The power of complaints
Unlocking the value
By focusing primarily on placating complaining customers instead of holistically repairing broken practices, many financial fail to realize that embracing customer complaints can reap benefits for them, too. A comprehensive complaints management program integrated with compliance systems can serve as an “early warning radar system” that can let financial institutions know where they are at risk for regulatory action and help reduce the potential of regulatory/legal actions or sizeable monetary fines.
Complaining works. And customers who follow the old “squeaky wheel gets the grease” adage know it. What many financial organizations fail to realize, however, is that customer complaints can provide benefits for them, too. This report looks at complaints and how to unlock the value of customer dissatisfaction. Some of the report’s many topics include:
- Voice of the Customer: What customers are saying is important, and financial institutions should take note.
- Getting into the desired mindset: Getting serious about customer complaints and learning to use complaints to the benefit of the institution requires a shift from the historical mindset of customer complaints being solely negative.
- How to start building an early warning system: How well an organization develops and connects its complaints management program with its CMS will determine how well it can consistently identify and respond to potential regulatory risks and avoid the costs they present.
- The way forward: Putting into motion a comprehensive plan to pull value out of complaints takes a lot of hard work.
The takeaways outlined in this report can serve as a starting point to gauge how effective your organization currently is at unlocking the value of customer complaints. Download the report for more detailed information on the power of complaints.