Complaints that are handled well increase customer loyalty and provide a competitive advantage. For example, one customer might report a problem with her funds availability, while another customer might report being hit with an overdraft fee even though he has more than enough money in his account. These appear to be different issues, but when the organization considers them together, management discovers a technical issue similar to the application glitch addressed by one major investor management company.
While not all complaints can be resolved in a few hours, having a customer complaint management system in place provides an efficient way to keep track of an issue over time. Complaint management tools should provide users with the ability to assign ownership to certain complaints, build out workflows for the remediation process, and provide status updates on where the incident is in the pipeline. Automated systems like this reduce the amount of resources spent on manual processes so the company can focus on improving customer satisfaction as a whole.
Throughout the remediation process, keeping the customer in the loop is important to maintaining the relationship. Customers have the ability to just as quickly report directly to regulators, which they may do if a problem is not being handled quickly enough. Something as simple as a notification that the complaint has been processed can be enough to assure a customer they’re being cared for.