Customers not only make buying decisions as a result of what they hear from others but share those stories more widely when they have a positive experience with a brand. When a brand gets the strategy right, in creating a good complaints experience, it leads to a more robust and

The third Thomson Reuters Regulatory Intelligence record discussing the key challenges and tendencies throughout the world of monetary and regulatory technological know-how – regarded as fintech, insurtech, and regtech – and compliance was launched this year, providing unique perception into the contemporary state of technology in the compliance function. As with all

Often complaints are escalated to the ombudsman because a firm does not have a clear process for the customer to complain and manage. Here are some of the ways complaint barriers can be reduced: * Regular monitoring of customer satisfaction, such as through quick satisfaction surveys allow the customer to give

The 2017 Royal Commission into Banking, Superannuation and Financial Services Industry found that, among other issues, vulnerable customers were not being treated fairly by financial services providers. Thus, it is important that firms prioritize the early identification of signs of vulnerability in their customers and provide tailored customer service with

In the coming years, challenges posed by high-risk, low-frequency complaints could be addressed by cognitive computing. After all, firms in other industries have already begun using cognitive computing with artificial intelligence and analytical software to manage and glean insights from massive, complex data sets. Cognitive technologies are capable of analyzing

A systemic issue is one that has been raised in a complaint or several complaints or is otherwise identified by information obtained by, or provided to, AFCA that is likely to affect a class of persons beyond any person who lodged a complaint or raised a concern. Several complaints of