Daviker Speech Analytics keeps complaints under control

/ Speech Analytics

Daviker Speech Analytics monitors every call your contact centre makes or receives, 24 hours a day, 365 days a year, and flags up those that contain certain trigger words or phrases of interest to your Quality Control department.

This gives you round-the-clock real-time monitoring of every customer interaction, from selling new contracts and upgrades, to incoming enquiries and complaints, so that you can be proactive about prioritising those that need the most attention.

By doing so, you can make sure your sales teams are not mis-selling products, and that you are taking the appropriate action to close customer complaints as quickly as possible.

Dealing with finance sector complaints

Complaints are important in any sector, but especially in the financial services industry following the introduction of new reporting rules by the Financial Conduct Authority.

The first data under the new rules, which came into force on June 30th 2016, was published by the FCA on April 26th 2017 and shows an increase in complaints to more than three million, as a broader remit of complaints must now be reported.

Although the new rules allow three days for complaints to be handled, rather than the old next-day limit, the data shows only 43% of complaints were closed in this window.

Excluding complaints relating to Payment Protection Insurance, the figure increases to 63%, but that still means more than a third of non-PPI complaints are not dismissed within the required three days.

Why do people complain?

PPI complaints accounted for nearly 900,000 of the three million recorded incidents in the second half of 2016, a 29% share of the total, yet mis-selling and product arrangements were not the biggest group of complaints.

They totalled 39% of all complaints, but a slightly larger 40% of logged calls related to customer service and general admin, with a further 17% relating to product information, performance, and charges.

With PPI still a major headline – and headache – for the financial services sector, it may come as a surprise that admin and customer support complaints were the larger category, and Speech Analytics can monitor such a general topic area to flag up specific calls for greater attention.

Beyond compliance

The new rules don’t just increase the range of complaints you must report – they also allow members of the public to check the number of complaints received and handled by individual firms.

Your data is no longer reported only at the aggregate level; anybody with an internet connection can obtain statistics showing the complaints your firm receives, including how quickly they were closed.

As such, dealing with complaints is not just about complying with your mandatory reporting requirements, but has an associated effect on how potential future customers view your brand.

In an industry where many customers value ethical selling practices and good customer service extremely highly – and in light of the relatively low rate of complaints handled within three days – strong performance can help you to shine.

With Daviker Speech Analytics monitoring every call you handle, nothing is missed, allowing you to deal rapidly with any incidents of inappropriate or worrying words and phrases used by your team and maximise your responsiveness while minimising complaints.