We completed a full review of a leading wealth platform’s Complaints capabilities. The platform had experienced 150% increase in complaints volumes year on year and needed assistance improving productivity and reducing the associated backlog.
Approach:
We worked with the platform to understand how they could implement a framework across all products and all operational business lines focussed on reducing complaints volumes, making better use of resources, whilst delivering improved customer experiences during the complaints process.
Utilising our Complaints Framework, we reviewed all aspects of the platform’s complaints capability. We worked with senior leadership to establish a robust complaints strategy to define how resources could be better deployed. A review of the end-to-end journey was completed to include the receipt of a complaint, investigation and resolution as well as understanding the root cause.
Improvements to processes, systems and communications were identified to enhance the customer experience and prevent future complaints. We worked across multiple product lines to establish differences in the complaints journey, identifying best practice within a target state journey.
We reduced duplication, wait times and handoffs which had created an inefficient and lengthy process. In addition, we worked with the Platform to understand how Artificial Intelligence (AI) could be introduced and integrated into the existing system architecture to support their teams in reducing processing time and complaint volumes.
Results:
A Root Cause Analysis framework was developed to focus on complaint volume reductions, with an emphasis on establishing continuous improvement. The Platform was able to create a coherent strategy across product and proposition lines which created an aligned target process for all complaints.
The Platform introduced a new AI solution to complement the existing Complaint technology making better use of data analysis and created capacity for the complaint handlers to focus on the value add activities.
