Signavio advises financial service analysts as annual complaints against financial service institutions rise

Signavio has been featured in the Global Banking & Finance Review and Financial IT, warning that businesses are mistakenly focusing on optimizing their business operations, without the customer in mind.

With the total number of complaints against financial service institutions increasing despite investment in customer service processes, data from the UK’s Financial Ombudsman Service revealed a 4% increase in customer complaints between 2016-17 and 2017-18. Poor customer experience costs the banking and financial services industry £5.81 billion in 2017.

Dr Gero Decker, CEO & Founder of Signavio, said, “Focusing on saving time and resources to become more efficient is an outdated way of looking at customer experience. Customer journeys are proving to be a great way of shifting the mindset when it comes to back-end processes. Although it is a business problem and not a customer issue, businesses need to align their processes with customer experience.”