The Hellenic Financial Ombudsman (HFO) offers financial service providers a structured procedure for the fair and rapid resolution of disputes. This helps them to operate more efficiently and transparently, with regulatory compliance, maintain high standards of service and strengthen their customer relationships and reputation, while reducing legal and operational risk and associated costs.
At the same time, the HFO contributes to long-term systemic improvements for a stable, reliable and competitive financial sector.
COST REDUCTION
- Effective dispute resolution: The HFO offers alternative methods for the rapid and effective resolution of disputes with customers (individuals and businesses), reducing the administrative burden on the provider and saving time and resources.
- Avoidance of legal proceedings: Legal involvement is avoided, as are the associated costs of legal proceedings, litigation and potential compensation.
TRUST
- Improving customer relations: The HFO ensures that customers are heard and that their concerns are addressed fairly and transparently. As a result, the HFO facilitates communication between the parties and contributes to the restoration and maintenance of their good business relationship.
- Increasing customer confidence: Operating as an independent Alternative Dispute Resolution entity, the HFO creates a positive experience for customers, thereby increasing their confidence in providers and the financial system as a whole. This strengthens the system’s stability.
REPUTATION ENHANCEMENT
- Image and Reputation Enhancement: By participating in the HFO providers demonstrate their commitment to fair dispute resolution and their status as a socially responsible and transparent organisation. Consequently, the HFO improves their public image and reputation, retains existing customers and attracts new ones through positive word-of-mouth.
At the same time, a transparent dispute resolution framework signals a mature financial ecosystem that is attractive to international investors and customers. - Protection from negative and often inaccurate publicity: Resolving disputes through the ADR alleviates negative customer bias and prevents complaints or negative reviews from being publicised on social networks and in the media. This facilitates communication between the parties and protects the provider’s reputation.
SYSTEMIC IMPROVEMENTS
- Problem identification: The HFO acts as a ‘canary in a coal mine’, identifying and highlighting potential problems, compliance issues and weaknesses in the provider’s processes in a timely manner.
- Risk management: the HFO provides feedback that enables providers to comply proactively, plan strategically, and manage systemic risks to ensure the market functions smoothly.
- Recognition of best practices: The HFO encourages providers to adopt the best and most consistent customer service practices. Recognition of these practices enhances customer confidence and has a positive impact on the customer base. Bringing providers into line with international standards and best practices for dispute resolution also strengthens the competitiveness of the Greek financial sector.
- Reduction of complaints: The HFO often provides an immediate solution by acting as a filter to reduce the number of complaints and the operational burden on providers’ internal services while also minimising the risk of complaints being submitted to supervisory authorities.
