The Bank of Latvia has announced its initiative to improve the quality of customer service in commercial banks, in collaboration with the Latvian Financial Industry Association. The goal is to ensure that communication with customers is both accessible and easily comprehensible, along with providing clear product descriptions, price lists, and service contract terms. This initiative is part of a broader regulatory agenda aiming to enhance financial service accessibility, clarity, and alignment with customer needs.

One of the key priorities for the Bank of Latvia is to address the issues identified through complaints received about commercial banks. The analysis of these grievances has revealed that many issues arise from deficiencies in the communication between the banks and their clients. The Bank emphasizes that as banks increasingly adopt digital solutions and optimize resources, their customer service policies must also be adapted to meet the diverse needs of all customers, ensuring that services are effective and user-friendly.

Moreover, the Bank of Latvia stresses that even in remote customer service scenarios, clients should receive not only technically accurate but also comprehensible information about the services offered. This highlights the importance of clear communication in resolving customer queries and improving overall service satisfaction. The initiative aims to foster a banking environment that is responsive to individual client needs, thereby enhancing the customer experience across the financial sector in Latvia.