Why Your Consumer Complaint Response Function Is Vital To Your Business

If you're offering a financial product or service to consumers, such as a deposit account, loan, credit card, or payment service, you need a strong consumer complaint response function. This is true whether you're an established financial institution or just starting out.

A consumer complaint response function — often aptly described as the proverbial canary in the coal mine — is a foundational piece of your compliance management system (CMS) that controls how you receive, respond to, and otherwise use complaints to enhance your business's compliance. It enables you to:

• gain insight into friction points with your customers
• respond to your customers' concerns in a way that builds brand loyalty