Digitalization of terms and conditions

In April 2020, Banco de Portugal (BdP) announced that bank customers had 18,104 complaints in 2019. 18.7% more than in 2018. This increase, according to BdP, was particularly motivated by the availability of the Electronic Complaints Book (LRE) ). Excluding this book from the analysis, there would be, in 2019, an increase of complaints of 1.4% compared to 2018. 

The BdP gives visibility in this report that the topics most demanded by customers are: bank deposits, consumer credit and mortgage and mortgage loans. 

What do all these themes have in common? 

As a rule, all of them are governed by terms and conditions that are made known and accepted by your bank to the customer, such as interest rates, service costs, among other information. 

As in any dispute or disagreement, when these exist, then who is right? The client? The bank? 

It is therefore imperative for banks that, in the event of a dispute, be able to prove that the customer has been informed that a certain product or service has “x” costs,  or any other data. 

This was the motivation that led one of our bank clients to challenge us for a new project that, although complex for its content, proved to be the right opportunity to apply many of our strengths, namely knowledge, technical capacity and internal infrastructure. 

The challenge itself is that the bank should hold a guarantee that the cardmail (courtesy letter) that accompanies the credit card to be sent to the customer is produced and personalized as the bank stipulated, with data such as: 

  • Name 
  • Address 
  • Fees 
  • Associated terms and conditions (fixed or variable) 

In summary, we guarantee with this project that the cardmail will be personalized with the customer’s data, with the negotiated rates, and that it will be printed and saved in real time in a digital custody solution, in strict legal compliance. 

This allows the bank’s call center teams to have visibility on the document that was built and sent in real time and what information it included. 

Imagine the following scenario: 

Customer (A) calls your bank saying they have not been informed of the credit card fee (s) sent to them. At that moment, the bank’s employee will be able to access in real time the document that was produced and sent in paper format to his address and thatwas kept in digital custody at Contisystems. Thus, the bank has visibility that the card and its cardmail carried all the information that the customer now indicates he was unaware of. 

Furthermore, we give the possibility, in the scenario above, for the bank employee who served customer A, to send by email a copy of those the terms and conditions that accompanied the card when it was sent. 

Now, what we are describing here is to give the bank the possibility of having digital proof of what was actually sent to the client or what was written there. This is only possible, because Contisystems can take real-time custody of the document that is coming out of the personalization machine and that will be sent to the end customer. 

Contact us if this solution is useful for your organization.