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    Customer Loyalty and Compliance

    We are compelled to comply with all sorts of legislation. As an individual we should obey speed limits and pay income tax. In business, we have a raft of rules to comply with; company law, audits, etc.

    Breaking laws have consequences and the attitudes we take to them vary; I speed hoping that I not be caught, or I don’t speed because it is the law and it is safer.

    In the financial services industry there are many laws controlling prudential behaviour, such as those covering money laundering and liquidity levels. Breaking these laws attract heavy fines as recently happened to a number of South African banks.

    Conduct legislation governing Intermediaries and Representatives (FAIS) has been introduced to protect customers from dishonest or unethical practices. If you don’t comply you could be disbarred and be unable to earn an income.

    The still to be enforced, Treat Customers Fairly (TCF) law has a sting in the tail; If you don’t comply, you will be fined – heavily!   See what is happening in the UK:

    http://www.fca.org.uk/firms/being-regulated/enforcement/fines

    Even if you are not in a regulated industry, the TCF ethos makes really good business sense, and it is so simple:

    • If you treat your customers fairly, they will be loyal, buy more from you and bring you more clients by referrals.
    • If you don’t treat you customers fairly, they will leave you for your competitors and warn others against doing business with you!

    To treat your customers fairly, you need to be in touch with them. Can you phone each one regularly to ensure that all is well?  Not practical!  What is practical however, is to make it super easy for them to talk to you and then make sure that you hear them and resolve their issue. You don’t need to just roll over, but a resolution with good reasoning, will often be accepted. When people are listened to, they feel that you care and this will keep them as happy customers.

    To do this you need a good process in place and people to follow it consistently. A purpose-built system will go a long way to retain your customer base.

    Do you want loyal Customers?  Read more

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    Download this file (Customer Loyalty and Compliance.pdf)Customer Loyalty and Compliance[ ]204 kB

    About Us

    Cirrus TechVue has been in business since the early nineteen eighties. We are an SME with an exemplary track record in introducing new technology to South Africa and implementing enterprise scale solutions in some of South Africa’s largest organisations and regulator bodies, such as Telkom, ABSA and SASOL, Old Mutual Insure, Pension Funds Adjudicator, to name a few.