Banking institution hires Netrika Consulting as a Mystery Shopping agency to measure the quality of customer experience at one of its branches.
The gathered data is reported to the client to help it measure and improve its customer experience.
The scope of this case study revolves around developing a questionnaire and get it approved by the bank, risk categorization of branches, a thorough discussion on selecting a branch for mystery shopping, visiting the bank for mystery shopping, identifying banks and employees involved in the violation of RBI policies and guidelines.
Netrika Consulting prepared a questionnaire that includes questions covering the entire account opening procedure, information related to KYC & AML, and demonetization related monitoring at the selected branch.
Netrika Consulting, through consistent strategy, decides to distribute the mystery sopping procedure into three key steps:
A person will visit the branch to analyze the process of opening a new account at the branch. The objective is to collect specific information by pretending as an ordinary customer and documenting the responses.
This approach includes identify the potential lapses in adherence to the RBI prescribed guidelines.
The final report and recommendations based on the findings of the mystery shopper is submitted for further analysis.
Helping the customer in placement or layering of cash by:
Banks employees are encouraged to meet targets and earn incentives to become eligible for promotions and transfers
Risk categorization of staff against an opening account with the insufficient documents, opening accounts without following the Bank's KYC guidelines, and providing solutions for circumventing the KYC and AML process is evaluated based on specific criteria that include:
The objective is to analyze if the bank is accepting notes which are banned. If the staff is involved in assisting the customers in drawing new notes in exchange for old or banned ones. If the branch is allowing customers to withdraw more cash beyond the stipulated amount.
Violation of RBI guidelines due to not following an appropriate procedure and documentation-check while opening a new bank account at the selected branch is recorded. Rules adhere to KYC/ AML for cash conversion at the branch are not followed as expected. Customers are allowed to dispense more cash then allowed during demonetization.
Banks must adhere to KYC/ AML norms as established by RBI.