The Bangko Sentral ng Pilipinas (BSP) is launching an Online Customer Satisfaction Survey (O-CSS) to better provide digitalized services to all its supervised financial institutions such as banks, pawnshops, and money service business (MSB).
“In line with the thrust of the BSP to provide quality services to its stakeholders and leverage on advances in technology to promote efficiency, feedback on services rendered by the Financial Supervision Sector (FSS) shall be collected using the O-CSS,” according to BSP Deputy Governor Chuchi G. Fonacier, who is the head of the FSS. The BSP released the memo (Memorandum No. M-2021-007) on Monday.
Fonacier said the O-CSS will gather feedback from BSFIs to assess the quality of services in their “engagements, dealings, and transactions” with the FSS which is the sector in-charge of bank and other BSFIs’ regulation, and it also serves as oversight and supervision of financial technology and payment systems.
The survey will “promote efficiency” in BSFI feedback through the use of digital technology such as Microsoft Forms and Microsoft Power Automate applications.
It will cover FSS services such as: licensing of new banks; licensing of pawnshop and registration of MSB; grant of License or Authority; confirm election or appointment of directors or officers; onsite examination; and evaluation of Reply to Report of Examination.
It will cover the evaluation of Internal Capital Adequacy Assessment Process or ICAAP document; execution of Letter of Commitment; and evaluation of MOUs on the BSP’s prompt corrective action.
“Results of the feedback shall be used to address customer concerns, assess the degree to which customer needs and expectations are met, and determine appropriate actions and opportunities for improvement in the QMS (quality management system) processes,” said Fonacier in the memo.
The survey allows all BSFI respondents to assess the quality of specific services with the appropriate BSP supervising/processing department and unit, and the assessment will cover four key quality attributes: accessibility/availability (provided assistance readily); communication (discussed the subject of requests/queries clearly and completely and provided easy-to-understand BSP actions, responses, views and rules and regulations); courtesy (provided services politely and professionally); and reliability (delivered services promptly and accurately).
The FSS is one of three crucial sectors of the BSP. Its core functions include the implementation of internal rules, regulations, and policies of the BSP.
FSS subsectors include policy and specialized supervision, supervisory analytics, financial system integrity, and treasury and asset management supervision. Aside from several subsectors on financial supervision, the FSS also handles financial technology such as payment system oversight, and technology risk and innovation supervision.
The fourth governor of the BSP, the late Nestor A. Espenilla Jr., was the previous FSS head and Fonacier was his assistant governor.