English
Philippines: Consumer complaints down in 2021
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) said consumer complaints declined by 17.6 percent to 19,181 last year from 23,275 in 2020.
The regulator said almost half or 46 percent of the total number of consumer complaints last year were processed through the automated chatbot BSP Online Buddy (BOB).
This was a significant increase in the utilization of the online channel from only 12.8 percent of the total complaints in 2020.
Furthermore, the central bank said 60 to 65 percent of BOB users who responded to the customer survey said they are satisfied with the system’s responses.
In 2020, the BSP reported a 152 percent jump in complaints due to increased concerns about the implementation of the financial assistance packages for vulnerable households under Bayanihan laws.
Furthermore, it said that it introduced a streamlined complaints form last year to ensure that only valid and complete complaints are lodged under the consumer assistance mechanism (CAM) and BOB.
BOB is an automated, AI-powered channel that allows financial consumers to escalate complaints against BSP-supervised financial institutions (BSFIs).
“Amid the pandemic, BOB provides an accessible, fast and efficient channel for bringing the BSP closer to Filipino consumers through three different platforms: the BSP website, BSP Facebook Messenger and text messaging,” the BSP said.
BOB can converse with complainants in English, Filipino, and Taglish. It is available 24/7, responds in real time, and immediately refers the complaints it receives to concerned BSFIs, consistent with the BSP CAM parameters.
Alongside BOB, the BSP continues to maintain and manage the original CAM channels through its consumer affairs email and telephone hotlines. Through CAM, the BSP facilitates communication between consumers and the BSFIs, with the regulatory expectation that BSFIs are in the best position to address concerns about the products and services they offer.
“In support of its financial inclusion and financial stability objectives, the BSP implements consumer protection policies and assists financial consumers in the resolution of their complaints,” the BSP said.
Source: https://www.philstar.com/business/2022/04/07/2172758/consumer-complaints-down-2021