Central Bank of Cyprus Governor Constantinos Herodotou has sent a circular to all banks calling on staff members to be friendlier, more patient and more courteous with customers.
The circular made it clear that staff members need to be properly trained on how to talk to clients in a professional way and to explain procedures in detail without losing their cool.
In his circular, Herodotou said it’s easier for customers to follow regulatory rules after they have been thoroughly informed about bank procedures.
The reason behind the circular is linked to the many complaints received by the Central Bank regarding the way a customer data update by commercial banks was handled recently.
Customers used social media to express their anger over the way banks were carrying out the updates.
The Central Bank has advised senior managers to review their procedures and find a way to make them customer-friendly.
Herodotou’s circular also called for warnings and time-frames to be provided to be in line with the legislative and regulatory framework, which aim to prevent money laundering.
Moreover, the letter also reminded banks that data updates should be carried out separately for every customer, with employees adapting to their different needs instead of using a standard method for every client.
Finally, the circular urged bank employees to only collect information necessary for each case and according to the customer’s degree of risk.