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More than one in 20 complaints to financial services firms is taking eight weeks or more to resolve, new analysis* from Huntswood, a ResultsCX company, shows.
While data shows nearly half (45.54%) of complaints opened with financial services companies are resolved within three days, analysis shows 5.56% are taking more than eight weeks to resolve complaints. The remaining 48.9% are resolved between three days and eight weeks.
The analysis from Huntswood, which delivers resourcing, outsourcing and advisory services from complaints to customer service, remediation to resilience, shows the best-performing organisations resolve 94% of opened complaints before three days.
However the tenth-best performing in terms of complaints resolution is only able to resolve 75% of complains before the third day, the analysis of the most recent FCA opened complaints data found.
The analysis shows organisations operating in all sectors – banking and credit cards, home finance, decumulation and pensions, insurance and pure protection and investments – feature in the top performing and worst-performing figures.
Huntswood is supporting companies across the financial services sector with its comprehensive complaints transformation solution Complaints360. It blends human expertise and technology to deliver good customer outcomes at scale, identify root causes of complaints and improve speed and accuracy.
James Tattersall, Senior Director, Advisory, Huntswood said: “Complaints resolution is absolutely critical for customers who want to see their issue dealt with in a timely manner and if the resolution drags on that will only add to their disillusion with the provider. Firms need a strategy to avoid that wherever possible while also ensuing the complaint is dealt with properly.”
Siddharth Parashar, Managing Director, UK & Europe, Huntswood/ResultsCX added: “It is clear that financial services companies have a problem in resolving complaints but it is also fair to say that the complexity of complaints will vary massively depending on sectors. Firms would agree that preventing complaints from happening is the best approach.”