Product category:
Programming aids and applications
News Release from: edge IPK | Subject: Edge IPK software
Edited by the Manufacturingtalk Editorial
Team on 24 November 2005
Complaints - a lost opportunity?
FSA ruling: fines will be imposed for lack of complaints procedures
Financial institutions are failing to provide adequate complaints procedures for their customers and face clampdowns and fines from the FSA, if they do not alter their ways, claims edge, IPK leading provider of Open Presentation Platforms (OPP) FSA rule 1.2.1R clearly states: "A firm, A, must have in place and operate appropriate and effective internal complaint handling procedures (which must be written down) for: handling any expression of dissatisfaction, whether oral or written, and whether justified or not, from or on behalf of an eligible complainant about A's provision of, or failure to provide, a financial service." But many financial institutions are not providing this openness - which in turn breeds distrust
This article was originally published on Manufacturingtalk on 21 Oct 2005 at 8.00am (UK)
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Financial services companies are being trusted with its customers' money and investments, but most do not have any open way to complain or express their dissatisfaction with services they are receiving.
"The majority of Banks view complaints as the glass is half empty".
"Taking a proactive view, a complaint becomes feedback, an opportunity to improve products and services for all of the banks customers," said Dharmesh Mistry, CIO, edge IPK.
"Online retailers have all started to provide feedback sections on their sites and are reaping the benefits".
"If there are problems, they are addressed and rectified to the satisfaction of their customers".
"However, if no such facility exists how on earth are banks supposed to know there are problems and dissatisfaction with its services," he continued.
Many big financial services companies such as HBOS and Bank of Ireland are now realising this and are recruiting from the retail sector.
By becoming more customer focused, like their retailer counterparts, banks will be able to provide customers with the highest standard of service.
"Banks and financial services have great opportunities to learn from successful on-line ventures like e-bay, where rating buyers provides valuable feedback for future prospects and others that continually ask for feedback on the products/services they've received," continued Mistry.
"If financial institutions continue to ignore this opportunity, they stand a great chance of losing custom, being hit by FSA imposed fines, and never realising Customer Intimacy strategies," he concluded.
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