Complaint management comes down to a choice: actively listen to your customers and tend to their complaints, or risk having customers leave your business, taking your profits and reputation with them. Addressing consumer complaints systematically is one of the few chances in business where you can get two for one – satisfy your customers and regulators in the same action. Want to learn more? Here are some great articles on the topic.
There’s at least one thing a finance company should never do after receiving a consumer complaint: ignore it. According to guidance from the Consumer Financial Protection Bureau, the complaint resolution process should begin as soon as a complaint comes in. Intake may lead to escalation, and escalation leads to response, analysis, and resolution.
We’ve done a lot of writing about consumer complaints here on the Compli blog recently. Two weeks ago, we featured Hudson Cook attorney Michael Benoit’s guidance on complaint resolution and what the Consumer Financial Protection Bureau is looking for. And last week, with Wendy Miller, we learned how companies that prioritize complaint resolution not only […]
CFPB requirement or competitive advantage—why not both? Last week, with Michael Benoit of Hudson Cook, we explored the regulatory side of consumer complaints. Michael walked us through how the Consumer Financial Protection Bureau evaluates institutions’ consumer complaint programs for evidence of overall compliance. We also learned the five key elements of the consumer complaint resolution process […]
Imagine you’re a call center worker. You’ve just arrived at work, and the first thing you do (after grabbing coffee, of course), is turn on your computer and check your voicemail.
We’ve blogged a lot recently about finance companies’ “broken windows,” AKA consumer complaints. Why? For our consumer finance customers, complaint management is an essential step for using Compli’s products. Perhaps it’s more than coincidence that “complaints” and “compliance” look and sound so alike.
No one likes consumer complaints—not your board, not your capital partners, not the Consumer Financial Protection Bureau, not even consumers. In fact, most people never complain (even when they should) and those who do tend to do so only when they’re infuriated to the point of never willingly doing business with you again.
They’re one of the most populous generations in American history. They’ve changed music, culture, language, and technology. And according to hundreds of surveys, think pieces, and books, they’re ruining everything.
If a window is broken and left unrepaired, people walking by will conclude that no one cares and no one is in charge. –Malcolm Gladwell
It doesn’t feel great to lodge a complaint. Righteous indignation only lasts so long until you’re left with discomfort, embarrassment, and second-guesses: Am I being oversensitive? What will I say if someone questions my feedback?
As humans, we tend to assign greater significance to our negative experiences than to our positive experiences. That’s right—it’s not just you. Social psychologists such as Roy Baumeister, as well as human resources educators such as Robert Sutton, have produced research and articles that confirm this phenomenon. Simply put: bad memories outweigh good ones.
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