Turning frowns upside down: How financial institutions can transform complaints into a competitive advantage

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03/31/2014 by Financial Services Institute
Turning frowns upside down: How financial institutions can transform complaints into a competitive advantage

At a glance

When things go wrong, word travels fast. But, if financial institutions resolve the issue quickly, customers tend to stay. A strong complaint management program is key.

A bad experience with a financial institution can cause a customer to run—right to the competition. And yet a customer complaint can be a valuable opportunity to regain consumer trust and loyalty, but only if handled well. A strong complaint management program is key, as it can enhance the customer experience, build brand reputation, and improve the bottom line.