Prioritizing connected customer experiences with an efficient complaint framework
In an ideal world, every customer experience would run smoothly and your customers would never have a reason to complain. The reality is, sometimes things don’t go according to plan—but customer complaints aren’t inherently bad. Your pain points reveal opportunities for growth, and with the input of your customers, you can use complaints to improve their experience. Read on to learn why financial institutions should prioritize a quick response to customer complaints, how quicker resolution amplifies the customer experience, and how we can help you transform your complaint handling process.
Why is it important to ensure a quick, effective response to customer complaints?
When you get right down to it, most customer complaints stem from a disconnected customer experience. Common queries are related to account balance, unrecognizable charges, and transfer fees. Whether your customer is questioning a charge or reporting fraudulent activity on their account, their current experience likely leaves them unhappy and dissatisfied. They may have to speak with multiple employees from various departments, but that doesn’t mean they should have to repeat themselves. Context needs to be carried across channels and interactions, and should be seamless for the customers who are reporting complaints.
A connected customer experience is about more than just dealing with the query quickly. Today’s banking customers want a personalized experience. According to a study by J.D. Power, increased innovation and customer service yield customer satisfaction. The study also found:
· Satisfaction scores for ATMs, online banking, mobile banking, and in-person branch service have improved in the past decade.
· Customers are increasingly satisfied with products and fees, but their satisfaction with telephone customer service and problem resolution is declining.
· Banking is more convenient and efficient than ever, but the strength of customer relationships is slipping.
· Customers rate bank reputation poorly when they have personally experienced problems.
How can you amplify the customer experience with quicker resolution?
Take a close look at your complaint management framework. This includes the types of complaints you receive, the mechanism you have provided for your customers to report complaints, the information needed while reporting, and how complaints are resolved. A simple mechanism will encourage users to report quickly and provide the accurate information you need to remedy their issues.
Consider things from your customer’s perspective. Start by meeting them where they are and empowering them to do their banking however they choose—going digital simplifies processes. The best way to reduce complaints is to keep everything running smoothly. Ensure apps and portals are functioning correctly, and proactively notify your customers if those tools go down. Minimize the transactional load on customers by understanding their needs and putting the right capabilities and features at their fingertips with a few clicks.
When something does go wrong, ensure the process for filing a complaint is simple and accessible. Prioritize transparency and a seamless experience. There’s nothing worse for your customer than submitting a complaint and not knowing how or when it will be remedied.
Examine the process from your customer service agents’ perspective to round out your assessment of the framework. Do your agents have access to the information and tools they need to assist customers? Are there enough agents to tackle all complaints promptly?
How can we help transform your complaint management?
With the Enterprise Service Management Café built on the ServiceNow Financial Services Management platform, you can examine your complaint management framework in four simple steps:
1. Establish how complaints are received and managed
How do your customers submit their complaints? Many financial companies receive complaints through the Better Business Bureau, as well as in person, by phone, via email, and through social media.
2. Determine how quickly complaints are resolved
The longer it takes to resolve the issue, the less satisfied the customer will be, and the higher the risk that your bank’s reputation will suffer. Once your team confirms that they have received the complaint, they must fully resolve the issue in a timely manner.10 calendar days is standard, but the quicker the better.
3. Ensure complaints are retained and categorized
Organized records are key. Your institution should keep detailed notes on resolved complaints, including a summary of the resolution. Keep the customer informed of all progress throughout the entire lifecycle. Make sure management is reporting these findings to the board of directors so that everyone is in the loop.
4. Develop a mechanism for reviewing potential violations of rules and regulations
As a financial institution, you must obey consumer financial laws, such as the Consumer Reporting Act. It’s important to review complaints for any potential risks to your bank’s reputation, and for legal risks.
You’re working tirelessly to speed innovation. Today’s competitive financial market requires banks to roll out features at a faster rate than ever before, and doing so can make it difficult to maintain a consistent customer experience across products and channels. That’s why the Enterprise Service Management Café Complaints Management solution is right for you. Built on the ServiceNow Financial Services Management Platform, this cloud-based solution is part of Infosys Cobalt, and it empowers you to accelerate digital transformation. With better visibility brought about by a seamless platform, it’s easier than ever to create a best-in-class connected customer experience.