Online Bankers Blog - Don’t Miss the Boat with Consumer Complaints!

Dave and Jerod recently taught at the ABA Compliance School in June.  Between the two of them, they still managed to sit in on as many breakout sessions as they could.  One observation they both made when comparing notes, was that you don’t want to miss the boat when it comes to consumer complaints.  Complaints were brought up in some way, shape or form in almost every session.

A few takeaways:

• Complaints are a compliance risk indicator.
  If you have a lot of complaints, chances are you have compliance issues.  The two can, and often do, go hand in hand.  If you don’t have any or very few complaints, that could indicate an insufficient complaint program.

• Don’t overlook your third-party vendors.
  Keep in mind that your customers might not complain directly to you about their products and/or services.  They might start with your third-party vendors.  It’s very important that you know what complaints they have as it could point to things you need to address.

If you want to learn more, be sure to check out our one-hour webinar, “All About Complaints & Complaint Programs”.  We’ll get you on the right track!

Published
2019/07/18

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