When you are in the business of providing products and services, you know not everyone will be 100% happy all the time. Customer complaints are often viewed as a bad thing when in fact, they can be a good thing for your institution. If your customers complain, and you don’t have a system to evaluate those complaints more globally, you may be missing some potential compliance risks. Complaints have also been a regulatory focus over the last couple of years.
Jerod explains more in the video.
Let's talk about complaints, just the general idea of them. Let's talk about the definition and really why this is a discussion, or a topic for discussion, within our industry.
I think that maybe the best place to start is the why. Well, the why, it's about information. Hey, complaints happen. I don't care what sort of business you're in, whether it's banking or some other form of retail or sales or whatever it may be, complaints happen, and complaints are really information. In their simplest form, it's information that then the person that the complaint was provided to has a choice at that point. Okay? The choice is to deal with the complaint and utilize the information and find some value in it, or they can completely ignore it. And I know in many industries, maybe a lot of businesses you've dealt with, it gets ignored, and I'm going to try to change your tune on that.
Now part of this, the angle is that the regulatory agencies have put a huge value on this, and so they're making it a priority, but let's just set that aside for a moment. Yeah, regulatory priority, but let's find another way to sell this and try to get more buy-in. This information is extremely valuable, and I will give you more on that here in just a moment.
Now, the regulatory change, okay? Where's the push coming from? Well, it's the regulators, but it's also your peers, okay? Your peers have determined, many of them, just how valuable this information has come to be. And so, when regulators go into financial institutions, when review teams like ours go into financial institutions, we see how they do it, and we find some really cool things that they're doing. Some things that are working really well, and we take that to the next financial institution. Okay? And so it becomes this evolution. That's what's really pushing the change, the evolution if you will. It's your peers pushing you to move from good to great.
Published
2022/12/13