Banks advised to focus on customer care
Dec 17, 2010
BANK of Uganda has licensed nine banks since 2007 and is in advanced stages of licensing non-conventional financial institutions such as merchant and Islamic banks.
By Nicholas Kajoba
BANK of Uganda has licensed nine banks since 2007 and is in advanced stages of licensing non-conventional financial institutions such as merchant and Islamic banks.
Louis Kasekende, the deputy governor, revealed this at Serena Hotel on Tuesday, during Diamond Trust Bank’s annual customers cocktail meeting.
Kasekende said BOU pledges its commitment to promoting a regulatory environment that is favourable for enhancing innovations while ensuring stability of the financial sector.
“The relationship must be built on trust. We should avoid temptations of using advertisement to convey information that is inconsistent with the state of services on the ground,†he said.
Kasekende advised financial institutions to examine events that affect customer perceptions and ensure proper alignment of business strategies.
“Simple tools such as expediting the opening of new accounts and prompt resolution of customer complaints are crucial in the banking industry,†he said.
Kasekende added that banks characterised by staff indifference, long queues and disgruntled customers and unpleasant banking premises run risk of losing customers.
“Banks should focus on preserving and protecting their reputation through the implementation of robust customer services practices,†the deputy governor said.
He noted that the banking industry was increasingly becoming competitive with a heightened demand by customers for better services.
Islamic banking is a system of banking that is consistent with the principles of Sharia law (Islamic rulings) while merchant banking deals with the commercial banking needs of international finance and long-term company loans.
BANK of Uganda has licensed nine banks since 2007 and is in advanced stages of licensing non-conventional financial institutions such as merchant and Islamic banks.
Louis Kasekende, the deputy governor, revealed this at Serena Hotel on Tuesday, during Diamond Trust Bank’s annual customers cocktail meeting.
Kasekende said BOU pledges its commitment to promoting a regulatory environment that is favourable for enhancing innovations while ensuring stability of the financial sector.
“The relationship must be built on trust. We should avoid temptations of using advertisement to convey information that is inconsistent with the state of services on the ground,†he said.
Kasekende advised financial institutions to examine events that affect customer perceptions and ensure proper alignment of business strategies.
“Simple tools such as expediting the opening of new accounts and prompt resolution of customer complaints are crucial in the banking industry,†he said.
Kasekende added that banks characterised by staff indifference, long queues and disgruntled customers and unpleasant banking premises run risk of losing customers.
“Banks should focus on preserving and protecting their reputation through the implementation of robust customer services practices,†the deputy governor said.
He noted that the banking industry was increasingly becoming competitive with a heightened demand by customers for better services.
Islamic banking is a system of banking that is consistent with the principles of Sharia law (Islamic rulings) while merchant banking deals with the commercial banking needs of international finance and long-term company loans.