Central Bank Discloses Financial Institutions Receiving Most Complaints in Q4
RIO DE JANEIRO, BRAZIL – The Central Bank released on Wednesday, January 15th, the list of complaint leaders among financial institutions and banks. The results refer to the fourth quarter of 2019.
Banco Pan leads the list among financial institutions with more than four million clients, according to the Central Bank.
For the calculation, the gross result of irregularities recorded is not considered, but rather an index between the number of the bank’s clients and the number of complaints.
The calculation is based on the number of complaints divided by the number of customers multiplied by one million. The result will be the complaints rate: the higher the result, the worse is the bank’s performance.
Banco Pan caused 564 regulated complaints from the period and 4,459,480 customers, a complaint rate of 126.47.
Among the large banks, Banco BMG came second with 326 complaints and 4,747,780 clients, an index of 68.66. Banrisul, the State bank of Rio Grande do Sul, closed the top three of financial institutions, with 115 complaints and 4,935,064 clients, resulting in an index of 23.30.
The five largest banks in Brazil come in a row with Santander in fourth, Bradesco in fifth, Banco do Brasil in sixth, and Caixa Econômica Federal in seventh.
The table below shows the leaders in complaints among banks with more than four million customers:
| Financial institution | Complaint index | Originating regulated complaints | Clients |
|---|---|---|---|
| 1. Banco Pan | 126.47 | 564 | 4,459,480 |
| 2. BMG | 68.66 | 326 | 4,747,780 |
| 3. Banrisul | 23.30 | 115 | 4,935,064 |
| 4. Santander | 22.94 | 1,085 | 47,281,933 |
| 5. Bradesco | 19.36 | 1,910 | 98,653,100 |
| 6. Banco do Brasil | 19.06 | 1,267 | 66,464,386 |
| 7. Caixa Econômica Federal | 17.19 | 1,637 | 95,191,144 |
| 8. Itaú | 16.85 | 1,377 | 81,684,646 |
| 9. Votorantim | 9.5 | 70 | 7,364,173 |
| 10. Banco CSF SA | 7.3 | 56 | 7,235,478 |
Smaller banks
In the selection of banks and financial institutions with less than four million customers, Facta Financeira SA led the ranking, with 114 complaints and 86,986 customers, resulting in an index of 1,310.55.
In second place was Novo Banco Continental, with 62 complaints and a customer base of 62,086, resulting in an index of 998.61. Closing the top three is Banco Safra, which accumulated 1,573 complaints in the last quarter in its base of 2,498,174 customers and an index of 629.65.
The table below shows the leaders of complaints among banks with fewer than four million customers:
| Financial institution | Complaint index | Originating regulated complaints | Clients |
|---|---|---|---|
| 1. Facta Financeira SA | 1,310.55 | 114 | 86,986 |
| 2. Novo Banco Continental | 998.61 | 62 | 62,086 |
| 3. Safra | 629.65 | 1,573 | 2,498,174 |
| 4. Industrial do Brasil | 336.21 | 21 | 62,460 |
| 5. BNP Paribas | 151.13 | 478 | 3,162,634 |
| 6. Modal | 150.12 | 65 | 432,873 |
| 7. Inter | 123.55 | 489 | 3,957,845 |
| 8. Original | 111,92 | 271 | 2,421,171 |
| 9. Banco A.J. Renner SA | 88.73 | 19 | 214,113 |
| 10. Agibank | 84.98 | 103 | 1,211,977 |
Most frequent complaint
The Central Bank also released a list of the most frequent complaints it received, listing which financial institutions recorded the largest share.
Below are the most frequent complaints by topic:
| Reason for complaint | Quantity | Bank with most complaints |
|---|---|---|
| Offering or providing information regarding products and services in an inadequate manner | 2,359 | Safra (453) |
| Irregularities related to integrity, reliability, security, secrecy, or legitimacy of credit card transactions and services | 1,695 | Safra (107) |
| Irregularities related to integrity, reliability, security, secrecy or legitimacy of services related to credit operations | 1,008 | Caixa Econômica Federal (203) |
| Irregularities related to integrity, reliability, security, secrecy, or legitimacy of operations and services, except those related to credit card, debit card, internet banking, and ATM | 950 | Caixa Econômica Federal (356) |
| Irregularities concerning integrity, reliability, security, secrecy, or legitimacy of operations and services provided in internet banking | 598 | Inter (185) |
| Unapproved debit from customer’s deposit account | 554 | Caixa Econômica Federal (191) |
| Restriction on the carrying out of portability of consigned credit operations for natural persons | 546 | Inter (115) |
| Dissatisfaction with the response received from the financial institution regarding the complaint registered at the Central Bank | 342 | Safra (66) |
| Irregular tariff collection for non-contracted services | 605 | Bradesco (150) |
| Irregularities related to integrity, reliability, security, secrecy, or legitimacy of operations and services provided at ATM | 259 | Banco do Brasil (65) |
Methodology
As explained by the Central Bank, the ranking of complaints is based on the demands and criticism from the public recorded in all of the agency’s service channels.
The regulated complaints are the number of occurrences (irregularities), associated with complaints closed in the reference period, in which there was evidence of non-compliance by the institution with a law or regulation whose supervisory authority is the Central Bank of Brazil.
The rankings are quarterly and the data disclosed in the listings are available for download on the Central Bank’s official website.
Other side
Banco Pan has submitted its positioning regarding its ranking:
“Pan has stood out in adopting concrete measures to improve and modernize products, processes and the quality of customer service. It was a pioneer among banks in creating the “Don’t Call Me” service and in mobilizing the sector for the Self-Regulation of Consigned Credit, implemented by FEBRABAN and ABBC in January this year to reduce the number of complaints. Pan reinforces its position of respect to customers and is available in all its service channels”.
Source: InfoMoney
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