How good are you at listening? I mean really listening? I thought I was good listener. After all, on top of my well-intended impatience and confidence, I was sure I already had the answers and didn’t need to listen any closer. I was nodding, smiling and solving the problem I perceived to be at hand.
Then I had kids. And then they started communicating with me, and miscommunication abounded, as is the case with most early listeners. That experience was eye opening, and it made me question: How well do I actually listen and absorb accurate information at work?
In many ways, sitting down to read your customer complaints – line by line and everything in between – is a similar exercise. Yes, you’re bound to encounter plenty of complaints akin to “you’re the worst mom ever” – because they don’t like your rates or want to pass the blame – but if you really listen, you’ll also see real people with real problems, often caused or exacerbated by your organization.
By taking time to listen to your customers, your business can take a critical eye toward its policies, procedures and employees, and, from there, truly envision how to better care for customers and develop a “good” experience, which translates into fewer complaints.
That’s essential today, as federal regulators increasingly are pressuring financial institutions to put customers first by better managing complaints. When a Top 10 bank was struggling across the lifecycle of complaints, they tasked our team with designing a customer-centric program to better identify, track and resolve complaints – with the capability of leveraging data insights to make needed internal changes that could ultimately reduce complaints.
To start, our team grounded the bank’s own definition of a customer complaint against regulator, industry and internal expectations. We also ensured every front-line employee knew how to consistently identify and escalate complaints.
Leveraging our business analytics horsepower, we compiled complaint datasets from across the organization, which allowed us to introduce tools that could dig deeper for insights and opportunities. We built and deployed a text-analytics model to more accurately categorize complaint type and regulatory risk, leading to greater accuracy during reviews and training. We also launched a reporting suite to arm senior leaders and associates with actionable insights. Finally, the team introduced monthly reviews and tracking processes to ensure the bank could understand the root causes and align resources to drive improvements.
Our client now has a single, shared definition of complaints for use across the organization, including operations. With ready access and confidence in comprehensive complaints data, the bank can leverage interactive analysis and reporting to identify hot spots and emerging trends and sort complaints based on attributes. With this integrated view of complaints and related customer feedback, the bank can now respond faster to regulatory requests, and provide leaders with critical information to understand customer pain points and work to make changes to ease that friction and, in turn, reduce complaints.
To learn more about our data-driven approach to complaint management and the meaningful outcomes we generated, check out our Complaints Management case study – and how we positioned our client for rave reviews from regulators for its new oversight program that puts customers first.
Content plays a central role in your ongoing development as a leader, as we discussed in a recent Spinnaker blog “The 3 Cs of Personal Leadership Development.” In honor of National Book Lover’s Day, today Spinnaker’s leadership team shares a peek at a trio of books that caught our attention, and whose leadership lessons we think are worthy of yours.
Executive Leadership Coaching 3 minute read
The Big Picture Aggressive growth is a great business goal, but to achieve it the smart way, organizations need to have their houses in order first. One Top 25 bank was recently moving forward with a growth plan when it was stopped in its tracks by a consent order. Rather than gearing up for expansion, the company found itself needing to implement and maintain an effective Compliance Management Program (CMP) to meet consumer protection regulations – and the team charged with the effort had limited bandwidth and expertise.
Risk Management & Regulatory Compliance, Compliance 1 minute read
The Big Picture Regulations might be written in black and white, but how they are interpreted is up to bank leadership. In the case of a Top 30 bank, its interpretation of the Military Lending Act meant that it could not allow active military members in collections to pay by remotely created checks (RCCs). However, ongoing operations monitoring revealed that a third-party supplier, intended to help take online payments, was at times generating checks that were out of compliance.
Data & Analytics, Change Management, Compliance 1 minute read
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