Customer Complaint Handling Process Changed in Financial Sector with New Global Central Bank Regulations

New global central bank regulations are changing the way financial institutions and banks are handling customer complaints which mandates the implementation of innovative software solutions such as Wowdesk.

[Date: 15-July-2020]– Central banks all around the globe have consistently protected the consumer interest in the financial system. Being a regulatory authority overseeing payment system in most countries, central banks are required to protect financial consumers’ interest to keep the financial system safe and sound. 

Today, the absence of a suitable feedback mechanism to channel customer complaints can leave consumer interest overlooked. Furthermore, many financial institutions or customers may have to bear financial losses due to unresolved complaints. With new global central bank regulations, banking, credit unions, as well as financial institutions across the world, are automating their customer complaint handling and empowering their organizations. 

Need for Customer Complaint Handling Automation 

It’s essential to handle unresolved complaints properly to stay alive in the financial sector. Failing may bring several unwanted consequences resulting in the demise of the institution. You need to comply with central bank regulations and leverage robust complaint management software like Wowdesk otherwise, banking or financial institutions may have to suffer:

  • Reputational Damage

A reputable company keeps its customers happy. And the one that fails to keep customers happy, no matter which sector, instantly creates a bad reputation for itself that cannot be improved for long. If every complaint or feedback is carefully monitored, analyzed, and resolved through powerful complaint tracking software, you will always have a happy clientele. 

  • Erosion of Public Confidence

Some sectors are quite sensitive to work in and you cannot afford to hurt public confidence if you want to last long. Financial companies with an ineffective complaint management system may lose customers quickly and never get them back. 

  • Proactive

To have a proactive approach, you need an AI-based system that can automatically track potential problems. Banks need to resolve issues before they deteriorate to save customers or the economy from financial losses. An AI-based workflow engine can automate certain repetitive processes and scale self-service to avoid any potential errors. Every financial institution wants its customers’ trust and confidence, which is not possible when consumers are not clear about the work process. 

  • Decision-Making

Resolving queries on-time promotes good decision making and helps organizations grow flawlessly. New central bank regulations around the globe enable banking and financial companies for automated customer complaint management system that provides bank supervisors to analyze customer insights. These insights offer an in-depth evaluation of the financial company allowing them to make prompt and correct decisions. 

About Wowdesk 

Wowdesk is a SaaS and on-premise complaint management software powered by artificial intelligence. The software empowers a support system of varying types of financial institutions and enables them to record, track, and effectively manage customer complaints. 

To comply with the new global central bank regulations and scale your customer support with a robust complaint software, get Wowdesk. For more information about our services, get in touch with us through email at