KUALA LUMPUR (May 17): Customer satisfaction with Malaysian banks saw a "notable improvement" last year, as banking sector staff is generally viewed as courteous and knowledgeable, and that customers are also able to complete banking transactions in a timely manner, according to the results of a survey released today.

The survey was jointly commissioned by member banks of the Association of Banks in Malaysia and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) to gauge the customer service rating, via a Customer Satisfaction Index (CSI) for the banking industry last year.

On a scale of 0-100, the CSI for the banking industry scored an overall of 74.3 points, the associations said in a joint statement. "The score was also a notable improvement of 4.3 points against the CSI score recorded in 2013 (70). Generally, a score of 75 points for customer service is considered good, while a score of 80 points is the mark of an excellent index score," the statement read.

The survey results also identified key areas for improvement like transparency, which indicated customers want information and details to be shared upfront and that banks should step up efforts in enhancing the processes on the ease of signing up new/additional products and services.

"In summary, the Malaysian banking institutions have met the expectations required with room for improvement. In the true spirit of being customer centric, our member banks remain committed to continuously enhance the service quality and strive to deliver excellent customer service experience," the two associations said.

Some 4,500 customers of 18 banks across 14 states were surveyed. The survey was conducted through face-to-face interviews with specific banks’ customers who meet the criteria of having at least one account (savings, current, credit card, fixed deposits or loan / financing), and/or performed at least one banking transaction in the last one month.

The objective of the survey was to assess consumers’ expectations and actual experiences in relation to the quality of banking services.

Chairman of ABM and group president and chief executive officer Datuk Abdul Farid Alias said surveys like this can help banks create a baseline for their performance and gather insights into how their customers rate the bank’s services.

AIBIM president Datuk Mohd Redza Shah Abdul Wahid, who is also the chief executive officer of Bank Muamalat Malaysia Bhd, said the CSI for the banking industry marked a revolutionary change among industry players, where banks have agreed on a benchmark for financial institutions. "Banks are thriving towards a global benchmark standard of excellence in services,” he added.