Organisations across many regulated industries have been adopting specialist complaints management solutions like EQ’s MMX Complaints Professional to streamline their complaints management and Data Subject Access Request (DSAR) processes, following the introduction of a raft of new regulatory requirements.
As an example, we have seen a sharp increase in the number of financial services firms enquiring about a specialist complaints solution since the implementation of the new Consumer Duty. Specialist complaint management systems automate many of the complaint handling tasks, assist agents in meeting regulatory deadlines, ensure the right processes are followed when dealing with vulnerable customers, and provide the data insights to allow firms to quickly identify root causes of complaints, identify systemic trends and implement learning actions.
Integrating a specialist complaints management system like EQ’s MMX Complaints Professional with various systems used within an organisation can offer significant benefits. Some of the more common integrations are with:
- a Customer Relationship Management (CRM) system
- a financial payments system
- an organisation’s email system
- mail/print/scanning systems
- a firm’s telephony system
- the organisation’s website
- third party (data warehouse) reporting systems
Advantages of integrating a specialist complaints system with the systems listed above are many, as we now explore:
Streamlined Workflow and Efficiency
- Integration allows for a seamless flow of data between systems, reducing manual data entry and the risk of data entry errors.
- Complaints can be automatically recorded in the firm’s CRM system and passed instantly to a specialist complaints system for management. Regular status updates can be passed back to the CRM system, ensuring a unified customer profile that includes complaint history, interactions, and staff feedback is maintained in the CRM system too.
- Complaints requiring redress to be paid can be linked directly to the payments system, enabling quicker authorisation to be confirmed and payments made to customers in a timely fashion. This ensures more efficient resolution of complaints and better tracking of financial issues.
- Complaints coming in via email to the firm’s nominated email account can be displayed in the specialist complaints system ready for manual or automatic input. The complaints system can generate an automated acknowledgment with a unique complaint reference number back to the customer and ensure a case handler is assigned to the case for investigation. Any further email replies from the customer will then go directly into the complaint case, ensuring total visibility of communication.
- Complaints coming in via the firm’s website can again be routed through to the specialist complaints system ready for review and assignment, eliminating any unnecessary steps in the process.
360-Degree Customer View
- Integration with the CRM system provides a comprehensive view of each customer's interactions, purchases, complaints, and preferences, allowing for more personalised and informed responses.
- Customer service agents can access all relevant information in one place, leading to more efficient and effective complaint resolution.
Enhanced Customer Experience
- Integration enables faster response times as customer service representatives have access to real-time information across different systems, allowing them to address complaints promptly.
- A 360-degree customer view leads to more personalised interactions, demonstrating that the company values its customers and their feedback.
Data-Driven Insights and Reporting
- Integration with business reporting systems allows for the analysis of complaint data alongside other key performance metrics, helping identify patterns, trends, and potential areas for learning and improvement.
- This data-driven approach can guide strategic decisions to enhance products, services, and customer experiences in line with the new Consumer Duty.
Efficient Payments Issue Resolution
- Integrating with the payments system ensures that payment-related complaints can be quickly addressed by identifying transaction details and resolving discrepancies.
- Payments issues can be resolved more efficiently, leading to improved customer satisfaction and reducing the risk of regulatory non-compliance.
Timely Communication
- Integration with the email system enables automated notifications and updates to customers regarding their complaints progress and resolution.
- Customers are kept informed, reducing frustration and providing a transparent complaints resolution process.
Website Interaction Integration
- Integrating with the website allows customers to submit complaints directly through the website, making it more convenient for them to voice their concerns.
- Complaints can be categorised and routed to the appropriate departments based on the nature, product or service the complaint is about.
Compliance and Documentation
- Integration helps ensure that complaints are properly documented and tracked, which is crucial for evidencing regulatory compliance.
- Auditing and reporting become more efficient as all complaint-related data is consolidated and easily accessible.
Proactive Issue Identification
- Data analysis across integrated systems can help identify potential issues before they escalate into complaints, allowing firms to take preventive actions.
Improved Reputation and Trust
- Efficient complaint resolution and personalised customer interactions foster a positive reputation, building trust and loyalty among customers.
- Demonstrating a commitment to addressing complaints can enhance the firm's credibility and competitiveness in the market.
It's important to note that successful integration of systems requires careful planning, robust technology solutions, and a clear understanding of the organisation's processes. Additionally, data security and compliance considerations are paramount when integrating systems that handle customer information and financial data.
Here at EQ, we have been offering integration solutions to many of our clients to further improve and streamline their internal processes. The MMX Complaints Professional platform has been specifically designed for integration into your existing systems. EQ consultants have a wealth of expertise in making these integrations happen in challenging circumstances and environments.
To access data from other applications, EQ has an integration toolkit that allows many different types of interfaces to be created as appropriate to the individual requirements and circumstances. We have also developed a standard set of APIs which means the cost of integrating many of your in-house systems is significantly reduced.
