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According to the Consumer Financial Protection Bureau (CFPB), 94% of complaints filed with the agency were previously brought to the attention of the original financial institution. That number represents a serious—and costly—breakdown in how banks manage their customer complaints. Mismanaged complaints can cost financial services companies a lot more than a lost customer—it can expose the company to legal or regulatory enforcement action as well as reputational damage.
From October 2021 to September 2022, the CFPB reported:
1M
Consumer complaints
$1.8B
In civil penalties issued
175M
Enforced actions
With Uniphore’s conversational automation solutions, financial services companies can move towards an ecosystem of complaints prevention. By leveraging conversational AI and automation, banks can dramatically improve complaint resolution, promote trust and confidence in their institution and increase compliance with regulatory rules and guidelines.
Download our eBook, Banking on Trust: A Guide to Leveraging Customer Complaints for Value Creation.
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