Experian’s Post

ANZ today (July 2) acknowledged the release of the Banking Code Compliance Committee’s finding regarding ANZ’s management of the estates of deceased customers. Key Statements from ANZ: - Commitment to Improvement: ANZ General Manager of Customer Service Operations, Dan O’Neill, stated, “Our customers, their families, and their representatives should rightly expect compassionate and timely support from ANZ. We know we have not always met the expectations of our customers and their families at a difficult time in their lives. For too many, it has been a frustrating experience. For this, we are sorry, and we are committed to continuing to make changes to better support our customers and their representatives.” - Investments and Enhancements: O’Neill highlighted that ANZ is investing millions of dollars to ensure the right staff, training, and processes are in place. “We have made 16 distinct improvements, with a further seven changes already in train. We have significantly improved the time it takes us to provide information about a customer’s accounts to their representatives and the time it takes us to finalise cases once we receive all of the required information.” - Error Correction and Remediation: “Where we have made a mistake and have charged fees in error, we review what has occurred and remediate the customer in full as soon as we can. For most impacted customers, these processes have been completed,” O’Neill said. Implemented Changes: - Dedicated Program: ANZ has established a dedicated program to enhance the experience for deceased customers’ representatives from the initial notification to the finalisation of the estate. - Increased Staffing: The number of staff managing deceased estates cases was almost doubled last year. - Expanded Training: Training for specialist staff members and branch staff has been expanded to ensure better support for customers and their representatives from the start of the process. - Process and Technology Improvements: Several process and technology systems changes have been implemented to improve case management, with further updates scheduled in the coming months. Ongoing Commitment: “While we have seen significant improvements in the time taken to finalise cases, we remain focused on delivering the remainder of our changes,” O’Neill added. For the latest regulatory updates and insights affecting the banking sector and customer service operations, follow Global Regulatory Insights. #BankingCompliance #CustomerSupport #RegulatoryUpdates #GRI #BankingNews

🔔 Exciting News Update in the Banking Sector! 🔔 RBI amended the Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022, as of March 07, 2024. Here's a breakdown: 1. Clearer Total Amount Due Definition: The RBI has provided a clearer definition of Total Amount Due, ensuring cardholders understand their obligations at the end of each billing cycle. 2. Strict Penalties for Delayed Account Closure: Banks must expedite account closure within seven working days to avoid penalties, ensuring efficient customer service. 3.Transparent Implications of Minimum Payment: Cardholders are now informed about the long-term consequences of paying only the Minimum Amount Due (MAD), promoting responsible financial management. 4. Fair Late Payment Charges: Charges are applied solely on outstanding amounts post the due date, alleviating financial burden on cardholders. 5. Enhanced Payment Modes Authorization: Banks now mandate providing cardholders with authorized payment modes, both online and on billing statements, ensuring secure transactions. 6. Convenient Billing Cycle Modification: Cardholders are empowered to modify billing cycles for their convenience, promoting flexibility in managing finances. 7. Clear Co-Branded Card Guidelines: Co-branded cards explicitly indicate their nature and prominently display the bank's name, enhancing transparency and brand recognition. 8. Role Clarity of Co-Branding Partners (CBP): CBPs are restricted from accessing transaction details, safeguarding cardholders' privacy, and security. However, transaction data can be securely accessed by cardholders for their convenience. 9. Stringent Data Privacy and Security Measures: Banks must adhere to data protection laws, ensuring customer information remains confidential and secure. 10. Customer-Focused Card Dispatch and Renewal: Unsolicited card dispatch is prohibited, granting cardholders control over renewals, and replacements. 11. Grievance Redressal and Compensation: Banks are obligated to compensate cardholders for losses and provide efficient grievance redressal mechanisms. 12. Transparent Customer Data Handling: Customer information is handled with utmost transparency, with explicit consent required for sharing. 13. Compliance with Outsourcing Guidelines: Data exchange between the bank and service providers requires explicit consent from cardholders, ensuring data security and ownership remain with the bank. 14. Streamlined Activation Process: Customer-initiated processes such as PIN generation or modification are considered as activation, ensuring ease of card usage. Stay informed, stay empowered, and make the most out of your banking experience! 💳💼 #BankingUpdates #FinancialSecurity #CustomerEmpowerment #DataPrivacyProtection #CreditCards #Updates2024 

Arrangements with Card Networks for issue of Credit Cards Arrangements with Card Networks for issue of Credit Cards The authorised card networks tie-up with banks / non-banks for issuance of credit cards. The choice of network for a card issued to a customer is decided by the card issuer (bank / non-bank) and is linked to the arrangements that the card issuers have with card networks in terms of their bilateral agreements. 2. On a review, it is observed that some arrangements existing between card networks and card issuers are not conducive to the availability of choice for customers. 3. In exercise of the powers conferred under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), the RBI being satisfied that it is necessary and expedient, in the interest of payment system and public interest, to do so, hereby, directs as under: Card issuers shall not enter into any arrangement or agreement with card networks that restrain them from availing the services of other card networks. Card issuers shall provide an option to their eligible customers to choose from multiple card networks at the time of issue. For existing cardholders, this option may be provided at the time of the next renewal. For the purpose of these directions, the following definitions are used: Authorised card networks: American Express Banking Corp., Diners Club International Ltd., MasterCard Asia/ Pacific Pte. Ltd., National Payments Corporation of India–Rupay, and Visa Worldwide Pte. Limited. 4. Card issuers and card networks shall ensure adherence to the above requirements in: existing agreements at the time of amendment or renewal thereof, and fresh agreements executed. 5. The directions at 3(b) above shall not be applicable to credit card issuers with number of active cards issued by them being 10 lakh or less in number. 6. Card issuers who issue credit cards on their own authorised card network are excluded from the applicability of the circular. 7. The directions at para 3(b) above shall be effective six months from the date of this circular.

Our latest blog article is just out! Discover the 10 game-changing ways banks can leverage a Universal Banking System to revolutionize customer service and empower branch tellers! From turning tellers into customer-focused advisers to strengthening customer relationships and boosting cross-selling opportunities, this article reveals the key strategies for success in the #digitalbanking era. Don't miss out on this essential read! https://lnkd.in/d2K7TYvN #BankingInnovation #DigitalTransformation #UniversalBanker #CustomerExperience #MSFTpartner #MSpartner #BranchAutomation

Hello Ladybug Community! The Bank Customer Council (BCC) is conducting a survey to learn more about your experiences with banks and financial services. Your stories and insights can help them understand the challenges our community faces. *Why Share Your Story? - Help BCC understand how banks treat neurodivergent people. - Share your experiences to raise awareness and support for our community. - Your perspective can lead to better understanding and positive change. How to Take Part - Click the link to participate in the BCC survey https://lnkd.in/gvNBUQwR - It will only take a few minutes of your time. - Your answers will be kept private and safe. Over the years at YLB, we have heard from you why our neurodivergent community may be more vulnerable and exploited in Banking and how we often face unique challenges that can make dealing with banks and financial services difficult and risky. These include: 1. Complex Communication: Banking language can be hard to understand. It’s often not accessible. Neurodivergent people may struggle with complex terms and fast-paced communication, leading to misunderstandings. 2. Sensory Overload: Bank environments can be overwhelming due to noise, bright lights, and long queues, making it hard for neurodivergent individuals to focus and manage their finances effectively. 3. Lack of Tailored Support: Many banks do not offer services tailored to the needs of neurodivergent people, such as quiet rooms, simplified communication, or patient and understanding staff. 4. Increased Risk of Exploitation: Neurodivergent individuals might be more trusting or less aware of financial scams and exploitative practices, making them more vulnerable to fraud, or signing up for things when we are in vulnerable/impulsive state where the full risks may not have been considered. 5. Difficulty in Advocacy: It can be harder for neurodivergent people to advocate for themselves or understand their rights, leading to challenges in resolving issues with banks. 6. Executive Functioning Challenges: Many neurodivergent people experience difficulties with executive functioning, which includes skills like planning, organising, and managing finances. These challenges can make navigating complex banking tasks even more difficult, increasing the risk of mistakes and misunderstandings. By sharing your experiences through the BCC survey, you help advocate for better services and protections for our community. #BCCSurvey

RBI Empowers Consumers: Unveils Directive for Freedom of Choice in Credit Card Networks In a noteworthy move on March 5, 2024, Reserve Bank of India (RBI) issued a directive reshaping the dynamics of credit card issuance. The central bank has directed credit card issuers to refrain from entering tie-ups with specific card networks and, instead, empower customers with the freedom to choose their preferred card network at the time of issuance. At present, card networks, including prominent names like Diners Club International Ltd, American Express Banking Corp, MasterCard Asia/Pacific Pte Ltd, Visa Worldwide Pte Limited, and National Payments Corporation of India–Rupay, collaborate with card issuers, typically banks or non-bank institutions, to issue credit cards. The critical decision by RBI aims to eliminate any restrictive arrangements that limit customer choice in selecting card networks. The circular from RBI explicitly states, "On a review, it is observed that some arrangements existing between card networks and card issuers are not conducive to the availability of choice for customers." In response to this, RBI has outlined specific directives for credit card issuers: No Restrictive Arrangements: Card issuers are prohibited from entering into any agreements with card networks that would prevent them from availing the services of other card networks. This measure ensures a more open and competitive environment within the credit card ecosystem. Customer Freedom: Card issuers are now mandated to provide eligible customers with the option to choose from multiple card networks at the time of card issuance. Existing cardholders will also be offered this choice during the next renewal process. It's important to note that this directive does not apply to credit card issuers with fewer than 10 lakh (1 million) active cards issued. Additionally, card issuers who independently operate on their authorized card network are exempt from the circular's applicability. This RBI initiative signifies a significant step towards enhancing consumer autonomy in the financial sector, fostering healthy competition, and promoting transparency in the credit card issuance process. As the industry adapts to these new guidelines, the focus shifts towards empowering customers and creating a more dynamic and consumer-centric financial landscape. Ram Rastogi 🇮🇳 OmniCard® Spice Money slice Mastercard Visa National Payments Corporation Of India (NPCI)

Andrew Young there is a delicate balance between encouraging the shift to digital and forcing it. Human psychology prefers choice - the feeling of being in control of how one interacts with a company, especially when you are paying that company for some goods or services. On the flip side, too many choices often paralyze customers; so how do you get to the right balance? Mia Papanicolaou and I believe that this is where understanding your unique customer needs within your base is critical to defining your strategy and approach to digital adoption. Some customers will prefer paper and we should not penalize them for having this preference. Rather we should make it easier and more valuable for those customers who haven't made the switch yet, to do so.

🌟 Qwist chronicles: the need-to-know of banking 🌟 Ever wished for order in the jumble of terms when using banking products? Today, our Senior Product Manager, Michele Mattei, provides you with clarity around all the essential banking terms you need to know. Gone are the days of endless paperwork and tedious administrative tasks, account switching can now be done digitally, with maximum convenience and efficiency! More and more countries around the world are adapting to bank account switching. The motivation is often driven by factors such as better offers, lower fees, improved services, and digital banking options. According to a 2023 study by Statista, around 42% of Germans surveyed for their ‘Girokonto’ (main current account), who had already changed this account, had done so three times. Almost a quarter of respondents even changed their primary bank account four times. (Source in comment section) 💡 Fun Fact: Did you know that the concept of Account Switching was officially introduced in the UK in 2013? The government launched the Current Account Switch Service (CASS), aimed at simplifying the process of switching bank accounts for customers. 🎉🏦 #Qwist #QwistChronicles #AccountSwitch #BankingInnovation

Last week witnessed a pronounced shift in the banking industry as major players directed their customers away from traditional paper bills and statements toward online and mobile banking—each with distinct motivations. Lloyds Banking Group Bank in the UK cited issues with mailing statements, prompting a temporary transition to mobile and online banking. The longevity of this shift remains uncertain. In contrast, Citi took a more aggressive stance, compelling customers to switch to paperless billing and cautioning about potential restrictions on online account access for those reluctant to adapt. This policy is part of a cost savings pilot program affecting a small percentage of customers receiving paper statements while managing their accounts online. In an article about Citi, TheStreet (link below) reports research by Two Sides North America, indicating consumer resistance to this transition citing approximately 78% of Americans desire the choice between paper and digital communication with service providers. The article also emphasized worries about electronic storage of personal data, especially among respondents over the age of 65. While consumers may like having paper as a choice, their preference veers strongly towards digital methods. The Consumer Financial Protection Bureau (CFPB) reported a substantial increase in paperless billing among credit card users, growing from 36% in 2015 to approximately two-thirds in 2022, and currently, 72% of credit card holders opt to settle their bills online. In my experience researching this topic, Millennials, the largest consumer group, overwhelmingly favor the convenience and immediacy of a mobile digital experience. While there might be a few who grumble about losing paper, I anticipate that the majority will adapt and move forward with their lives. The pandemic accelerated the adoption of digital interactions among consumers, leading to the emergence of new behavioral patterns. The pivotal question persists: Will these recent banking transitions result in a more enduring shift? The success of Lloyds' temporary measure or Citi's assertive approach, whether in cost savings or customer adaptation, could potentially prompt other banks, insurance companies, and financial service providers to prioritize similar changes, potentially impacting the customer experience strategies and put further pressure on printed and mail transactional communication volumes. https://lnkd.in/g2vgz767 https://lnkd.in/grCGGCFU #DigitalTransformation #PaperlessBilling #CustomerExperience #ConsumerBehavior #OnlineBanking #CustomerPreference #DigitalAdoption #MobileBanking #PrintServiceProviders

Heritage Bank has been awarded as the Customer-Owned Institution of the Year and Bank of the Year - Customer Service in the 2023 Money Magazine Australia Consumer Finance Awards. Money magazine's annual Consumer Finance Awards empower Australians to make smart financial choices. It recognises the successes of financial institutions in providing customers with top value and service by comparing results across a number of key categories. Heritage Bank was awarded Customer-Owned Institution of the Year for having the highest overall composite ratings scores across product and features, customer service and digital experience. We were also awarded Bank of the Year - Customer Service for being the banking provider that achieved the highest overall ratings scores for customer service. Both these awards highlight the benefit of banking with mutual banks like Heritage and People's Choice Credit Union, who offer a genuine alternative to shareholder banks. Today, more than five million Australians – about one in five of us – choose to bank with a customer-owned bank. Find out more about the customer owned difference here >> https://lnkd.in/gQCQGMVm