Complaint management is a crucial aspect of customer service and risk management in the financial services sector, according to an update from Spring Labs.
These firms—including traditional banks, fintechs and insurance companies—must “adhere to various regulations and standards that require them to handle complaints in a fair, expeditious and proper way.”
The consequences of failing to do so are high—in 2023, the Consumer Financial Protection Bureau (CFPB) resolved six “previously filed lawsuits through final orders, requiring a total payment for violations of approximately $3.07 billion to compensate consumers and approximately $498 million in civil money penalties.”
To mitigate this problem, Spring Labs, the intelligent AI powerhouse solution “for financial services, today announced Zanko ComplianceAssist.”
This new module builds upon the conversational intelligence “capabilities of Spring Labs’ Zanko CustomerAssist, an AI copilot for fintechs, to dramatically reduce the time compliance professionals spend analyzing customer complaints, in addition to identifying high-risk and often hidden issues, and to efficiently enable corrective actions.”
