How can you prepare?
Generally, measures introduced by the government have been welcomed but there is always the risk that customers will lodge a complaint in the future. Maybe they feel that the loan repayment holidays weren’t right for them or that they weren’t given explicit warnings of the risks.
Bear in mind that ASIC’s recently updated guidance extends the definition of a complaint to include posts on social media and complaints made “about” an organization. Evaluate your resources now so that you are equipped for both a rise in complaints and the need to deal with the quicker. Do you have enough customer service resources or can you boost your team with external contractors? Can you use resources from elsewhere or do you need to upskill all of your front-line staff?
Vulnerability is on the rise and can affect your customers at any time, meaning your customer-facing staff are under more pressure than ever. But any AFCA referrals will likely bring additional regulatory scrutiny, so it’s something you need to be on top of. With the right training, your front-line staff will be able to recognise even the most subtle signs of customer vulnerability. And if they’re equipped with the skills necessary to handle sensitive customer conversations and your policies are flexible enough, then your staff can tailor their approach to meet the needs of individual customers.
You can also get ahead by leveraging technology. Take advantage of analytics tools that can tell you exactly what is being said on a customer call, giving you invaluable MI. You can then categorise complaints into themes, spot any emerging trends and make proactive changes to your customer experience. This will help you to effectively allocate resources and train staff to address issues that you know are likely to appear.
Sometimes remediation is unavoidable, and in these circumstances, outsourcing to a third party is always best if you want high-quality results as quickly as possible. Our high-performance remediation solution revolutionises traditional file review processes. We use tech-enhanced population selection. The less time your reviewers spend on admin means more time spent getting the right outcomes for your customers.