Question

Why does the financial services industry rely on policies, procedures, and codes of practice regarding customer service? Discuss in 100–120 words.

Answer 1

Financial services industry provides a broad range of businesses catering to banks,insurance companies,stock brokerage,investment fund etc.

As all these services involved consumers and considering the fact that only one dissatisfied customer can take away ten potential customers,hence,reliance on customer services policies,procedures and code of practice ,which are formulated to help Companies to serve customers efficiently,is inevitable.

Policy and Code if practice are to guide and direct the employees as to how to deal with the customers in various situations,what to do towards redressal of complaint of an aggrieved customer.Procedure is relied on to remain competitive by detecting weak links and rectifying the same to increase efficiency and better customer service.