By Nick Baldocchi on June 10th, 2013
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The Consumer Financial Protection Bureau (CFPB) customer complaint database continues to grow at a rapid pace, providing an ever-expanding window into the customer experience of many financial institutions. With over 113,000 consumer complaints as of May 31, 2013, the CFPB recently added two new product areas and two new complaint variables that increase the depth [...]
By Nick Baldocchi on April 17th, 2013
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For over a year, the Consumer Financial Protection Bureau (CFPB) has been collecting complaint data across five different product areas in financial services including credit cards, mortgages, consumer and student loans, and banking and account servicing. The stated mission of the CFPB is to use this data to educate consumers about their financial providers. With [...]
By Nick Baldocchi on April 10th, 2013
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Back in early July 2012, the Consumer Financial Protection Bureau (CFPB) made public their complaint database consisting of over 14,000 consumer credit card complaints. Since then, Beyond the Arc has analyzed the data in depth,providing actionable insights into the current credit card market. As of March 28, 2013 the CFPB has expanded the database to [...]
By Brandon Purcell on March 19th, 2013
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Co-author: Nick Baldocchi
Of all the lessons learned from the Consumer Financial Protection Bureau’s (CFPB) enforcement actions in 2012, one is key: effective complaint management is vital to a company’s regulatory health. However, companies don’t need to wait for negative experiences to escalate into complaints customers file with regulators. In fact, there is a silver [...]
By Gavin James on March 18th, 2013
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Billing disputes are the number one reason for credit card customer complaints, and . Not only does this put credit card providers at risk of losing business, it may cost them plenty if the Consumer Financial Protection Bureau (CFPB) detects any regulatory or compliance issues. Just ask Capitol One, Discover, and American Express who received [...]
By Gavin James on March 14th, 2013
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Co-author: Steven J. Ramirez
In the age of Dodd-Frank, mortgage lenders are waking up to a new reality: customer experience isn’t just about practical service and compliance issues. An exceptional customer experience can mean the difference between winning and losing business altogether. Referrals are no longer driven by the real estate or financial world [...]
By Gavin James on March 12th, 2013
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In highly competitive markets, consumers demand real value and exceptional experiences in return for brand loyalty. Businesses need to continuously raise the bar on how well they understand the customer and meet their needs. This becomes more challenging as technology and social business are evolving rapidly, which means organizations need to adapt quickly as [...]
By Gavin James on March 7th, 2013
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Imagine if you could increase customer retention and loyalty by quickly resolving pain points and targeting offers to meet each customer’s unique needs. It’s more possible than you think. With the right strategy and tools, you can get the answers you need to solve key business questions and take action to build lasting and profitable [...]
By Gavin James on February 20th, 2013
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With Consumer Financial Protection Bureau (CFPB) as watchdog, credit card issuers face increased risk of punitive action unless they detect regulatory issues early on and take quick action with improvements. Last year the CFPB slapped multi-million dollar fines on Capitol One, Discover, and American Express for deceptive or illegal marketing practices with credit card customers. [...]
By Steven Ramirez on February 6th, 2013
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Ever since the Consumer Financial Protection Bureau (CFPB) made their customer complaint database public in July 2012, Beyond the Arc has been analyzing the data to track the leading issues and which financial institutions are generating the most complaints. The infographic below illustrates our findings for the year of 2012.
We think banks and credit [...]
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