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Responsibilities of customers in financial-services sector
Customers must also understand the products they purchased, manage their risks and maintain the privacy of their personal and transactional data.
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Stand tall: Bank-owned skyscrapers are pictured from Gelora Bung Karno Stadium in Senayan, Central Jakarta on Aug. 27, 2021. (AFP/Bay Ismoyo)
Consumer disputes remain a sore spot in customer experiences with the financial-services sector. For example, we heard about the terrible effects of the Jiwasraya corruption case on investors. We also discovered how illegal online-lending practices caused harm to many borrowers.
Customer complaints regarding data leaks are another issue. In the absence of a law on personal-data protection, the question about who should ultimately be held accountable for data-security breaches due to cybercrimes is still up for debate.
Despite the existence of numerous legislations stressing the significance of consumer protection, current instances show that there are still gaps between what customers expect from the provision of financial products and services and what they really obtain.
A new rule concerning consumer and public protection in the financial-services sector (the POJK) was released recently by the Financial Services Authority (OJK). By the issuance of the POJK, the norms governing market conduct that bind financial-service business have now improved. Along with taking cost-and-benefit analyses into account, it aims to strike a balance between the interests of consumers and financial-service providers. With its implementation, it is anticipated that the number of complaints regarding financial products and services will steadily decline.
On the one hand, this new regulation imposes a lot of rules and guidelines for businesses or financial-service providers to follow. On the other hand, it creates an environment where all market participants play on an even playing field. In turn, it will boost the competitiveness of businesses that are prepared to invest more into enhancing the customer experience and safeguarding their customer interests.
For consumers, while the POJK provides a solid reference for their rights when using financial products and services, it also mandates several responsibilities that are equally crucial to observe. Good faith is the first of these.
