Over the past decade, Grant Thornton have been supporting our financial services clients to overcome the challenges they faced in addressing the legacy issues arising from the financial crisis.
We have provided our experience, advice and oversight to addressing the level of customer complaints received, as a key source of rebuilding customer trust and loyalty.
Changes in regulation, technology, and customer behaviour are continuously redefining the financial services landscape, including how financial institutions track and respond to customer complaints. Root cause analysis procedures are now an expected minimum and regulation around it has been implemented in the US and UK. Technology is offering innovative improvements that add value, both through reducing the costs of complaints handling and increasing customer retention.
Digital innovation and new 'disruptor' businesses are making it easier than ever for customers to change provider, making it all the more important to build deeper relationships with customers.
As our clients look to the future, we are collaborating with them to ensure their culture and values are reflected in the customer experience they deliver. With the importance of customer loyalty and the benefits of advocacy from customers becoming increasingly evident, the commercial value of delivering an excellent customer experience throughout the complaints journey has never been greater.