Sunday, May 15, 2005

Banks raised fees on phone banking - Khaleej Times

DUBAI — Since banks did away with toll free numbers last year, most people feel that phone banking has become expensive since they are kept on hold for longer periods, and more so, if they are making calls from another emirate or a mobile. Banks, on the other hand, feel that due to the growth in the banking industry, the number of users has grown steadily thus creating a pressure on the call centres.

The banks shifted the cost of the call to the customer. Then they increased the expected waiting time on hold. In essence the banks have increased the price the customer pays to make a transaction by phone.

It's not clear what the cause is. It could be that the cost of labor has increased. It could be that the degree of competition in the banking sector has decreased. Both seem likely.


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