Bank of Russia updates lending complaint ranking method
The Bank of Russia has published new rankings of credit institutions for 2025, which take into account the database of people's complaints related to lending. The regulator has updated the method of comparing banks, now including substantiated complaints to the financial ombudsman and dividing banks into two groups by loan volume.
Broader view on consumer grievances
The Bank of Russia's updated methodology for ranking credit institutions now incorporates a more comprehensive dataset of consumer complaints related to lending.
Previously, only complaints submitted directly to the central bank were considered.
The new approach significantly broadens this scope by including substantiated complaints lodged with the financial ombudsman.
This change aims to provide a more holistic and accurate picture of how banks interact with their customers, capturing a wider range of grievances.
It is crucial to note the distinct roles of the two bodies: the Bank of Russia primarily addresses complaints concerning violations of federal laws, while the financial ombudsman focuses on households' complaints against credit institutions.
By integrating both sources, the regulator ensures that a broader spectrum of consumer rights issues is reflected in the rankings.
Complaints are only deemed 'substantiated' if a thorough examination confirms evidence of consumer rights violations, ensuring the integrity and relevance of the data used for assessment.
This refined data collection mechanism is designed to enhance transparency and accountability within the financial sector.
Fairer comparisons by size
A key innovation in the revised ranking method is the division of all participating credit institutions into two distinct groups.
The first group comprises large creditors, defined as those managing over three million loan agreements, while the second covers all others with fewer than three million loans.
This stratification addresses a long-standing challenge in comparative analysis, allowing for a more equitable assessment of banks with similar operational scales and customer bases.
This refined approach to categorisation will also be consistently applied to microfinance organisations and insurers.
The regulator views these public rankings as a powerful instrument to foster customer-centricity, positively assessing efforts by financial institutions to adapt their customer policies.
Transparency meets fairness
This methodological update is a significant step towards greater transparency and fairness in bank assessments.
By integrating diverse complaint sources and segmenting institutions by size, the Bank of Russia provides a more nuanced and actionable view of consumer protection.
While seemingly technical, these changes offer a clearer incentive for all financial institutions to genuinely prioritize customer satisfaction.