(London, UK) Financial services customer complaint volumes are set to increase amid the uncertain macroeconomic environment and customers’ growing awareness of potential complaint payouts. According to Auriemma Group’s latest Customer Service and Complaints Roundtable, approximately one-third of members have already reported increases in the last three months. This, coupled with customers’ growing desire to complain via voice, will require firms to invest in their complaints management strategies.
“The increase in complaints volume is a real threat to operational efficiency – quick wins will be hard to come by,” says Louis Stevens, Director of Industry Roundtables. “This will likely lead to increased call volumes, the need for further headcount, longer resolving timeframes, higher redress values, and a heightened reputational risk.”
Although customers are showing a growing preference to self-serve for most transaction types, Auriemma’s research found that filing a complaint is one of the few areas where preference for voice chat is growing (i.e., 30% of respondents preferring voice in Q2-23 up from 22% in Q2-21). However, while some consumers may prefer voice chat, the channel is more costly to service and can often be less efficient. Streamlining this channel is crucial for success.
“We’ve heard some great examples of how firms are tackling these trends in our roundtable network,” says Stevens. “Some are empowering front-line agents to resolve at the first point of contact, others are increasing the number of SMS updates they send customers to reduce repeat contact, and a few have implemented a front-line phone team to deescalate and categorise complaints, all of which have already led to noticeable efficiencies.”
Looking ahead, roundtable members have indicated an intention to improve their root-cause analysis processes, as they believe this can help mitigate these predicted volumes and help them to better serve customers.
This along with a wide variety of other complaints-focused topics are already on the agenda for the upcoming Customer Service and Complaints Roundtable meeting on the 15th and 16th of November in Birmingham. If you or any of your colleagues are interested in attending as our guests, please contact us via firstname.lastname@example.org.
This Auriemma Research study was conducted online within the UK by an independent field service provider on behalf of Auriemma in July 2023, among 80o+ adult credit cardholders. The number of interviews completed on a monthly basis is sufficient to allow for statistical significance testing between sub-groups at the 95% confidence level ± 5%, unless otherwise noted. The purpose of the research was not disclosed nor did the respondents know the criteria for qualification.
About Auriemma Group
For nearly 40 years, Auriemma’s mission has been to empower clients with authoritative data and actionable insights. Our team comprises recognized experts in four primary areas: operational effectiveness, consumer research, co-brand partnerships, and corporate finance. Our business intelligence and advisory services give clients access to the data, expertise and tools they need to navigate an increasingly complex environment and maximize their performance. Auriemma serves the consumer financial services ecosystem from our offices in New York City and London. For more information, visit us at www.auriemma.group or contact Louis Stevens at email@example.com.