Saudi Arabia: Financial Firms Ordered to Maintain High Customer Satisfaction Levels

Saudi Arabia News developments

Saudi Arabia: Financial Firms Ordered to Maintain High Customer Satisfaction Levels

Arab News, 7 September 2022: Saudi Arabia’s Central Bank has ordered financial firms in the Kingdom to maintain high customer satisfaction levels. They have issued a Circular to this effect. It applies to all banks, finance, insurance and payments companies operating in the Kingdom.

Customer satisfaction levels must not fall below 80%. Complaints that have already been escalated and closed for the customer’s benefit after processing should not exceed 5%.

The Circular will come into force in the first quarter of 2023.

The Bank added they would review the performance of financial institutions in line with the relevant indicators every quarter and take legal action against violators.

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