Increased automation can reduce the cost of processing PPI complaints by up to 50%
11.05.2011
Charter UK, a provider of enterprise complaint and feedback management software, today revealed that financial firms can cut the cost of PPI complaint handling by up to 50 per cent by using PPI remediation solutions to dramatically reduce the resource overheads associated with manual systems. Charter UK is already working with a number of organisations in the financial sector to help them implement PPI Remediation Projects that can achieve this reduction quickly and effectively, and therefore increase the number of cases processed each day.
Charter Continuum is a proven enterprise-level complaints management solution that was first deployed to handle PPI complaints four years ago by several of the UK's best known banks. The product is therefore well placed to address the PPI claims crisis that UK lenders are now facing, since its ability to automate a large proportion of the complaints handling workload provides a highly effective yet 'lean' solution for managing large-scale PPI Remediation Projects.
The Financial Services Authority (FSA) has already published a policy statement confirming its package of measures to protect consumers with regard to PPI. Firms must evidence their approach to proactively contacting any customers who may be affected, an unprecedented step. Until then, firms will need to prepare for the implementation of their PPI Remediation Projects within the current framework and get on and handle the pile of existing complaints. The cost of implementing these processes is one which is not often talked about, and which will go well beyond the money set asides by banks to handle the compensations themselves.
Paul Clark, Charter UK's Chief Executive, comments:
"The BBA has dropped its appeal against the PPI issue, which means that the way is clear for UK banks to progress the various PPI projects that have been put on hold until now. By using automation to boost the speed, accuracy and quality of complaint handling, banks can save a significant amount of both time and money, especially when it comes to proactively contacting all of the customers who may have been miss-sold PPI. With liabilities for compensation potentially running into billions of pounds, banks need to be able to manage all of these processes quickly and cost-effectively. Charter Continuum is a proven solution that allows them to do this, reducing the cost of complaints by up to 50% by automating many of the key processes involved in handling PPI complaints effectively."
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