Customer conflict may arise due to disagreements in the following financial services: Advances - Declining of Facilities
- Extension of Loan
- Overdraft Related
- Excessive Collateral
| Foreign - Non competitive exchange rate
- Wrong exchange rates used
| Cheques - Clearance Period
- Float Period
- Forged Cheques
- Post Dated/Stale Cheques
- Cheques Returned Unpaid
| Service in General - Staff Behaviour
- Queue Management
- Shortcomings
- Slow Service
| Data Protection - Breach of Confidentiality
- Wrong Customer Details
| Transaction Based - Direct Debit/Credit instructions related problems
- Standing Orders related problems
| Contestation of: | Others - Counterfeit Money
- Customer’s instructions not carried out
- Cash / Deposit Discrepancies
- Incorrect entries in Statements
- Incorrect Final Withholding Tax instructions
- Insurance misleading advise
- Intermittent unavailability of automated services such as 24x7
- Investments misleading advise
- Malfunction of ATMs
- Malfunction of Money Exchanger
- Night Safe Facilities: Delay in processing
- Safe Custody: Damaged Item
| Cards - Contestation of blocked amount
- Contestation of declined application forms
- Contestation of limit
- Delay in issuing Card
- Fraud
- Merchant Accounts related problems
- Wrong details on cards
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Selling Financial Services is a complex task involving risks together with obligations to customers. Dealing with such a vast selection of services there is always a potential for human errors, misunderstandings and dissatisfaction in services. Effective negotiation and bargaining with customers is the key to rectify such incidents. Resolving Customer Complaints and Conflict An organisation without direct customer feedback will have no idea if it is delivering the experience the customers want. When the customer tells the organisation that it has failed, they will be offering priceless information on how to improve the business. By following well known golden rules during the negotiation process one may turn an unhappy customer into a loyal customer. Listen completely and give customers your complete attention. Let customers vent - Don't interrupt, don't explain, defend or justify. Apologize and mean it by being sincere - This is often hard especially if you did not cause the problem. Ask customers how you can make things right and then do more. Assure customers that the problem will be investigated and hopefully rectified. Thank them for finding the time to give their feedback.
These golden rules are better defined in the L.E.A.R.N. technique which is a simple straight-forward approach for handling customer complaints and conflict. LISTEN: It is important to listen carefully the customer’s complaint without interruptions. EMPATHISE: Put yourself in their shoes. Take time to understand just how the customer feels, and then let the customer know that you understand their feelings. Empathise but do not sympathise. ASK: Ask the client what he is after as a solution. Great negotiators always know what the other person wants. The only way to find out is to ask. One will usually discover that what the customer wants is far less than what you thought they wanted. REASSURE: Reassure the customer that his problem will be investigated. Sometimes resolving the problem is beyond one’s control, but one can do a great deal for the business relationship if he genuinely tries to solve the problem. One does not have to commit to making any changes, but the customer must know that there is a commitment to find a compromise and solve the problem. NEVER FORGET TO FOLLOW-UP: If you drop the ball, you compound the problem. Pick a specific date for resolution, or when you will respond. Then stick to it. (Resolving Customer Complaints and Conflict with the L-E-A-R-N Technique, Undated) | 
