Banks ranked by complaints
The Bank of Russia has improved the method for presenting the results of the comparison of banks in terms of complaints about lending. Now, the regulator prepares the tables with the indicators not only depending on the classification of credit institutions (systemically important and other banks) but also taking into account the size of their retail customer base – more than five million loan agreements with individuals. The modification simplifies the comparison of the largest retail banks who account for more than 90% of loans issued to individuals.
The ranking includes banks having a retail loan portfolio against whom the Bank of Russia received at least one justified complaint about lending during 2024 (a complaint is recognised as justified if the inspection has revealed a breach of consumer rights and the bank has been subject to enforcement measures).
The ranking of a particular credit institution depends on the number of justified complaints per 100,000 loan agreements. Justified complaints account for a relatively small share in the overall number of applications as these are only confirmed cases of violations of consumer rights in mortgage, consumer or car lending. The Bank of Russia plans to release the table with the indicators on an annual basis.
The ranking will help people choose a bank’s services relying on other borrowers’ opinion and serve as a benchmark for credit institutions to enhance the quality of their work with customers.