The findings published in the recent ‘Which?’ report on the best banks for customer service, as well as the imminent FCA rule changes regarding the reporting of customer complaints, make it clear that an opportunity still exists for financial services organisations to make a significant step change in customer complaint resolution and the over-arching customer experience. To this end we have put together a list of what we, in our experience, consider to be some key considerations when improving complaint resolution processes and addressing root causes to improve the overall customer experience.
- Develop an in depth understanding around query and complaint type, volume and frequency and regulatory reporting requirements. (Ensure transparency and accuracy of data).
- Gain a clear understanding of customer expectations around complaint handling. It helps to think both in terms of the desired customer experience as well as the problems or faults within service delivery which resulted in the original complaint.
- Standardise and align resolution processes whilst empowering employees to resolve complaints and queries at first point of contact.
- Ensure employees have the necessary skills and that the correct capacity is in place to effectively resolve complaints and queries to the customer’s satisfaction.
- Capture insight during the complaint resolution process and undertake structured root cause analysis.
- Monitor and track improvements through relevant business KPI’s in order to focus all functions on the elimination and rapid resolution of queries and complaints.
- Establish a systematic approach to cross functional process improvement focused on improving the overall customer experience whilst eliminating the root cause of complaints.
Crucially, in order to optimise success and for the improvements to sustain, it is imperative to embed a cross-functional collaborative culture of customer focused continuous improvement.
Many change initiatives either forgo this last step or do not enforce it once the first gains are delivered. Unfortunately the result can often be that the gains slowly fade as staff return to the old ways of working.
Our insight suggests that a successful journey towards sustainable continuous improvement requires the development of 5 integrated elements - you can read more about this here.