Monday, April 15, 2024

E-Banking Complaints Rise by 177% from 2016-2019

The State Bank of Pakistan (SBP) announced on Saturday that the number of e-banking complaints rose by 177% from 2016 to 2019.

During this time, the number of complaints per division increased by 83 percent.

The Banking Conduct and Consumer Protection Department prepared the SBP’s Analysis of Complaints Received Against Banks/MFBs/DFIs 2016-2019. The analysis was carried out as part of SBP Vision 2020, the central bank’s strategic target. For their annual accounts, banks use the calendar year.

The growing number of complaints has raised questions about whether new technology can address related issues and how beneficial new technologies are for consumers.

Between 2016 and 2019, the banking industry’s total branch network grew by 10%. As per the reports, the number of complaints per division rose by 83 percent over time.

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