I expect banks / FSPs to use the data on CMS not only for reducing their Turn Around Time in resolution of complaints and strengthening their grievance redressal mechanism but also for undertaking root cause analyses with an objective of understanding their customer pain areas, behaviour and expectations so as to improve their services for maintaining customer loyalty. 6.
Insights from the data available from CMS can, for example, be used by banks / FSPs for designing products which meet the expectations of their customers. Obviously, those entities who perform better in analyzing the data and using it for creating customer value would be able to benefit more and have a competitive advantage. 7.