Complaints
How a firm handles complaints matters. For a number of firms the complaint process has largely become an industrialised and impersonal process, which often fails to meet customer expectations and delivers a poor customer service experience. In many cases, this actually creates detractors rather than advocates for a firm.
Poor complaint handling is damaging to UK financial services firms, as around 50% of dissatisfied customers reduce their spend or terminate their relationship entirely. The impact on reputation and brand is also considerable, as around 70% of customers will tell their friends or family about a poor complaint handling experience.
Good complaints management offers positive financial gain through improved customer perception and retention. There is also a significant cost reduction opportunity available through process improvement, automation, staff rationalisation and outsourcing. Added to this, there is also an associated reduction in regulatory risk and as such it is important that all firms should take a hard look at their current complaint handling process.
Huntswood leads the way in driving value from the complaint handling process, our report “Complaint handling in UK Financial Services: Driving advocacy and protecting revenues” outlines the issues and solutions for delivering benefits for shareholders, customers, and staff while meeting the increasing needs of the regulator.
To order your copy of the Huntswood report ‘Complaint handling in UK Financial Services: Driving advocacy and protecting revenues’ please click here