Fixing a Customer's Query - Effective Problem and Complaint Resolution in Retail Financial Services Publication Date: 12 June 2009 Total No. of Figures/Tables: 15 Publication Price: US$2800

About this report

Banks have seen a surge in the volume of customer incidences in the wake of the credit downturn putting to test effective problem and complaint resolution. First contact resolution rates have been dropping. The lack of strict and structured internal protocols and the lack of manpower planning to deal with customer complaints is a vital issue in handling client relationships. A comprehensive complaint and resolution management system governs end to end complaint management processes and ownership, from receipt to resolution of complaints and utilises complaint information for systematic improvements and business growth. Front and back office staff and systems have to keep their ears on the ground to pick up any instances and collate, centralise, process and resolve these incidences swiftly and efficiently. Financial Services institutions that have realised this, want such information to decide on the improvements where they are needed and use them to improve their competitive standing. Those institutions have built in their complaint resolution management as a critical part of their broader customer engagement and experience strategy. Drawing from interviews with top retail financial services institutions in Asia, hospitality and airline industry players involved in the processes, this report identifies a best practice complaint resolution architecture that will help banks strengthen their customer engagement.