<img src="https://ws.zoominfo.com/pixel/pIUYSip8PKsGpxhxzC1V" width="1" height="1" style="display: none;">

Complaints Management

author Ncontracts
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

Subscribe to the Nsight Blog

All Topics Risk & Compliance Product Insight Banks Lending Compliance Credit Unions Risk Management Fair Lending Nfairlending Cluster: Risk Management Compliance Lending Compliance Management Integrated Risk Blog Nrisk Regulatory Compliance Management News & Updates HMDA Risk Mortgage Lenders Ncomply Vendor Management Business Resiliency CRA Lending Compliance Blog Vendor CFPB Ncontinuity Third-Party Vendor Management Business Continuity Cybersecurity Fintech NVendor Strategic Planning Ncyber Ntransmittal Audits & Findings Company Culture OCC Regulatory Updates Audit Nverify Regulatory Compliance Exams FDIC Compliance Management Findings Nfindings NCUA Contract Management Employee Intranet Contract FRB Business Continuity Management FFIEC Findings Management Ncontracts manager Third-Party Vendors Vendor Risk Enterprise Risk Management ABA Bank Access Control Audit Findings Board Portal Call Report Due Diligence Efficiency Employee Engagement Exam findings FIEC Inc. 5000 Internal Audit Management Nboardportal Verify Wealth Management
Consumer Complaint Management System Best Practices
Fair Lending

Consumer Complaint Management System Best Practices

Jul 22, 2014 4 min read
7 Tips For Making Your Complaint Program More Effective
Banks

7 Tips For Making Your Complaint Program More Effective

May 1, 2020 2 min read
Ncontracts Launches New Compliance Management System (CMS), Ncomply
Banks

Ncontracts Launches New Compliance Management System (CMS), Ncomply

Jun 11, 2019 1 min read