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News : Debt and Aggressive Credit Card Selling Among Top UAE Consumer Complaints


Dubai, UAE, June 3, 2019 - The five top consumer complaints raised by banking customers in the Emirates relate to debt, delays, aggressive credit card selling, as well as bank account and remittance issues, according to the Central Bank of the UAE's 2018 annual report.

The regulator said its review of the "thousands of visits and calls" processed by its Customer Contact Centre, found top concerns last year involved debt management, a refusal or delay by banks in issuing necessary documentation, aggressive sales tactics for credit cards and issues related to the opening and closing of accounts and remittances.

"The Consumer Protection Department (CPD) is addressing these issues with the financial institutions and where necessary will take enforcement measures," the central bank said. "In addition to providing information to consumers, the centre works with the banks and their customers in an effort to encourage resolution of customer complaints."

The UAE has ramped up its efforts to curb irresponsible lending and banking practices in recent years, rolling out a number of new regulations to strengthen consumer confidence in the sector. Al Etihad Credit Bureau, which opened in November 2014, also brought more transparency to the lending industry by assembling a credit record of the nation’s financially active residents.

In its latest report, the central bank said its CPD department, created in 2017, has helped contribute to the "stability of a highly competitive financial market". The department’s mandate has gone on to include consumer education and awareness and strengthen regulatory oversight.

To move its agenda forward in 2018, the central bank added three new initiatives to strengthen its consumer protection framework. The first measure, a new regulation to manage dormant accounts, was rolled out on April 24. It set out a new framework for the control and protection of such accounts with rules for deposit accounts, unclaimed bankers’ drafts or cheques, unpaid dividends paid to shareholders and unclaimed deposits in safety deposit boxes. Previously, banks were only obligated to report the number of dormant accounts they held.

According to Al Tamimi & Co, a law firm, under the new rules if an account remains dormant and balances are unclaimed for a period of seven years from the date of the last transaction and the amount in the account exceeds Dh3,000, "banks should use the form prescribed by the regulation to transfer the funds to the Unclaimed Balances Account" at the central bank.

The second 2018 central bank initiative concerning consumers, established standards in the licensing and monitoring of the exchange business. The federal decree on anti-money laundering and countering the financing of terrorism, which came into effect on November 30, outlined stricter penalties for violations. These include: a warning, administrative fines between Dh50,000 and Dh5 million, a ban for a period of time, restrictions on management executives and licence cancellation.

Previously, the penalties did not include fines.

In June last year the central bank downgraded the licences of seven exchange houses after the companies violated regulations such as anti-money laundering rules. The exchange houses were banned from carrying out any transactions related to remittances or wage payments, the regulator said at the time.

The third initiative aims to improve disclosure procedures to consumers related to the costs and risks of borrowing.

In March the central bank amended rules on loans given out to customers, insisting that banks and financial services companies offer reduced interest rates when customers transfer a loan from one bank to another rather than increasing the repayment period.

Then in June, the regulator set a maximum limit on fees and commissions charged by banks, capping 43 types of charges on services such as personal loans, credit cards, car loans and home loans.

"Fee caps are being used as a tool to protect consumers from anti-competitive and unfair practices," the central bank said at the time.

Other central bank initiatives last year include the regulator demanding banks carry out a credit check on customers at AECB before issuing a chequebook. In November, a central bank circular sent to lenders said UAE residents must submit their Emirates ID to banks to update their records or risk the suspension of their debit and credit cards.

In a further boost for consumers, the regulator’s annual report said it had hosted several public workshop sessions, in partnership with the Family Development Foundation, on financial topics to promote consumer education and awareness. Sessions tackled issues such as saving, how to budget for a family and the benefits and risks of using a credit card or personal loan.


Posted by Veronica Silva Cusi, news correspondent

Today's Tip of the Day - Power Hour

Read today's tip or listen to it on podcast.

Published: Tuesday, June 4, 2019

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2021 Buyers Guide Speech Technology


Agara is an autonomous virtual voice agent powered by Real-time Voice AI. It is designed to have intelligent conversations with your customers, vendors, and partners without any assistance from human agents. It can handle a wide variety of calls including inbound customer care calls, outbound lead generation calls, appointment scheduling calls, and overdue payment recovery calls.

Agara is available for several industries including banking, insurance, retail, e-commerce, airlines, and telecom. Powered by advanced Real-time Voice AI that understands speech in real-time, automatically determines the right process to follow and guides the caller along in the process with natural conversation.
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Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.
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Call Tracking Metrics

Execute automated actions based on words spoken by your customer.

Our intelligent word detection and transcription tools make it easier for you to decipher the content of your customer conversations and automate action based on those insights.

Transform the audio of your calls into speaker-organized scripts so you can easily search your call log for specific words from a conversation, or automatically detect when words of intent are spoken by your customer.

Listen in on and highlight common patterns in order to execute triggers to initiate a new action or workflow, such as emailing a manager if the word “cancel” is spoken on a call. You can also set up to automatically redact content from a transcript, such as sensitive health information transmitted on a call.
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Daisee builds technology that empowers people to solve problems by making interactions simple and smart so they can have a more significant impact, be more productive and be better at what they do. We believe incremental improvements carry huge potency and provide exponentially greater change for the better.

Genesys customers can now automate risk and quality management using Daisee’s speech and sentiment analytics and remediation workflow software. Daisee helps improve customer experience, ensure regulatory compliance, identify missed commercial opportunities & training requirements as well as provide valuable insights back to the business directly from the frontline – the true voice-of-...
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Advanced speech recognition and natural language expertise that routes callers by simply asking ‘how can I help you?’. It allows customers to use their own words to ask for what they want and steers them to the right place.

Menus are eliminated altogether and contact centres can use a single inbound telephone number.
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MattsenKumar LLC

SmartSpeech – The Best In Class Speech Analytics Software

An all-inclusive speech analytics application that enables you to visualize your audio using state-of-the-art speech recognition, transcription, and text analytics technologies.
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InTone Suite - Emotion Detection via Voice Analysis
InTone™ is a voice analysis tool geared to detect genuine emotional and cognitive reactions regardless of the speaker’s language or chosen intonation.
It integrates into existing contact center environments and provides realtime indications of both client and agent emotional reactions throughout all ongoing calls. This unique set of indications assists managers and call center representatives to truly understand the client, improve call center performance, easily detect angry calls, elevate training efficiency and provide a tailored customer experience in every single call.

Nemesysco's contact center technology is also available in API and SDK forms.
Please visit our website for information about our product portfolio.
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Voci Technologies Incorporated

V-Blaze Speech to Text
Our GPU-accelerated, AI-based technology enables you to deliver greater insights to the contact center by transcribing audio into analyzable text.

- Transcribe large volumes of recorded audio quickly
- Integrate transcripts with your analytics or business intelligence platform
- Reduce your hardware footprint and minimize total cost of ownership
PH: 412-621-9310


Voxjar is your one-stop-shop for driving better phone calls with your customers. We're a modern Conversation Analytics and Call Coaching Platform.

- Custom Charts and Dashboards give you the freedom to analyze calls from the highest level down to the details of each conversation.

- AI-Powered Speech Analytics transcribes, searches, and analyzes your reps' phone conversations, at scale.

- Quality Assurance and Call Coaching tools let you evaluate and improve agent performance with a human touch.

- Long term recording storage for historical analysis

All of these together provide the holistic, easy-to-use software that you need to manage a modern call team and create better con...
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