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Complaint Resolution Statistics
ICICI Bank Canada is consistently striving to provide resolutions to complaints that are timely, fair and reasonable to both the customer and the Bank. In addition, Complaint Regulations require the Bank to publicly report its complaint resolution statistics on an annual basis.
| Annual Statistics | 2023 |
|---|---|
The number of complaints resolved by the Senior Complaints Officer of the Bank |
63 |
The average length of time taken by the Senior Complaints Officer to deal with the complaints |
3 days |
The number of complaints that were resolved to the satisfaction of the customer, in the opinion of the Bank |
57 |
Counts include complaints towards the Bank's products or services:
| Products / Services | Count |
|---|---|
Personal Accounts |
44 |
Business Accounts |
2 |
Remittances |
3 |
Mortgages |
1 |
Credit Cards |
5 |
NRI Services |
4 |
Others |
4 |
For the fiscal year ending December 31, 2023, our analysis indicates an increase in client complaints, reflecting a range of concerns encompassing various banking services. With economic dynamics evolving, including the persistence of high-interest rates and inflation control measures by the Bank of Canada, clients encountered new challenges in managing their financial affairs. Limited housing supply further compounded these issues, contributing to heightened dissatisfaction among clients.
Account opening and transfer procedures continued to dominate the spectrum of complaints, collectively constituting 50% of complaints. Concurrently, internet banking/services and account closure issues each accounted for 10% of complaints, while telephone banking concerns represented 8%. Furthermore, the analysis highlighted an uptick in complaints related to payments (6%) and fund transfers (21%), indicative of underlying operational challenges.
Interestingly, a considerable portion of complaints 13% pertained to miscellaneous issues falling outside specific product categories, underscoring broader service-related grievances. These encompassed difficulties in accessing services, delays in transactions, and dissatisfaction with overarching policy matters. Notably, complaints regarding balance, fees/charges and statement services each hovering around 2% were comparatively minimal, suggesting relative satisfaction in these areas based on client feedback.
We remain committed to addressing and resolving client concerns while continually enhancing our services to better meet the evolving needs of our valued clients.
