

 

Outlook for 2020 (COVID-19 crisis)

 

Handling public complaints has become more important due  to the COVID-19 crisis, which presented  many challenges for bank customers.  The banks and credit card companies, which constitute a main platform for  providing credit and managing customers’ financial activity, have had to provide a response to many customers and create solutions in view of the changing  reality.

 

In view of the COVID-19 crisis, there has been a 26 percent increase in public complaints regarding the banking system, that have been received by the Banking Supervision Department’s Public Enquiries Unit.

 

During the crisis, the Public Enquiries Unit has operated an emergency response system to help customers and to raise issues from the field for handling through regulations, directives to the banking corporations, setting outlines in conjunction with the banking corporations, and more.