This month Vodafone, the second largest mobile phone company globally, was fined a record 4.6 million pounds for failing customers in the UK.
At the heart of its problem was the company’s inability to handle the vast numbers of customer complaints it received over a 17 month period. At a time when customers not only have high expectations of the service they receive, but can voice their concerns on social media, the fine represents more than an immediate financial concern for the company. And this is not an isolated example. There has been increasing pressure placed on Britain’s regulators to ensure customers are being protected. Sky, the largest pay-TV group, were told in September that they may have violated consumer rules by making it too difficult for customers to cancel or switch providers. Customer satisfaction is key.
It is for this reason are delighted to announce that we have invested in Resolver.co.uk, a company on a mission to arm the customer and solve this very problem using cutting edge technology and sophisticated AI techniques. The team at Resolver.co.uk have built an impressive product which empowers the customer. Not only does the site help educate the consumer on their rights, it makes the process of complaining faster, it also works with independent regulators for cases where no immediate resolution is found. Resolver.co.uk, ultimately, democratises this usually burdensome process which can so often end with an unsatisfactory dead end.
Resolving Ltd was started just two years ago by James Walker. He has built a product with significant market traction with an impressively small team. We met the team about two years ago and it has been a pleasure to watch their idea grow into the business it is today. The company, which enables fast and fair customer resolution, sits alongside other SaaS companies we have invested in the consumer satisfaction space, such as Trustpilot and Conversocial. We are thrilled to formalise our partnership with them on their mission to transform the experience of the customer, consumer rights and complaint resolution.