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The solution utilises artificial intelligence (AI) with the aim of helping firms move from reactive complaint handling towards a more proactive approach.
Huntswood has launched Complaints360, an end-to-end complaints solution designed to help mortgage lenders and equity release providers improve customer outcomes.
The solution utilises artificial intelligence (AI) with the aim of helping firms move from reactive complaint handling towards a more proactive approach.
Huntswood currently helps manage more than 280,000 complaints for UK financial services companies each year, including more than 139,000 in the banking sector.
Research from the company found that 32% of UK consumers had made a complaint to a company over a 12-month period, with 46% of those who complained making more than one.
Among consumers who said they were complaining more than five years ago, 64% attributed this to worsening service or poor product experiences.
A further 29% said improved complaints processes had encouraged them to raise issues, while 22% believed social media and review platforms made it easier to effect change in their favour.
Complaints360 is intended to help organisations identify recurring issues, improve the speed and accuracy of complaint handling and strengthen compliance across the complaints lifecycle.
The service consists of four modular components covering advisory, outsourcing, resource augmentation, and technology and transformation.
It also uses Huntswood’s ConnectCX platform and AI capabilities to support complaint triage, response drafting, risk identification and the generation of operational insights, while complaints specialists retain oversight of critical decisions.
James Tattersall, senior director, advisory at Huntswood, said: “Complaints360 helps organisations turn complaints into meaningful operational insight.
“By combining experienced complaints specialists with AI-enabled technology, lenders can identify root causes more quickly, improve consistency and compliance, and continuously enhance the customer experience while reducing future complaint volumes.”
Siddharth Parashar, managing director, UK & Europe at Huntswood/ResultsCX, said: “For mortgage lenders and equity release providers, complaints are about much more than resolving individual customer issues.
“They provide valuable insight into where processes, communications and customer journeys can be improved, particularly for customers making some of the biggest financial decisions of their lives.
“The FCA’s Consumer Duty has reinforced the need for firms to evidence good customer outcomes and demonstrate that they are learning from customer feedback.
“Complaints are one of the clearest indicators of where there are issues, whether that’s delays in processing, unclear communication of challenges supporting vulnerable customers.”
Read the original article here: Huntswood launches Complaints360 for mortgage lenders – The Intermediary – Latest UK mortgage news