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 [...]
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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. [...]
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With increasing regulatory challenges in a competitive landscape, today’s financial institutions need to keep a close eye on reducing complaints. The Consumer Financial Protection Bureau (CFPB) made this even tougher last summer when their customer complaint database was made public. Beyond the Arc’s ongoing analysis of the CFPB database has shed light on the top [...]
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Why a Voice of the Customer Program Gives Focus We need to recognize that the world today holds unique challenges for customer insight work. One key characteristic is the sheer volume and diversity of customer feedback, often enabled by advanced technologies. At almost every point in any interaction or transaction cycle, brands now ask us [...]
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Call centers, often the front lines of customer service, have fallen into the trap of ‘inheriting the sins of the organization’ when customer experience issues arise. And because this channel has no ability to prove that the source of an issue lies elsewhere, they remain cost centers rather than strategic assets. As businesses strive to [...]
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With stiff competition to retain customers, build brand loyalty, and attract new business, financial institutions are sharpening their focus on the customer experience. How do you set the stage for success, optimize along the way, and build sustainable business value? The following strategies can help you run a successful Voice of the Customer (VOC) program [...]
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Millions of consumers interact with banks each day to manage their finances. As technology evolves, customers have the flexibility to interact with their bank through a wide range of channels, moving beyond the branch and snail mail, to an increasing reliance on social media and mobile banking. With the rapid growth of online communication, retail [...] |
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