In this podcast we are joined by Jaco Smit, one of our Directors, regarding the importance of customer complaint management in the financial sector. We also discuss the impact of social media and how the Conduct Standard for Banks aims to embed a proactive, customer-focused complaint framework within South African banks.
In 2018, Snap, the company that operates the social media app Snapchat, lost $1.3 billion of its market value in one day after Kylie Jenner, of Kardashian fame, tweeted that she no longer uses the app following a general wave of criticism regarding the new layout. While the financial sector may not be quite as susceptible to the opinions of social media influencers, this story reminds us that customer complaints have the potential to cause significant and long-lasting damage to an institution’s reputation and financial position.
The Conduct Standard for Banks, released by the Financial Sector Conduct Authority earlier this year, aims to ensure banks treat customers fairly and encourage banks to proactively analyse and monitor their complaints data to continually improve customer experience.
