Banking, Credit Card Firms Draw Six Times More Complaints Than Other Financial Sectors
By CU Today Staff —
LONDON--Banking and credit card companies receive six times as many complaints as the average across other financial-services sectors, according to a new analysis by Huntswood, a ResultsCX company.
Organizations in the banking and credit card sector handled an average of 15,360 complaints during the latest six-month reporting period.
By comparison, organizations operating in the decumulation and pensions, home finance, insurance and pure protection, and investment sectors received an average of 2,540 complaints, Huntswood’s analysis of Financial Conduct Authority data found. Insurance and pure protection recorded the most among those sectors, averaging 4,058 complaints, followed by decumulation and pensions at 1,487, home finance at 1,331 and investments at 655.
FCA data show financial-services companies opened more than 1.74 million complaints during the latest six-month period. Huntswood said it has launched Complaints360, a service combining personnel and technology to improve complaint resolution, identify root causes and increase speed and accuracy.
“Data shows that for the past five years complaints received by financial services companies have remained at between 1.7 million and two million every six month period. Firms across all sectors need solutions and strategies which can help address the ongoing challenges,” said James Tattersall, senior director of advisory at Huntswood.
“Financial services companies are facing increasing regulatory scrutiny and pressure to resolve complaints. Inevitably despite their best efforts and commitment to best practice they will receive complaints as demonstrated by our analysis," Siddharth Parashar, managing director for the U.K. and Europe at Huntswood/ResultsCX, added.
Originally reported by CU Today.