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The increasing trend for regulatory scrutiny

The era of ‘regulation light’ - is truly over. Over the last decade or so, a light touch approach to regulatory matters has been found to be inadequate for curbing the excesses of rogue operators in many areas of the economy.

As the story of the global financial crisis in 2008 and the ensuing Great Recession has emerged, the narrative that has unfolded is one of widespread malpractice in the financial services industry.

But it’s not just about the wrong-doing of banks. From such diverse areas as CCTV and GDPR for privacy and information security, through to building regulations and fire safety, there is an increasing trend for greater regulatory control and consumer protection. Data illustrates that complaint numbers are increasing and ombudsman services are upholding more of them.

Applying regulatory scrutiny to complaint management eliminates the potential for companies to fob people off, sit on their hands or drag their feet in responding to customer grievances.

Bringing complaint management in scope of the regulatory framework means companies have no option other than to adopt a serious approach and this has created an area of professional practice. However, to practice it properly requires a systematized approach.

But what is a complaint management system?

Examples of systematic approaches to complaint management

ISO 10002 Complaints Management

The ISO 10002:2014 standard provides guidelines on planning, operating, maintaining, analyzing and improving a complaint handling system. This provides a systematized approach for companies that wish to formalize their observance of best practice by using defined processes, workflows and actions.

Frequently, this is complemented when implemented alongside the closely related standards:

  • ISO 10001:2007
    • Quality management. Customer satisfaction. Guidelines for codes of conduct for organizations
  • ISO 10003:2007
    • Quality management. Customer satisfaction. Guidelines for dispute resolution external to organizations

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) is the US Government bureau which provides consumers with a centralized service for registering a complaint in the United States. It makes the rules of the framework, issues guidance and provides resources to help companies comply.

Generally, the CFPB describes a compliance management system and then more specifically, for each regulated segment of the US financial services industry, it describes specific procedures relating to the products in question. Example products include those such as automobile finance, credit cards, debt collection, education and mortgages.

Systematic complaint management with software

Essentially, dealing with complaints is a business process that needs to be managed in the same way as any other area of business practice. Business Process Management (BPM) aims to improve organizational performance by managing and optimizing a company's business processes

Case Management Framework (CMF) is a class of software defined by leading technology advisory firm, Gartner. It includes complaints, in that each incident raised is simply a ‘case’. For the purposes of handling customer grievances, the specialized systematic complaint management process may be implemented through appropriate design and configuration of CMF software.

CMF software that is built using the meta-model principle enables pre-built elements within the software to be rapidly configured to meet the needs of each sector and to the specific requirements of companies. Elements such as templates and standard forms can quickly be customized to meet the requirements. This enables faster configuration, accelerating rollout and producing shorter time to value - realizing Return on Investment quicker.

The benefits of powering UsefulFeedback with CMF

UsefulFeedback is built on the iCasework CMF-based software platform. UsefulFeedback simply takes the complaint management framework in question and organizes it within the iCasework CMF framework as an optimized business process to meet the required needs.

The benefits of using UsefulFeedback are manifold:

  • Saves time and money in capturing complaints, managing correspondence and letter delivery
  • Increases efficiency, automates processes and improves collaboration and communication
  • Delivers the appropriate tools for each device and worker via a responsive user interface

Beyond satisfied customers with UsefulFeedback

UsefulFeedback enables an exemplary approach to complaint management which sends out a strong and clear message of outstanding customer service. High quality customer service is seen by many as a primary marketplace differentiator between the best companies and the rest.

Analytics such as Root Cause Analysis (RCA) identify and enable problem products to be improved or eliminated, and drives quality processes for developing new products. Approached from the perspective of an optimized business process, complaint management is a strategic practice which yields competitive advantage.

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