FINEOS Launches Version 2.0 of Complaint Manager Solution for Banks and Insurers

May 18, 2005 – Dublin, London - FINEOS Corporation, a leading provider of enterprise solutions for banking and insurance, has just released a new version of its complaint management solution, FINEOS Complaint Manager 2.0, which includes an additional imaging bridge.

FINEOS Complaint Manager 2.0 enables financial institutions to fully automate their complaints handling process, delivering a consistent and complete service to customers when they register a complaint and provides service staff with the tools to manage the complaint through to its resolution.

As a new feature, the imaging bridge enables incoming complaint-related correspondence to be scanned and indexed using an intelligent indexing wizard. Having scanned a document, an indexer can attribute complaint details to the document and where appropriate intelligently route a workflow task to the appropriate department/user. Service levels are monitored to ensure that complaints are prioritised and resolved as efficiently as possible.

With Version 2.0, complaint volumes and trends can be reported, charted and then provided for analysis so that business policy and processes can be aligned with consumer behaviour and needs. It can also track all compensation and costs associated with complaints and automatically compile tailored letters and other correspondence between the organisation and its customers.

Commenting on the release, Michael Kelly, CEO of FINEOS said: “Effective complaint handling is integral to the way banks and insurance companies run their business. For many it's enshrined in their mission statements, and understandably so, as we’re in the age of the never satisfied customer. Complaint management is more than just logging complaints and hopefully resolving them, it’s about putting standards in place, and the business processes and technology that make that possible. The FINEOS Complaint Manager provides that structure. Indeed, it’s proven to help our clients to reduce the cost of servicing complaints by 20-40%.”

Since the introduction of the Financial Services and Markets Act 2000, financial institutions are under obligation, pursuant to the Financial Services Authority’s (FSA) Handbook, to ensure they have adequate procedures in place to deal with complaints. These include stipulations regarding reporting on volume and type, time limits as well as the need for a number of internal best-practice procedures.