The Financial Ombudsman Service receives over 270,000 new complaints

The Financial Ombudsman Service received over 270,000 new complaints about financial businesses in the 2019/20 financial year, new figures published today show.

PPI remained the most complained about product, with over 122,000 complaints about PPI received by the service.

Mamta Rodrigues, finance expert and Divisional President at Teleperformance said,  “Banks have an opportunity to support their customers by creating solutions for the troubled economic times.

“Better known as workout specialists or remediation managers, these individuals can work with customers to find better payment solutions and alternatives which drive results for the bank whilst also appeasing the immediate strains from credit card, mortgage and loan bills.

“New payment solutions are “worked out” as the customer comes first and providing an extended payment scheme results in higher repayment overall. This has the benefit of reducing collection costs and increasing much needed revenues while increasing customer loyalty.

“At TP, we have had these solutions in our portfolio as leaders in BFSI and given the environment today, have refreshed these capabilities to support our clients globally.”

“Prior to COVID – 19, everyone from the sandwich generation (Gen X) to Gen Z were shifting to digital payments. Now, post COVID – 19 contactless payments and non-cash payments are the expectation and overnight, have become mainstream across all generations.

“Digital solutions from paying at the point of sale to ecommerce payments have become a norm. In addition, customers now have a propensity to leverage digital interactions via various digital channels. At TP, we have seen a significant demand on our digital solutions to not only augment the in-person interactions but also to support reducing costs at the banks whilst still supporting the customers via our AI and chat capabilities.”