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Complaints Management

1 min read
Oct 31, 2018

Complaints management means dealing with customer complaints in a compliant, appropriate and systematic manner. The complaint management system includes recording complaints, managing complaints, and responding to feedback from the complaining customer.

When a customer has a complaint, he needs to have a way to report it. When a bank or credit union employee receives the complaint, it needs to respond appropriately and according to established policy for responding to complaints. It then needs to record the complaint and relay that report to the employee in charge of managing complaints.

Once the complaint has been reported adequately, the managers need to determine if the response was appropriate. To know this, they need customer feedback. After the incident is resolved, the data needs to be saved and used for identifying trends in the types of complaints so that risks can be assessed and managed.

If complaints are managed effectively, the needs of the customer are addressed adequately, and trends in customer complaints are recognized early. This allows the financial institution to reduce the number of unhappy customers, keep more happy customers, and improve the reputation of the bank or credit union in the community.

Some customer complaints can be easily solved. However, many complaints take longer to resolve and must be tracked over the course of the resolution process. If the complaint is related to operations within the bank, the bank managers can often resolve it by putting new policies and procedures into place. Issues involving vendors need to be addressed between the bank employee overseeing the vendor and the vendor itself.

Software with certain features can help with complaints management. The software may include online incident forms, tools for gathering information about the customer and his complaint, workflow processes for managing the complaint, complaint risk management features, integration with other software, reporting tools, and templates, and trending information to identify complaints that are increasing.

Learn about vendor management best practices for banks and CFPB compliance software.


Related: What Is A Compliance Management System And Why Your FI Needs One

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