In the new era of the Consumer Duty, data has emerged as the linchpin for regulatory compliance. At CourtCorrect, we introduce the Data Benchmarking tool, an ingenious AI-driven solution that empowers our corporate clients with invaluable insights into how they perform in their market with unique data for regulatory compliance.
Structured Data, Simplified Insights
Every company dutifully reports their complaints data to the Financial Ombudsman Service (FOS) and the Financial Conduct Authority (FCA) unveiling pivotal statistics like upheld rates, rejection statistics, and processing speed. However, this wealth of data is often locked within labyrinthine Excel spreadsheets, rendering it nearly unusable.
That's where we come in. We’re the first company to transform this maze of data into an accessible and intuitive Data Benchmarking dashboard. With just a few clicks, you can not only assess your firm's performance but also effortlessly compare it to your competitors through user-friendly graphs.
But here is the groundbreaking part - we introduce market averages, a revolutionary feature never before seen in the industry. Determining what constitutes "good outcomes" can be a nebulous endeavour. By examining market averages and assessing the performance of similar companies, you gain tangible evidence to refine your approach and ascertain your standing in this intricate regulatory landscape. It allows you to gauge whether your Key Performance Indicators (KPIs) align with industry standards, ensuring your goals remain realistic and competitive. For example, aiming for a 50% resolution rate within three days is not good enough when your closest rival is nearer 75%.
Amidst the nebulous landscape of the Consumer Duty, where regulatory standards can appear somewhat elusive, gaining insights into your industry peers' practices becomes indispensable. In this era of heightened scrutiny, understanding how your competitors navigate the evolving consumer duty framework will be a critical metric for comprehensive analysis and strategic decision-making.
The Consumer Duty requires firms: “to ensure that customers are adequately supported throughout the lifecycle of a product or service after the point of sale" - (“FG22/5 Final non-Handbook Guidance for firms on the Consumer Duty”, Financial Conduct Authority, July 2022.)
Unlocking Key Metrics
So what exactly does this data tell you?
Processing Speed
Within the realm of data-driven insights, our Data Benchmarking tool serves as a guiding light for your complaints resolution efficiency. Does your company swiftly conclude complaints within three days, or do they extend between three days and eight weeks? Uncover your processing speed metrics and pave the path to optimisation. In the context of the Financial Conduct Authority's Consumer Duty, our specialised tool offers valuable insights into case closure timeframes, facilitating alignment with regulatory requirements. This ensures timely resolutions, fostering customer trust, and bolstering compliance.
Regulatory Compliance and Upheld Rates at the Ombudsman
Beyond efficiency, our platform delves into regulatory compliance—a core facet of effective complaints management. To exemplify, consider the FOS overturn rate. It signifies your proficiency in handling complaints. But what constitutes a sufficiently low rate? Our platform not only positions you within the spectrum but also outlines achievable benchmarks based on industry averages and peer performance. It's not just data; it's a compass guiding you towards excellence in complaint resolution.
Additionally, Data Benchmarking aids in understanding your upheld rate at the Financial Ombudsman concerning competitors. A high upheld rate might signal operational or compliance flaws, while a lower rate indicates adeptness in addressing customer concerns.
In the intricate landscape of regulatory compliance governed by the FCA, substantiating your complaints management ability is paramount. A resolute "zero" in FOS overturn rates stands as the ultimate objective. It's worth noting that companies ensnared in financial turmoil often grapple with a relentless surge in complaints, underscoring the importance of maintaining a low FOS overturn rate.
For instance, the chart below illustrates upheld rates among various companies in the UK's Finance sector when assessed by the Ombudsman.
Other key metrics
Open/Close Rate: Our users can seamlessly monitor and compare the volume of cases initiated and resolved in real-time, facilitating industry-wide comparisons.
Category View: Our platform empowers users with the ability to precisely categorise the types of complaints they handle. This invaluable feature enables seamless cross-sector comparisons with competitors, offering a comprehensive view of performance in fields ranging from investments and credit cards to home finance and beyond. With this precise categorisation, our users gain a competitive edge by harnessing a deeper understanding of their industry's dynamics and benchmarking their complaints handling effectively.
How this will help
Efficiency Opportunities
You can compare your processing speed to industry standards and market averages, you can focus your attention to certain sections of the complaints handling process. For example:
A small proportion of complaints dealt with in 3 days = a need to better prioritise cases, to ensure easy cases are dealt with promptly.
A large proportion of cases taking up to 8 weeks to be dealt with = a need for a faster final response, such as by using tools like CourtCorrect’s Case File or AI Final Response Letter.
A high % of cases upheld at the Ombudsman = possible arbitrary decision making without a strong basis in evidence.
Enhance Customer Satisfaction
By ensuring your complaints are dealt with in a faster manner, this can translate into higher customer satisfaction. With the ability to find reviews so easily on Trustpilot or Google reviews, consumers are easily able to express their satisfaction or displeasure at their treatment. This can serve as an indicator for future consumers.
Data-Driven Decision Making
Data Benchmarking provides you with actionable insights to make informed decisions about your complaints management strategy. It's not just about meeting industry standards; it's about exceeding them.
In the world of complaints management, knowledge itself really is power. The Data Benchmarking tool empowers your company to not only meet but surpass customer expectations. By comparing your data against industry benchmarks, you can streamline your processes, enhance customer satisfaction, and make data-driven decisions that drive your business forward. At CourtCorrect, we're committed to providing you with the tools you need to succeed in the ever-evolving landscape of customer service.
Interested in experiencing the power of AI in your complaint handling process?
Try our platform for yourself! Request a trial here or have a look at our Data Benchmarking demo