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5 Ways to Manage your Customer Complaints Procedure

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Complaints are a rural part of life that we can rarely ignore completely. People are not always going to be happy with your service and there are always going to be picky individuals who search desperately for something to pick fault with at every turn. It’s not whether you get complaints or not that defines how successful a business is; it’s how you deal with customer complaints.

So, we’ve put together a few top tips to help you organise all complaints with a level head. Because just one bad review can cause a chain reaction these days that will have a significant impact on your business if you’re not ready to do a little damage control.

Keep calm – You have every right to be defensive over your business and your brand but this defensiveness, if it’s allowed to reveal itself, can have negative consequences. With every complaint, ensure that you remain calm and listen to what they are saying in as detached a fashion as possible.  It helps to put yourself in their situation and see the problem from their perspective, even though we realise this might be difficult to do!

Acknowledge the problem – It’s likely that the customer problem might seem petty or simply wrong to you but it’s important that you make them feel you’re taking them seriously. By allowing them to vent their frustrations and get their problems off their chest you’ll not only allow them a certain amount of catharsis but you’ll let them feel like they’re being heard.  Never tell the customer they are wrong, even when they are!

Offer solutions – The only way you’re going to solve customer complaints is if you’re able to offer legitimate solutions. Having a list of common problems and common solutions to hand at all times will certainly help but you also have to learn to be flexible and be able to think outside the box. Not every complaint is going to conform to the same template, after all.

Have a procedure in place – An efficient customer complaints procedure is one of the first processes you should put in place and is a process that all employees should be made aware of. Information often gets lost in translation over the phone, so we’d recommend investing in a Response Tap call tracking solution which will allow you to determine customer intent  and direct them to the right department without missing a trick.

Keep it informal – If possible, try to keep things as informal as possible and avoid things escalating to a formal complaint. If you need to hand out refunds, vouchers and/or apologies then so be it as this is often far more cost-effective than going through the formal complaints process.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Business Strategies of Michael Gastauer

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Michael Gastauer, a German billionaire and entrepreneur, has led Black Banx to remarkable heights with his innovative strategies in the digital banking sector. As the founder and CEO, his vision has transformed Black Banx into a significant player in the global financial industry, serving millions and revolutionizing banking practices. 

Gastauer’s approach has been distinctly customer-centric, focusing on solving real-world problems through accessible financial services. This strategy has not only captured a vast market share but also established Black Banx as a model of innovative fintech success.

Innovate Early and Often, Invest Strategically

Gastauer’s journey began with a robust foundation in the fintech sector, where he initially created and later sold a payment services company for US$480 million. 

This significant capital boost allowed him to invest in his next venture: Black Banx. Launched in 2014, Black Banx differentiated itself by offering real-time account opening and cross-border payment solutions to a global audience, addressing major inefficiencies in traditional banking. 

Gastauer’s foresight in identifying and investing in these key areas early on allowed Black Banx to scale quickly and efficiently. His strategy was clear: leverage high initial investment to accelerate growth and secure a substantial market presence before competitors could catch up.

Within a year of its inception, Black Banx expanded rapidly, reaching over 1 million customers. This was just the beginning, as the platform soon integrated cryptocurrency options, enhancing its appeal and utility for a broader client base. By the end of 2018, Black Banx was valued at US$9.8 billion, a testament to its rapid growth and the successful implementation of its business model. 

Gastauer’s bold move to integrate cryptocurrencies early in the game positioned Black Banx as a pioneering force in fintech, well ahead of traditional banks.

Pinpoint Problems and/or Challenges

One of the core components of Gastauer’s strategy was to tackle financial exclusion head-on. Black Banx made significant strides in offering banking solutions to the unbanked and underbanked, particularly in regions with limited access to traditional banking services. 

By leveraging technology and strategic partnerships with mobile network operators, Black Banx has been able to extend its reach and offer innovative banking solutions to millions worldwide. This strategic alignment with mobile operators has been crucial, as it taps into an existing infrastructure to reach remote areas, significantly lowering the cost of expansion.

The platform’s ability to facilitate quick, cost-effective international money transfers has been a game-changer, particularly in markets like the Middle East, Asia, and Africa. This not only supports individuals and businesses in these regions but also contributes to the overall growth and stability of the global economy. 

Gastauer’s focus on simplifying and reducing the cost of these transactions demonstrates a deep understanding of the core needs of his customers, thereby enhancing customer loyalty and trust in the brand.

Take a Tech-Driven Approach

Under Gastauer’s leadership, Black Banx has remained at the forefront of technological integration within the banking sector. The adoption of blockchain, AI, and data analytics has enabled the platform to offer personalized financial services, enhancing customer experience and satisfaction. 

This technology-driven approach ensures that Black Banx stays ahead of industry trends and continues to offer relevant and secure banking options. Gastauer’s commitment to integrating advanced technology not only streamlines operations but also provides a scalable model that supports continuous growth and adaptation in a rapidly evolving market.

Leave No Market Unturned

Gastauer’s vision for Black Banx was never limited to a single region. By 2023, the company had expanded its services to include 28 FIAT and two cryptocurrencies, with a robust presence in over 180 countries. This global approach has not only diversified the company’s customer base but also minimized regional economic risks, allowing Black Banx to thrive in a competitive and fast-changing financial landscape. 

The strategic decision to operate across diverse markets also mitigates the risk of localized economic downturns affecting the overall health of the company.

Set Milestones

The year 2023 was a landmark year for Black Banx, as it reached 39 million customers and reported revenues of US$2.3 billion. The company’s ability to maintain a high rate of customer acquisition and satisfaction speaks volumes about its effective strategies and customer-focused approach. 

The first quarter of 2024 continued this trend, with Black Banx announcing a pre-tax profit of US$639 million and revenues of US$2.1 billion, driven by strategic implementations like fixed monthly account maintenance fees. Gastauer’s strategy to introduce fixed fees was a calculated risk that paid off, providing stable revenue streams and further solidifying Black Banx’s financial foundation.

Michael Gastauer’s strategic foresight and relentless innovation have propelled Black Banx to new heights, making it a leader in the digital banking sector. His commitment to financial inclusion, coupled with an aggressive expansion strategy and technological integration, has not only shaped the future of Black Banx but has also set a new standard in the industry. 

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