May 10, 2023
The Privatisation of Consumer Disputes
The problem with dispute resolution and how the CourtCorrect platform is the solution.
Let's face it: the traditional court system is daunting, expensive, and time-consuming. For everyday consumers, this is an unwelcome reality when dealing with disputes. Meanwhile, our legal problems remain ever-present.
Instead, consumers are bringing their complaints to private companies. With more choices and information about competitors, only companies that handle complaints well survive.
If customer turnover wasn't enough, ombudsman services and regulators review complaints. Many customers take their complaints to these services if they aren't happy with an outcome. Even if the decision was fair.
The issue often lies in how companies handle complaints, viewing complaints as a cost. This approach leads to more dissatisfied customers and escalated complaints. In turn, increasing risk and cost to the business.
What can companies do to address this issue?
They need a mindset shift - complaints are not liabilities. Instead, they need to embrace complaints. They need to see them as tools to understand what's going wrong and why.
Using root cause analysis, companies can learn from their mistakes and make improvements. As well as ensuring they have skilled staff dedicated to resolving complaints.
Why should companies care?
In today's world, consumers have more choice than ever. Switching providers is easy and 98% of consumers check reviews before making decisions.
The UKCSI found that banks with lower satisfaction ratings experience more customer losses. If a bank's satisfaction scored average, it lost over 150,000 customers. If it is below average they will lose far more.
You cannot afford to ignore complaints.
Do you want your company's customer base to grow? Do you want to increase customer satisfaction? Invest in better complaint handling, with the CourtCorrect platform.
We analyse customer data to figure out what's going right and what's going wrong. We deploy our platform to fix problems and restore excellence to customer experience.
Regain the trust of your customers
Request an analysis or start a trial of our platform.