European Consumer Complaint Behaviour In The Financial Sector

Abstract

<p>This study examines consumer complaint behaviour (CCB) in the context of financial services. The study contributes to the field by widening the concept of CCB, one that was tested using an extensive set of empirical data on consumer experiences of service problems and complaints about them. The data are quantitative in nature and cover approximately 500 randomly selected respondents in each of the 27 European Union member states, plus Norway and Iceland. The consumer experience assessments totalled 82,619. The results show that consumers tend to complain directly to their service providers and to their family, relatives and friends, but few take steps towards legal action. Surprisingly, many disappointed consumers stay inactive. As a part of CCB, many consumers decide to switch either their providers, or financial services offered by the same provider. The results also reveal variations in CCB between people from different European countries, and according to the various types of financial services complained about.<br /></p>