How India's First Ever "ResolveTech" Startup KomplaintBox Plans to Empower Customers of Banks and Financial Institutions
Chennai (Tamil Nadu) [India], September 19: In an era where seamless customer experience is paramount, a pioneering solution has emerged to bridge the gap between customers and Banks. We are thrilled to unveil KomplaintBox (KB), a unit of J3 Consulting Services LLP, based out of Chennai. This is a groundbreaking venture designed to serve as a vital liaison between financial institutions and their customers, transforming the way complaints are addressed and resolved.
The idea of KB was born out of personal experiences faced by the founders. There were numerous instances where they assisted their friends and family members in solving banking related issues. These issues related to various Banking products such as Loans, Credit card and Trade Finance. On deeper analysis they understood that common customers face a lot of challenges while trying to get their complaints resolved.
The Financial Services sector in India primarily consists of public sector banks, private sector banks, foreign banks, small finance banks, cooperative banks and non-banking finance companies.
With Financial Institutions providing an array of financial and advisory services it is common to see shortcomings in their services. Redressal of complaints often take a long time. It is also common to see complaints unresolved. This despite the fact that Financial Institutions have a clear escalation matrix, and the Reserve Bank of India’s Consumer Education and Protection Department is very proactive when advising Banks to tighten their redressal mechanism.
KB is a revolutionary service that is designed to effectively bridge the gap between customers and Banks, providing a comprehensive platform for customers to voice their concerns, seek assistance, and find resolution to pending issues.
With an unwavering commitment to empowering customers, KB simplifies the often-complex procedures involved in complaint redressal, offering clarity, support, and guidance at every step of the way.
The experts at KB come armed with “hands on” Banking (consolidated experience of over 60 years) and Global Consulting Experience.
The typical complaint redressal process followed by Banks is given below. Customers have the option to directly approach the Bank and try and get a resolution.
Alternatively, customers can visit the KB portal and register their complaint providing necessary documents and information. The team at KB will assess the complaint, collect additional inputs if any, from the customer and give them a probable outcome. On receiving the confirmation to progress, the team will initiate the redressal process with the concerned bank. The customer will be kept in the loop through regular updates.
If needed, complaints will be escalated, within the Bank and with the Reserve Bank of India (RBI), until a resolution is received. In case no resolution is forthcoming, KomplaintBox has no hesitation to refund the advisory fees to the customer in line with their pricing policy.
Why Komplaint Box?
1. Seamless Communication: KB provides customers with a hassle-free channel to communicate their complaints to the concerned banks. The platform ensures that these complaints are channelled appropriately and reach the right personnel within the concerned Banks and Financial Institutions
2. Expert Guidance: KB’s team of experienced professionals is dedicated to helping customers understand the complex procedures and requirements for complaint resolution. Through personalized guidance, customers can navigate the often-daunting process with confidence.
3. Frictionless Banking: KB facilitates swift and efficient resolution by streamlining the communication between customers and banks. By acting as an intermediary, the platform ensures that complaints are addressed promptly, thereby reducing frustration, and minimizing the adverse impact on customers' lives.
4. Education and Empowerment: KB believes in empowering customers with knowledge. KB educates customers about their rights, responsibilities, and options, fostering a sense of ownership and agency over their financial dealings.
5. Transparency: Transparency is at the core of KB. It provides customers with real-time updates on the status of their complaints, ensuring they are always informed and engaged throughout the resolution process.
KB is unrivalled in its domain. While customers retain the option to seek redressal directly through their Banks at no extra cost, KB offers a very distinctive advantage. It excels at conserving customers' valuable time and sparing them from the arduous task of pursuing complaint redressal.
KB’s target segment would be the retail and SME customers. SMEs would include sole proprietors, partnerships, and private limited enterprises.
According to a April 2023 report of the Committee for Review of Customer Service Standards in RBI regulated entities, Banks in India receive around 1 crore complaints annually that are formally recorded. Our study estimates that there would be over 2 crore complaints that are not formally recorded making the annual number over 3 crores. We expect this number to grow at an annual rate of 10%.
There are over 32 Million Non-resident Indians spread globally and they face a lot of challenges in dealing with Banks in India for their transactions. This service will also be extremely useful for our senior citizens who might have to run from pillar to post to get resolutions.
Jose Joseph, Co-founder, expressed his excitement, stating, “KomplaintBox’s debut as a “ResolveTech” platform in the Indian market marks a significant milestone in the pursuit of enhanced customer satisfaction, streamlined complaint resolution, and stronger customer-bank relationships.”
“Our vision is to be a world class trusted complaint resolution service thereby solving challenges faced by banking customers,” adds Co-founder JT Jeyaraajkrishnan.
Jose Joseph is a seasoned professional with over 28 years of experience in the Banking Industry. He has worked with some leading organizations like HSBC, Oracle, Tata Consultancy Services, and IBM. He has handled banking functions like Retail Banking, Wealth Management, Corporate banking, Payments, Compliance, Audit and Operations. He is a Management graduate in Banking and Finance.
Jeyaraaj is a senior management professional in the Banking industry. Overall, he has over 30 years of experience and worked with leading organizations such as American Express, Oracle and Tata Consultancy Services. He has handled functions like Retail Banking, Wealth Management, Corporate Banking, Payments, and Operations. Numerous articles have been authored by him. He is a qualified Chartered and Cost Accountant.
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