On 25 Jul 2024, the HKMA published the 24th Complaints Watch, reporting a year-on-year 8% decline in total banking complaints for H1 2024, with fraud-related complaints falling 45% and account operation complaints rising 78% due to retail banks' review processes. The publication features two articles on deceased accounts and mortgage information practices to guide authorized institutions in improving customer service.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Publication Overview
On 25 Jul 2024, the Hong Kong Monetary Authority (HKMA) published the 24th issue of its Complaints Watch, a semi-annual publication sharing industry insights on banking complaints received by the HKMA to highlight trends, emerging issues, and good practices for authorized institutions (AIs).
Key Complaint Trends
The publication reports 1,425 banking complaints received by the HKMA in the first half of 2024, representing an 8% year-on-year decrease. Fraud-related complaints dropped significantly by 45% to 350 cases, while complaints about banking account operations surged by 78% to 390 cases, primarily due to retail banks' account review processes requiring additional documentation from customers. The HKMA has directed affected institutions to improve their procedures to reduce customer dissatisfaction.
Feature Articles
This issue includes two feature articles: 'Handling Enquiries about Deceased Accounts' and 'Providing Mortgage Related Information in Property Transactions', which showcase industry best practices for AIs to enhance service delivery and address specific customer interaction challenges.
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