MEASURING CLIENT EXPERIENCE
EFFECTIVE RESOLUTION OF CLIENT CONCERNS
Our client experience strategy is informed by research and direct collaboration with our clients to ensure we are prioritizing what matters most to them. We regularly engage with our clients to understand their evolving needs and which elements of the banking relationship matter the most, and identify areas where we can continuously enhance our differentiated client experience. We leverage our client surveys, administered by an independent third party throughout the year, to measure client satisfaction, which is considered in the determination of variable executive compensation. In 2022, our client feedback remained very positive, despite challenging market conditions through the year.
Our goal is to provide an unrivaled experience for our clients, and that includes resolving concerns in an effective and timely manner. We strive to resolve client concerns through our proactive team members in our banking centres. If a concern is not resolved to the client’s satisfaction within the prescribed timeframe, it is escalated to CWB’s Complaints Handling Office (CHO), which is dedicated to investigate and resolve client concerns. If the CHO does not provide a satisfactory resolution, the issue is further escalated to the Office of Concern Resolution (OCR), which provides an objective review of unresolved or complex concerns. Finally, if the response provided by the OCR is not to the satisfaction of the client, they may contact the Ombudsman for Banking Services and Investments (OBSI).
As a testament to our focus to build strong client relationships,
Refer to our Resolving your concerns webpage for a step-by-step guide of our process and metrics on the number of complaints opened with our OCR in our most recent fiscal year.
of our business clients who use CWB as their primary bank have recommended us to others.
(1) Based on our Voice of the Client survey results.
FAIR ADVICE TO CLIENTS AND RESPONSIBLE SALES PRACTICES Our policies and programs ensure our sales and marketing activities are conducted with honesty and integrity. Our offerings comply with consumer protection laws, regulations and voluntary public commitments related to the fair design and sale of financial products and services. Our Code of Conduct, which is further discussed in the Business ethics and integrity section, outlines our expectations for our team members related to dealing fairly and honestly with our clients and avoiding coercive tied selling, and our compensation and incentive plans are designed to support responsible sales practices. To promote awareness of their responsibilities, our team members are required to complete role-based consumer financial protection training on an annual basis.
Amarjit Pandher advising a client, CWB Vancouver Banking Centre
24 2022 SUSTAINABILITY REPORT AND PUBLIC ACCOUNTABILITY STATEMENT
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