In the recent years, the financial sector in Chile has evolved dynamically, embracing digitalization to expand access to financial products and services for financial consumers. Although this contributed positively to the overall development of the economy by providing greater access to finance and financial inclusion, it also led to a significant increase in complaints and queries from financial consumers.

Considering this challenge, the Financial Market Commission of Chile (CMF) took steps to automate the categorization of incoming consumer complaints in order to facilitate the complaints processing. Still, the results were limited.

Enhancing the complaints management process through digital transformation and innovative technologies can yield significant advantages. By implementing robust and scalable architectural frameworks, the CMF can boost the efficiency and effectiveness of its digital initiatives, fostering ongoing innovation and adaptability. Prioritizing the integration of advanced consumer complaint management architecture will contribute to a smooth and resilient evolution of market conduct supervision.

For consumers, this enhancement means quicker and more effective resolution of complaints, which builds trust in the financial system. This trust is crucial for the medium- and long-term development of the financial industry, reinforcing the CMF’s capacity to fulfill its mandate. The assessment of the consumer complaint process highlights the benefits for CMF of adopting AI-powered solutions for consumer protection processes.