Enhanced responsibility boosts customer trust in banks, says new survey

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The “Responsible Customer – Responsible Bank” campaign conducted a sample survey among bank customers in September to determine the level of satisfaction with banking services.

The campaign, led by Mongol Bank, announced results of the survey last Friday, highlighting that by becoming more reliable and financially stable, banks were able to gain more trust from customers.

Overall, the survey found that people are satisfied with their current bank. When asked how satisfied they find their current bank, the majority of people gave an average score of seven out of 10. The survey also indicated that older customers were more satisfied with their current banks than younger customers.

Another interesting finding was that people primarily choose banks based on their reputation, quality and accessibility of their services, and their familiarity with the bank rather than paying attention to the types of products and services the bank offers, their savings and credit interest rates, and loan related requirements.

When deciding in which bank to place their savings, people look at four key areas of the bank, as found in the survey. Firstly, people make sure the bank is financially stable. Secondly, they compare their savings interest rate. Thirdly, they look at the bank’s reputation and fourthly, they look into their customer security and protection before choosing a bank. The majority of survey respondents (82 percent) answered that they deposit their savings in a bank when they believe the bank is financially stable and reliable.

Next, the survey enquired people’s approach to reducing any risks they may face with a bank. Most people responded that they have savings accounts in two or more banks when asked if they have savings accounts in multiple banks. This suggests that most customers are becoming aware of potential risks at banks and are making smart decisions to lessen risks by placing their money in multiple banks.

However, bank customers have relatively low knowledge and understanding about investment tools, according to the survey. Out of all respondents, 85 percent said that although they are well-informed about savings services of banks, they don’t know much about investment tools such as bonds and securities.

As part of the “Responsible

Customer – Responsible Bank” campaign, Mongol Bank is taking the following

measures in steps to increase people’s financial knowledge.

= Report on banking and financial indicators to the public in a simple way and provide explanations.

= Provide support, information and training for helping people choose the best financial product for them.

= Provide comprehensive information about the deposit insurance system.

= Provide comprehensive understanding about banking operations.

Mongol Bank expects banks to become financially stable and their customers to become more responsible to help the banking sector to become better resilient to risks by the end of the campaign.

Dulguun Bayarsaikhan