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Customers switching banks frequently BIBM survey finds

Star Business Report
Customers switching from one bank to another became a more frequent sight in 2017 - a development that is bound to induce soul-searching among banks on how they can provide better products and services.
Last year, the customer exit rate was 12.5 percent, up from 8.6 percent in 2014, according to the survey “Sustainability in Service Quality and Customers Conformity: Drivers of Customers Loyalty to Banks".
The customer exit rate means that out of 100 customers about 13 switched to another bank.
The number of accounts closed increased 58.65 percent from 2014 to 16.5 lakh in 2017, found the survey conducted by the Bangladesh Institute of Bank Management.
Moreover, about 12 lakh people opened accounts but did not continue the relationship with the banks, which is three times higher than in 2014.
For handling customer exit, 89 percent of the banks have complaint and suggestion box and 11 percent do not have such arrangement. Customer complaints shot up about 67 percent from fiscal 2016-17 to fiscal 2017-18, the report said. "This indicates the rise violations of customers' charter, rights and obligations."
Moreover, the involvement of bankers in the violation of laws and regulation and fraud forgery in providing quality services are remarkably increasing, it said.
The study found that the number of surprise inspections to improve customer service slumped 65.79 percent to 300 in 2017 from a year earlier.
It indicates that the banks are giving less importance to find the defects in customer service quality.
The study also found that 41 percent of the banks do not exhibit or display the customer's right and obligation in bank branches.
"The number of surprise inspections should be increased by the banks' top management," said Khondkar Ibrahim Khaled, former deputy governor of Bangladesh Bank, at the unveiling of the report at a seminar held yesterday at the BIBM auditorium.
Bankers will have to improve their behaviour to build strong relationships with clients, he added.
Bank officers should be given more training on attaining customer satisfaction, said Faruq Mainuddin Ahmed, managing director ofTrust Bank.
Mohammad Tazul Islam, associate professor of BIBM, presented the research paper.