Complaints Management Framework

1.         INTRODUCTION

Sourcefin (Pty) Ltd (“Sourcefin” or “we” or “our” or “us”) strives to guarantee that every complaint is thoroughly, fairly and promptly investigated. This framework reflects our unwavering dedication to client satisfaction and continuous improvement.  

2.         PURPOSE

2.1.                  At Sourcefin, we are deeply rooted in our why – “Born to enable the forgotten SMME”. We recognise the pivotal role that small and medium-sized enterprises play in South Africa’s larger economic landscape, and it is our reason for being to be their beacon of support. We recognise that often, we are their business’ last hope, and this is an honour we do not take for granted.

2.2.                  With this in mind, we encourage our clients to share their feedback, helping us refine our processes to maintain client satisfaction with our services. Therefore, this framework sets out Sourcefin’s approach to resolving and overseeing complaints.

3.         SCOPE

The provisions of this framework apply to all complaints in respect of Sourcefin’s products. It is essential to note that while this framework provides a holistic approach to managing the above complaints, there may be specific issues that require a more specialised or nuanced approach. In these circumstances, Sourcefin remains committed to directing the complainant to the appropriate channel or mechanism.

4.         KEY PRINCIPLES AND OBJECTIVES

The foundation of this framework is deeply rooted in our five cornerstone values. These values are not just mere statements but are intertwined in the fabric of every interaction, decision, and process that originates from Sourcefin.

4.1.                  Integrity

At Sourcefin, integrity is more than just adhering to ethical standards; it’s about establishing trust and maintaining consistency in our actions and decisions. Our complaints process is transparent, ensuring that every complaint is treated with honesty, evaluated fairly, and resolved impartially. It underscores our commitment to righting wrongs, learning from our mistakes, and continually striving for better.

4.2.                  Transparency

We understand the importance of clarity, especially when it comes to addressing grievances. Our complaints management process is structured to provide clear communication at every step. Stakeholders are informed about the progress of their complaints, expected timelines, and the rationale behind decisions made. By ensuring this transparency, we hope to cultivate an environment where our clients feel seen, understood, and valued.

4.3.                  Service-Driven

Born to enable the forgotten SMME, Sourcefin is committed to exceptional service. This commitment is deeply embedded in our complaints process. Our aim is to not only rectify issues but to ensure that the resolution enhances the stakeholder’s overall experience with Sourcefin.

4.4.                  Solution-Oriented

Every complaint is an opportunity to find a solution, to improve, and to innovate. Our complaints management process is inherently proactive. We don’t just stop at resolving the issue at hand; we delve deeper to understand the root cause and implement measures to prevent recurrence. This approach aligns with our mission to provide quick and easy finance solutions, constantly refining and perfecting our offerings.

4.5.                  Sustainability

Our vision to become an industry leader is not a short-term goal. Sustainability is key, and this is reflected in our approach to managing complaints. We view every complaint as feedback, a vital ingredient for continuous improvement and long-term success. By ensuring sustainable resolutions and fostering relationships built on trust and mutual respect, we aim to create lasting partnerships with our stakeholders.

5.         NATURE OF COMPLAINTS

5.1.                  Service delivery complaints

These relate to the core offerings of Sourcefin, specifically concerning our purchase order financing, invoice discounting and other financial products. Any grievances about the quality, speed, or appropriateness of the service received will be addressed under this process.

5.2.                  Technology and platform issues

As Sourcefin heavily relies on smart technology to facilitate seamless financial solutions, any complaints regarding system glitches, user experience issues, or other technology-related inconveniences are encompassed within this scope.

5.3.                  Employee and representative interactions

This includes feedback on the behaviour, professionalism, and/or competency of any member of the Sourcefin team, from customer service representatives to the procurement team and beyond.

5.4.                  Data and privacy concerns

Protecting the sensitive information of our stakeholders is paramount. Complaints related to possible data breaches, misuse of personal information, and/or concerns about confidentiality will be addressed in accordance with Sourcefin’s data privacy incident process, which involves inter alia the completion of Sourcefin’s security incident register.

5.5.                  Product feedback

As we constantly innovate and enhance our financial products to serve the SMME sector better, feedback on the suitability, effectiveness, and/or features of our products is crucial. Such complaints or suggestions are actively encouraged and addressed through this process.

5.6.                  Communication and information dissemination

Grievances related to the clarity, frequency, and/or method of our communications, be it through official notices, marketing materials, or informational documents, are taken seriously and managed within this process.

6.         COMPLAINT LOGGING AND MANAGEMENT PROCESS

6.1.                  The framework is available to the public on Sourcefin’s website. All complaints must be sent to complaints@sourcefin.co.za, or by completing the “Contact us” form and selecting ”Complaint” from the dropdown on Sourcefin’s website.

6.2.                  Upon receipt of the complaint, our advanced system instantly generates a unique complaint ticket. This ticket acts as a reference, ensuring the systematic tracking of each complaint. The ticket is immediately assigned to Sourcefin’s compliance officer, who assumes responsibility for overseeing its resolution.

6.3.                  Our system will then dispatch an automated acknowledgment to the complainant. This response not only confirms receipt but also sets clear expectations by committing to a service level agreement of providing feedback within 2 business days.

6.4.                  Depending on the nature of the complaint, the following persons will be responsible for investigating the complaint and attempting to resolve the complaint:

6.4.1.                          a minor complaint is one which will not have a significant impact on the complainant and can often be easily resolved. The compliance officer is responsible for investigating and resolving these types of complaints;

6.4.2.                          a moderate complaint is one which falls between a minor complaint and a severe complaint. A moderate complaint may have a noticeable impact, for example a financial impact, on the complainant and as such will be facilitated by the compliance officer and resolved by the relevant Head of Department;

6.4.3.                          a severe complaint is significant in nature and usually involves a problem that may have a substantial impact on the complainant. As a result, the executive committee will be responsible for resolving these complaints.

6.5.                  In circumstances where complainants are dissatisfied with the way in which their complaints have been addressed, they have the option to escalate their concerns to the Head of Department or executive committee.

6.6.                  Sourcefin’s complaints escalation and review process is designed to be both comprehensive and fair. Recognising the value of every stakeholder, especially our clients, this process aims to ensure the legitimacy of concerns raised and the fair treatment of all complainants. For matters that exhibit complexity or uncommon attributes, there’s an internal escalation and review mechanism in place. Such complaints are directed to someone within Sourcefin who possesses both the seniority and expertise to manage these nuanced cases.

6.7.                  Additionally, at relevant junctures in the process, complainants are given the opportunity, if applicable, to escalate grievances that haven’t been addressed to their satisfaction. Ensuring the utmost impartiality in the escalation process, the complaints that undergo this route are managed by a neutral, senior functionary either within Sourcefin or an individual specifically appointed for this critical responsibility.

6.8.                  The complaints escalation and review process should:

6.8.1.                          follow a balanced approach, bearing in mind the legitimate interests of all parties involved, including the fair treatment of complainants;

6.8.2.                          provide for internal escalation and review process for complex or unusual complaints;

6.8.3.                          ensure procedures for the appropriate allocation of such complaints to a person of appropriate seniority and expertise;

6.8.4.                          offer complainants, at the right juncture and when relevant, the means to escalate complaints not settled to their satisfaction;

6.8.5.                          ensure that the complaint is handed over to an impartial, senior individual to oversee the escalation or review procedure.

6.9.                  Post thorough analysis, the complaint is either upheld, signalling validation of the grievance, or rejected, indicating that there is insufficient evidence of a shortfall in Sourcefin’s interaction with the complainant.

6.10.               Should a complaint be upheld, it is our promise to act promptly and efficiently. Any commitments made, be it compensation payments, ex gratia payments, or any other form of redress, will be executed without any undue delays. The timeframes, mutually agreed upon with the complainant, will be strictly adhered to. It’s pivotal to note that any such commitments will be meticulously updated in our complaints resolution system before the complaint’s official closure.

6.11.               In circumstances where a complaint is rejected, our approach is rooted in transparency and empathy. The complainant is furnished with clear, comprehensive reasons detailing the decision. We place significant emphasis on ensuring the complainant understands the rationale behind the rejection. Furthermore, every complainant is informed about our robust internal escalation and review processes, ensuring they are aware of every avenue available to them. If a resolution still seems elusive post the internal escalation, we ensure the complainant is equipped with detailed information about the relevant ombud or regulator.

6.12.               Once the decision regarding the complaint is made and conveyed, the next crucial step is documentation. It is of paramount importance to us that every interaction, decision, and action taken during the complaint resolution process is meticulously recorded. This ensures transparency, accountability, and aids in continuous improvement of our services.

7.         REPORTING

7.1.                  An integral aspect of our complaints management process is our commitment to consistent oversight and continuous improvement. To achieve this, each complaint ticket that is logged, whether through our email channel or our website, is automatically reflected in a dedicated dashboard, which has been designed to ensure real-time visibility and monitoring.

7.2.                  This dashboard is accessible to relevant stakeholders, allowing for instant and comprehensive oversight of all ongoing and resolved complaints. This approach fosters accountability, ensures timely interventions when needed, and bolsters our commitment to a seamless service.

7.3.                  Moreover, through advanced analytics, it can identify trends and highlight recurrent issues, providing valuable insights into potential areas of concern. By distilling emerging themes from the data, we not only rectify ongoing challenges but also pre-emptively address potential future pain points.

7.4.                  These insights are invaluable in enhancing our processes and/or shaping our training and development initiatives. By understanding where challenges arise, we can tailor our training programmes to directly address these areas, equipping our stakeholders with the knowledge and tools they need to excel. This continuous feedback loop ensures that Sourcefin remains adaptive, proactive, and always at the forefront of customer-centric service. It’s an embodiment of our values, ensuring that our strategies and actions are always aligned with the highest standards of integrity, transparency, and service-driven excellence.

8.         CONFIDENTIALITY AND DATA PROTECTION

8.1.                  We understand the significance of safeguarding the privacy of personal information and documents linked to the complaints we receive. Consequently, each complaint and its corresponding particulars are handled with the highest level of confidentiality and in accordance with Sourcefin’s privacy policy.

8.2.                  We ensure that the information and documents pertaining to a complaint are strictly limited to the complainants themselves or to those individuals explicitly mandated. This stringent control safeguards against unnecessary exposure and protects the privacy rights of our clients.

8.3.                  The use of the information and documentation related to a complaint is precise and deliberate. It is primarily employed for:

8.3.1.                          referring or escalating a complaint to the relevant departments or personnel;

8.3.2.                          managing the complaint from the initial stage through to its resolution;

8.3.3.                          furnishing advice and support throughout the complaint resolution process;

8.3.4.                          reviewing the complaint mechanism to ascertain its effectiveness and, if necessary, devise appropriate improvements;

8.3.5.                          ensuring a conducive and risk-averse workplace environment;

8.3.6.                          thorough application and adherence to the complaints management process.

9.         TRAINING ON THE FRAMEWORK

9.1.                  All employees are required to undergo comprehensive training on this framework, which is available to employees on Sourcefin’s Microsoft Teams channel as well as on Sourcefin’s learning portal. The training will be conducted by a designated presenter who will take the team through the framework clause by clause to ensure a thorough understanding.

9.2.                  Following the training session, all employees will be required to complete an assessment to evaluate their comprehension of the framework. The assessment will consist of scenario-type questions, based on real-life situations and examples, designed to test employees’ practical knowledge, and understanding of the framework.

9.3.                  In order to successfully complete the assessment, employees must achieve a minimum passing score which will be determined by the compliance officer.

9.4.                  Employees who do not meet the passing score will have the opportunity to retake the assessment. The number of attempts will be communicated to the relevant employees.

10.      REVIEW AND AMENDMENTS

10.1.               In order to maintain the highest standards of service and to adapt to evolving industry practices and regulatory requirements, it is essential that this framework undergoes periodic review. The following provisions guide this process:

10.1.1.                       this framework will be reviewed annually by the Sourcefin Special Projects team in collaboration with the Compliance team. This ensures its relevance, effectiveness, and alignment with both Sourcefin’s strategic objectives and prevailing industry standards;

10.1.2.                       input will also be sought from various stakeholders within Sourcefin, ensuring a holistic and comprehensive assessment;

10.1.3.                       any modifications deemed necessary will be documented, with a clear rationale for the change. Amendments might arise from lessons learned, stakeholder feedback, regulatory changes, or shifts in our business strategy;

10.1.4.                       significant amendments to the process will be communicated to all relevant parties, ensuring everyone remains informed and aligned. This might be done through internal communications, updates on the Sourcefin website, or direct communication with clients and partners as deemed appropriate;

10.1.5.                       all previous versions of this framework will be archived. This ensures transparency and provides a historical perspective on our commitment to continuous improvement.

11.      ENGAGEMENT AND FEEDBACK

Any queries, suggestions, or feedback pertaining to the Complaints Management Process should be directed to the Special Projects team. They are readily available to provide clarification, support, and guidance. Communication can be established via the following email: specialprojectssecurity@sourcefin.co.za.