Aptean has overhauled its offering, known as Respond 6.0, so that companies can more easily resolve customer complaints and ensure firms are compliant with shifting Financial Conduct Authority (FCA) regulation.
Customer feedback can be viewed on a streamlined dashboard system which reveals time-critical information, such as regulatory case work which needs completing and approvals that need to be signed off.
Respond 6.0 now also provides editable templates for staff to send personalised summary resolution communications to customers, a feature which Aptean expects to emerge in new UK regulation under the FCA.
“Customer expectations are at an all-time high, with more questions, queries and complaints being logged than ever before, coupled with an expectation of extremely fast turnaround times and resolutions,” said Aptean group vice president Matt Keenan.
"The new version is a reflection of the Respond team constantly monitoring and adapting to regulatory changes and advances in technology"
“The new version is a reflection of the Respond team constantly monitoring and adapting to regulatory changes and advances in technology—as well as the always-evolving ways in which complaints are made.
Powerful data source
The revamp comes after a 2014 report from Forrester Research called ‘Listen to Your Customers to Meet Financial Regulations’ where senior analyst Renee Murphy outlined the importance of complaint management technology for financial services companies.
“Customer complaint management does more than reduce an organisation’s regulatory exposure; it gives companies a powerful data source to improve their business,” Murphy said, arguing that the information gleaned from customers could help reduce issues that hurt customer satisfaction.
She also said the information could track customer’s reaction to new and existing products, and gauge the marketing effectiveness.
“The [regulator] requires that covered firms manage customer complaints centrally across all lines of business to create a holistic view of common issues and metrics,” said Murphy.
“This is nearly impossible without some kind of software to facilitate complaint management workflows, documentation, and reporting.”