Simonx | 22nd October 2019 - 5 min read
Keeping customers content is not an easy endeavour. People have different tastes, needs and we all demand different types of attention, care and quality when it comes to products and services.
Financial services companies and their employees have to endure complaints from customers just like every other sector and these can run into the millions as evidenced by the Financial Conduct Authority (FCA) this week which published its aggregate complaints data for the first half of 2019.
What were the key findings?
Overall, companies received 4.29 million complaints in the first six months of this year. It’s no surprise that a huge chunk of them consisted of payment protection insurance (PPI) complaints, which made up 49% of all the complaints recorded over this period.
There were, of course, more PPI related complaints than usual this year, given that consumers had a deadline of 29 August to file them. Then, considering the volume, PPI complaints took longer on average to resolve compared to previous periods with 24% of all complaints taking longer than eight weeks to resolve compared to 3% in the first half of 2018.
When PPI complaints were stripped out, the most complained about products were current accounts (which consisted of 14% of complaints), credit cards (8%) and motor and transport insurance (6%).
The good news is that there were fewer complaints for this half of 2019. Acording to the FCA, the average volume of complaints received per 1,000 accounts for banking and credit cards, for instance, went down to 4.2 compared to 4.6 for 2018 H. This also applied to home finance, which decreased from 9.6 to 8.7 complaints per 1,000 mortgage accounts.
Keeping customers happy
So how do you keep clients happy particularly in this day and age when complaints are made online for the whole world to see? Social media complaints can be embarrassing but there are a number of ways to deal with the situation which can help to diffuse the anger and keep your brand’s reputation in tact:
Simon spent over 10 years programming from behind a keyboard, before transitioning across to management. A keen adrenaline junkie, whether that involves going up the mountain or over the edge of the cliff. He learned his management skills not just in the I.T world but also running youth camps and conferences, helping teenagers find a footing in life. He also really likes pie.