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.
See Compli’s Consumer Complaint System in Action
By now, you’ve heard the business case for complaint resolution. You know the costs and downsides of unanswered complaints. And you’re aware that regulators and stakeholders are paying close attention to what you do (or don’t do).
It’s time to put that knowledge into practice. You’re invited to join us next week for an exclusive webinar: Compli compliance expert Joe Aakre (AKA “Professor Joe”) will show you how to automate your consumer complaint response program. The secret? Compliance automation with Compligo.
Register for this webinar and Joe will give you an inside look at how the automated Compligo platform can help you follow through with the CFPB’s recommended five-step complaint response and resolution process in minutes.
Come with questions—Professor Joe has answers. Reserve your spot today >>
That’s why it’s so important to establish an effective consumer complaint response program. As unpleasant as they are for all parties involved, complaints are inevitable. And, ultimately, what matters is not the nature or number of those complaints, but how you handle them. Your complaint response and resolution process is key to the overall health of your business.
Complaint Resolution: Business Opportunity and Regulatory Imperative
Just as more complaints mean fewer repeat customers, the reverse is true as well. A swift and response complaint response and resolution process can improve your ability to retain customers—and a 5% increase in customer retention rates can drive between a 25–95% increase in profits.
If you can quickly and methodically address consumer complaints, you can reduce them and possibly eliminate them altogether.
Not to mention that the CFPB and your bank require you to have a program in place. If you don’t have full control and visibility over your complaint response and resolution process, you could be depriving your organization of money a) upfront, in terms of lost customers; and b) later on, in terms of fines, penalties, and legal costs.