Capitalising on Complaints: insights into handling finance sector complaints
Keynote address by Jane Goodman-Delahunty at ASIC's Stakeholder Forum, Sydney, 14 November 2001.
Industry wide trends in the financial sector have substantially modified customer-provider relationships, mutual expectations, and hence their roles. This article summarizes common customer experiences in responses to changes in financial services. Individual and aggregate industry trends in complaint behaviors are described, including factors that inhibit consumer complaints, increasing the dramatic levels of under-reporting. The case is made that industry providers should affirmatively encourage consumer complaints, which comprise a valuable resource. Features of effective complaint management, user-friendly complaint processes designed to increase the number and type of complaints, and special communication issues in dealing with consumer complaints are outlined. Finally, three key issues in promoting consumer complaints are identified.