As per Forbes, 63% of customers will abandon a firm after only one negative encounter, and approximately two will not stand in line and over two minutes for help. Complaint management is to resolve consumer complaints, find areas for development, and provide better goods or services. Hardly any firm likes to hear customer support complaints, yet even the finest companies may occasionally get terrible customer feedback.
Handling complaints is an essential part of customer service organizations. This is why your support employees are so important, considering that even the most skilled contact center workers struggle to answer client concerns about goods or customer care. Moreover, this is another reason why a complaint management procedure is critical to the performance of a customer support and service department.
How Complaints Management Plays a Significant Role in Financial Institutions
Complaints in the banking sector have recently increased to the point that the government has intervened. Customers can register complaints with the Consumer Financial Protection Bureau (CFPB) if financial institutions cannot or are unwilling to settle their problems. Based on the CFPB site, the CFPB has examined over 800,000 complaints since around Jan 2016.
Organizations should be willing to receive and respond to complaints in a reasonable timeframe, and the right approach to do so is to establish a unique complaint management procedure. Complaint management software solutions assist firms in implementing systems and expediting remedies, preventing consumers from escalating their complaints to the CFPB.
Predict360 Complaints Management Software
Predict360's Issues and Complaints Management Solution enables first, second, and third lines of defense to monitor, track, obtain data and interact in real-time across all compliance-related operations, actions, challenges, and complaints. Administrators are given a comprehensive and real-time picture of all compliance concerns and duties across the organization, broken down by region, corporate level, and legislation.
Features
- External complaint forms that are automatically routed to the company compliance team and relevant parties
- Dynamic Dashboards featuring view configuration and division
- Specific complaint follow-up and response recording
- Prioritized ratings and automatic alerts for vital information
- Closely monitoring investigations and follow-up activities
- Audits improve transparency
- Trend analysis to reveal insights about complaints and concerns
- Closely monitoring investigations and follow-up activities
About 360factors Inc.
360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.
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