Allegations of poor customer service engulf private banks in bangladesh

Miad Hossain
A wave of complaints has surfaced regarding the declining standards of customer service across several private banks in Bangladesh. Customers have raised concerns about inefficiency, unresponsive hotlines, and poor in-branch experiences, sparking a growing debate over the role of private banking institutions in ensuring customer satisfaction.

According to recent reports, customers have repeatedly expressed frustration over extended wait times at call centers, a lack of transparency in addressing issues related to loans and credit cards, and inadequate responses to digital banking errors. These grievances have come to the fore amid increasing reliance on online banking services, especially in a post-pandemic world where digital platforms are critical.

Several consumers have taken to social media platforms, including Facebook and X (formerly Twitter), to share their dissatisfaction. Many have cited difficulties in accessing essential services like fund transfers, ATM withdrawals, and checking balances, with complaints ranging from technical glitches in mobile apps to unresolved fraudulent transactions.

"My card was charged twice for a single transaction, and it’s been weeks without a resolution," said an aggrieved customer of one leading private bank. "Whenever I call, I’m either put on hold for ages or directed to visit a branch, which defeats the purpose of digital banking."

Several such posts have gone viral, prompting further scrutiny from both the general public and the banking sector’s regulatory authorities.

Issues are not limited to online services. Branch-level inefficiencies have also been highlighted. Customers have reported facing long queues, uncooperative staff, and delays in processing services such as account opening and cheque clearances. This situation has particularly affected small business owners and those in rural areas, who depend heavily on timely financial transactions for their day-to-day operations.

A small business owner in Chittagong shared, “I had to wait for over two hours just to deposit a cheque. The staff was indifferent, and it felt like my concerns didn’t matter.”

In light of these growing complaints, some banks have acknowledged the issues but attribute them to challenges such as rapid expansion, system overload, and cybersecurity concerns. "We are experiencing a surge in customer engagement as our digital platforms expand, and we are working on strengthening our support systems to handle this demand," said a spokesperson from one prominent bank.

However, these explanations have done little to ease customer frustration. In response to mounting pressure, the Bangladesh Bank has announced that it will be conducting a formal review of customer service standards across all private banking institutions. The central bank has also hinted at imposing penalties on those banks failing to meet acceptable service benchmarks.

Regulatory authorities are now facing calls to implement stricter service-level agreements for private banks. Banking experts have suggested that the Bangladesh Bank should mandate higher penalties for banks that do not resolve customer issues within a reasonable timeframe or fail to maintain efficient service.

"The banking sector plays a pivotal role in the economy. Customers must have access to reliable services, both online and offline," stated a banking analyst. "It’s imperative for the authorities to impose stronger oversight and ensure private banks are held accountable."

As these complaints rise, trust in private banks, which make up a significant portion of Bangladesh’s financial services industry, appears to be waning. Many customers are now reconsidering their loyalty and exploring alternatives, such as state-owned banks or even newer fintech solutions, to meet their needs.

The ongoing situation has also reignited a larger conversation about customer rights, financial literacy, and the role of regulatory bodies in safeguarding public interest. It remains to be seen whether private banks can regain customer trust through swift corrective measures or if they will face further backlash in the months ahead.

With the banking sector at a critical juncture, both private banks and regulators will need to take immediate and decisive steps to restore customer confidence. As the Bangladesh Bank’s review continues, customers and industry stakeholders are watching closely, eager for solutions that address the root causes of this growing service crisis.