The UAE Banks Federation (UBF), a professional body representing 48 member financial institutions operating in the UAE, has revealed that it has secured support of the Reserve bank for its initiative which targets at creating a combined structure for dealing with grievances of bank customers in the country.

" The proposed framework was established as part of UBF's continued initiatives to boost client experience and bring higher degrees of openness and effectiveness in attending to the issues of bank customers in the UAE. The Reserve bank's true blessing of the framework leads the way for the country-wide execution of this site initiative which comes in line with global ideal techniques and in order to guarantee that concerns , rights and passions are well looked after and protected," said H.E. Abdulaziz Al Ghurair, Chairman of UBF.

As an expression of its commitment to customer's contentment and joy and to ensure constant solution excellence, UBF has actually revealed its Service Promise for bank complaints dealing with, which is created as a standard for UAE banks to adhere to in replying to complaints from customers. The Service Promise is a set of standards for conduct which establishes criteria of great banking method for UAE financial institutions to observe when managing problems from customers.

While the Service Promise is not a legislation, member financial institutions have actually agreed to take on and honor the obligations the Guarantee lays out. "The objective of the Service Promise is to upgrade the high quality of service that financial institutions customers, across the UAE, will obtain when they file an issue about a product or service. With giving a collection of standards and sufficient quality control to customers, the Service Promise will certainly elevate industry criteria and make certain standard procedures and experiences across financial institutions, and so help urge customer confidence in the banking industry," Al Ghurair said. The 'Service Promise' is built around five guiding principles - transparency, fairness, compassion, dependability, and accessibility - which the Federation views as core to everyday banking procedures and the treatment with which client issues have to be dealt with. It outlines clear meanings

and processes that financial institutions in the UAE are anticipated to follow in approving, connecting and solving issues from customers. "The guiding concepts are developed to guarantee that financial institutions in the UAE perform themselves in a manner that is consistent with the highest possible honest criteria and demonstrate the banking industry's desires to be in line with global ideal methods for the way banks take care of customer issues. As a banking community, we are committed to operating inning accordance with this Service Promise and promote our five leading concepts in managing client complaints," Al Ghurair included.

Customers will certainly have the ability to lodge a complaint through a selection of networks consisting of call facility, branch, internet and mobile banking, e-mail and web grievance forms, and social networks. The bank will certainly alert the complainant of receipt of issue within two business days of entry and, in case the plaintiff hasn't currently been provided with a resolution, he/she will certainly be supplied an estimated resolution time within 4 business days. If the bank is not able to fix the problem within 60 days, the plaintiff will be provided with details about their choices for outside escalation.