Measuring Performance Indicators of Financial Entities
| No: 391000028201 | Date(g): 28/11/2017 | Date(h): 10/3/1439 | Status: In-Force |
Translated Document
Based on SAMA’s role to protect consumers of financial entities subject to its supervision; with reference to SAMA Circular No. 381000107382 dated 01/11/1438 H, which refers to the launch of the first phase of the “SAMACares” system; and as the circular included that SAMA would, during the second phase of the system, evaluate the work of financial entities according to performance indicators that would be approved later,
Therefore, we would like to emphasize the importance of adhering to the performance indicators described below:
Performance Indicator | Indicator Description | Desired Objective |
| Customer satisfaction rate with complaints handling | Complaints in which customers objected to the financial entity’s response | Not less than 80%** |
| Quality ratio of responses of financial institutions to SAMA* | Complaints that were closed with more than three correspondences | Not more than 97%* |
| Percentage of compliance with the service level agreement | Service Level Agreement as per SAMA Circular No. 381000107382 | Not less than 95%* |
| Percentage of complaints that were processed and closed in favor of the customer after escalation* | Complaints in which the customers’ objection to the financial entity’s response was accepted and were closed in the interest of the customer | Not more than 5%** |
Note that the performance of the financial entities according to these indicators will be monitored on a quarterly basis, starting from 01/01/2018 G, and SAMA expects the Board of Directors to monitor the performance of these indicators and provide full support and the necessary human resources to the relevant departments to ensure compliance.
In order to ensure that the financial entities deal fairly and equitably with customers, SAMA will take legal measures against companies and banks that violate this circular.
*Amended pursuant to Circular No. (42027544) dated 28/04/1442 H
**Amended pursuant to Circular No. (44009296) dated 02/05/1444 H.