How India’s First Ever “ResolveTech” Startup KomplaintBox Plans to Empower Customers of Banks and Financial Institutions

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How India’s First Ever “ResolveTech” Startup KomplaintBox Plans to Empower Customers of Banks and Financial Institutions
How India’s First Ever “ResolveTech” Startup KomplaintBox Plans to Empower Customers of Banks and Financial Institutions

In an period the place seamless buyer expertise is paramount, a pioneering resolution has emerged to bridge the hole between clients and Banks. We are thrilled to unveilKomplaintBox (KB), a unit of J3 Consulting Services LLP, primarily based out of Chennai. This is a groundbreaking enterprise designed to function an important liaison between monetary establishments and their clients, remodeling the way in which complaints are addressed and resolved.

The thought of KB was born out of private experiences confronted by the founders. There had been quite a few situations the place they assisted their mates and members of the family in fixing banking associated points. These points associated to numerous Banking merchandise corresponding to Loans, Credit card and Trade Finance. On deeper evaluation they understood that frequent clients face quite a bit of challenges whereas making an attempt to get their complaints resolved.

The Financial Services sector in India primarily consists of public sector banks, non-public sector banks, international banks, small finance banks, cooperative banks and non-banking finance corporations.

With Financial Institutions offering an array of monetary and advisory companies it is not uncommon to see shortcomings of their companies. Redressal of complaints usually take a very long time. It can be frequent to see complaints unresolved. This although Financial Institutions have a transparent escalation matrix, and the Reserve Bank of India’s Consumer Education and Protection Department may be very proactive when advising Banks to tighten their redressal mechanism.

KB is a revolutionary service that’s designed to successfully bridge the hole between clients and Banks, offering a complete platform for patrons to voice their issues, search help, and discover decision to pending points.

With an unwavering dedication to empowering clients, KB simplifies the often-complex procedures concerned in criticism redressal, providing readability, help, and steerage at each step of the way in which.

The consultants at KB come armed with “fingers on” Banking (consolidated expertise of over 60 years) and Global Consulting Experience.

The Process

The typical criticism redressal course of adopted by Banks is given beneath. Customers have the choice to straight strategy the Bank and strive and get a decision.

Process of KomplaintBox

Alternatively, clients can go to the KB portal and register their criticism offering mandatory paperwork and info. The group at KB will assess the criticism, gather extra inputs if any, from the shopper and give them a possible final result. On receiving the affirmation to progress, the group will provoke the redressal course of with the involved financial institution. The buyer might be saved within the loop by common updates.

If wanted, complaints might be escalated, throughout the Bank and with the Reserve Bank of India (RBI), till a decision is acquired. In case no decision is forthcoming, KomplaintBox has no hesitation to refund the advisory charges to the shopper consistent with their pricing coverage.

Why Komplaint Box?

  1. Seamless Communication:KB supplies clients with a hassle-free channel to talk their complaints to the involved banks. The platform ensures that these complaints are channelled appropriately and attain the proper personnel throughout the involved Banks and Financial Institutions

  2. Expert Guidance: KB’s group of skilled professionals is devoted to serving to clients perceive the complicated procedures and necessities for criticism decision. Through personalised steerage, clients can navigate the often-daunting course of with confidence.

  3. Frictionless Banking:KB facilitates swift and environment friendly decision by streamlining the communication between clients and banks. By appearing as an middleman, the platform ensures that complaints are addressed promptly, thereby decreasing frustration, and minimizing the antagonistic influence on clients’ lives.

  4. Education and Empowerment:KB believes in empowering clients with information. KB educates clients about their rights, duties, and choices, fostering a way of possession and company over their monetary dealings.

  5. Transparency:Transparency is on the core of KB. It supplies clients with real-time updates on the standing of their complaints, making certain they’re all the time knowledgeable and engaged all through the decision course of.

KB is unrivalled in its area. While clients retain the choice to search redressal straight by their Banks at no further price, KB presents a really distinctive benefit. It excels at conserving clients’ precious time and sparing them from the arduous process of pursuing criticism redressal.

Target Audience

KB’s goal phase could be the retail and SME clients. SMEs would come with sole proprietors, partnerships, and non-public restricted enterprises.

According to a April 2023 report of the Committee for Review of Customer Service Standards in RBI regulated entities, Banks in India obtain round 1 crore complaints yearly which can be formally recorded. Our examine estimates that there could be over 2 crore complaints that aren’t formally recorded making the annual quantity over 3 crores. We count on this quantity to develop at an annual charge of 10%.

There are over 32 Million Non-resident Indians unfold globally and they face quite a bit of challenges in coping with Banks in India for his or her transactions. This service may also be extraordinarily helpful for our senior residents who may need to run from pillar to put up to get resolutions.

Founders of KomplaintBox

Vision Statement

Mr Jose Joseph, Co-founder, expressed his pleasure, stating, “KomplaintBox’s debut as a “ResolveTech” platform within the Indian market marks a major milestone within the pursuit of enhanced buyer satisfaction, streamlined criticism decision, and stronger customer-bank relationships.”

“Our imaginative and prescient is to be a world class trusted criticism decision service thereby fixing challenges confronted by banking clients,” provides Co-founder JT Jeyaraajkrishnan.

About the Founders

Jose Joseph

Jose Joseph is a seasoned skilled with over 28 years of expertise within the Banking Industry. He has labored with some main organizations like HSBC, Oracle, Tata Consultancy Services, and IBM. He has dealt with banking capabilities like Retail Banking, Wealth Management, Corporate banking, Payments, Compliance, Audit and Operations. He is a Management graduate in Banking and Finance.

JT Jeyaraajkrishnan

Jeyaraaj is a senior administration skilled within the Banking business. Overall, he has over 30 years of expertise and labored with main organizations corresponding to American Express, Oracle and Tata Consultancy Services. He has dealt with capabilities like Retail Banking, Wealth Management, Corporate Banking, Payments, and Operations. Numerous articles have been authored by him. He is a professional Chartered and Cost Accountant.

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