More than eight out of 10 customers (84%) claim that they would change financial services provider due to a poor complaints experience, according to the latest research.
Regulatory and complaints handling specialist Huntswood has published its Complaints Outlook 2019 which focuses on complaints handling performance across the UK.
The research included responses from more than 5,500 consumers and business leaders.
Other highlights from the research included:
- 60% of financial services firms believed their customers were satisfied with the way complaints were being handled, while only 22% of customers reported that they were satisfied
- 71% of customers said they were dissatisfied with the empathy of the staff member they interacted with, while 70% were dissatisfied with the knowledge of the staff member they interacted with
- 43% of firms believed they were resolving complaints at the first point of contact, whereas only 20% of customers claimed that their complaint was resolved immediately
“Firms are increasingly recognising the value that can be derived from the complaints journey,” said Paul Scott, chief commercial officer at Huntswood.
“However, despite this, our research shows that there are discrepancies between how financial services companies believe they are handling complaints and the actual reality for customers.”
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