Consumer complaints explode: Record numbers for BaFin!

Consumer complaints explode: Record numbers for BaFin!

Bonn, Deutschland - The alarm bells ring! Bafin, Germany's financial supervision, has a dramatic increase in consumer complaints. In 2023, an incredible 28,233 complaints were registered - an increase of 61.8 percent compared to 2022, when there were 23,600. Consumer telephone calls also jumped by more than 26 percent to over 28,000. A new record that draws attention to the problems in the financial sector!

banks under fire!

The increase in the complaints in the banking sector, where the numbers jumped from 14,760 to 27,536, is particularly alarming - that's almost 87 percent more! Consumers complain about catastrophic customer service, problems with account announcements and inadmissible fees. Much of these complaints goes back to Postbank, which is criticized without being mentioned by name. Bafin warns: dissatisfaction is growing and customers are less willing to accept defects!

insurance sector in the line of fire

It also bubbles in the insurance area: In 2023, almost 7,700 complaints were submitted, an increase of over 20 percent. Customers are annoyed by slow damage processing and slow payouts. Direct insurers in the car area in particular are the focus of criticism. The problems are increasing and consumers are frustrated by the defective accessibility of the damage and accident insurers.

The Bafin warns as caution: Consumers should first contact the companies concerned and submit their symptoms in writing. But the patience of the customers is in the end! In times of comparison portals, they are more critical than ever and expect better service. Bafin accepts complaints via an online form or its consumer phone-but the question remains: How long can the financial sector be able to withstand this pressure?