Economic Sustainability
3 MIN READ
Consumer Protection and Information Security
Keeping our customers safe from fraud schemes and scams is of utmost importance to us. Through our efforts in fraud awareness and prevention, we were able to drastically decrease the number of fraud loss in 2023. To elevate our customers’ experience while banking with us, Metrobank has also undertaken measures to address customer complaints and enhance their understanding of our products and services. As Metrobank continues to earn the trust and patronage of its customers, the Bank protects all information and information systems across its operations from unauthorized or unlawful use.
Consumer Financial Protection
We are guided by the consumer protection standards of the BSP and our Consumer Protection Policy Manual. In 2023, 96.6% of our workforce completed the e-learning module on our customer protection policy. Through the Fight Fraud program, we are able to raise awareness among Filipino consumers on ways to avoid falling prey to scams and other security issues to protect their funds.
To prevent the occurrence of fraud, our Fraud Management Division utilizes several tools for fraud analysis, prevention, and mitigation. We also directly engage with our clients through webinars, SMS and email alerts, our social media accounts, and our website, as well as mainstream media, to educate on fraud awareness and prevention. Through the efforts of the bank to spread awareness to our clients, the team was able to reduce Gross Fraud Loss by 35% in basis points at the end of 2023.
Customer Complaint Management
In 2023, the top complaints included issues with Instapay, cash dispensing errors at ATMs, and problems related to the bank’s mobile app and credit card deliveries. Our approach to handling these complaints involved improvements in first-call resolution, fraud notification turnaround times, and client communication regarding the status of their complaints.
The Bank’s Customer Incident Management System (CIMS) and iFREND system for credit card complaints played crucial roles in logging, investigating, and resolving complaints efficiently. To ensure customer satisfaction, the bank focused on improving its recourse processes and keeping customers informed about the status of their concerns, especially for cases requiring longer resolution times. This comprehensive strategy aims to foster a positive banking experience for all customers.
Privacy Protection
The Data Privacy Department oversees all privacy-related matters, addressing concerns from both internal and external stakeholders through various communication channels.
Our Privacy Policy ensures adherence to data privacy and protection standards, focusing on the responsible management and security of customer data. As such, we ensure customers are well-informed about the handling of their personal data and their rights in line with the Data Privacy Act of 2012.
Our robust IT infrastructure, with strict protocols, a secure database, and regularly reviewed procedures, underpins our commitment to personal data confidentiality, security, accuracy, and integrity. This ensures the safe and private handling of customers’ financial transactions and associated personal information.
Data Security
We strictly maintain the confidentiality of customer information in financial transactions and any personal data shared during these interactions. Our process encompasses identifying and collecting various information types, the purpose of collection, sourcing methods from customers, the bank’s IT security infrastructure, and disclosure protocols internally and to third parties when necessary.
We continuously review and update our Information Security Program to keep pace with changes in banking and technology, ensuring compliance with information security and data privacy laws and regulations. We have had no data breaches reported in 2023 to the National Privacy Commission.
