With increasing competition to retain customers, build brand loyalty, and attract new business, companies of all types are seeking ways to sharpen their focus on the customer experience. Success often relies on having a deep understanding of your customers across every touch point –and that involves listening. That’s where an effective Voice of the […]
In today’s business world with big talk about Big Data, more and more companies are looking into data science and advanced analytics to improve customer relationships, increase marketing impact, and enhance products and services. It’s an exciting new development as data science offers an unprecedented opportunity for businesses gain insights to operate more efficiently […]
Sallie Mae learns a hard lesson in the importance of data analytics. If they had been paying attention, they could have seen all their customer experience problems coming.
In August 2013, Richard Cordray, head of the CFPB, announced that the agency was turning its gaze toward student loans. So it was no surprise […]
As part of Beyond the Arc’s ongoing analysis of the Consumer Financial Protection Bureau (CFPB) customer complaint database, we’ve recapped 2013 in an upcoming report. Last year saw many leading financial institutions learn costly lessons from the CFPB, and there may be more ahead as the agency closely monitors an increasing array of key product […]
CFPB Data Analysis Update
With the expansion of the Consumer Financial Protection Bureau’s (CFPB) complaint database, companies are now able to examine consumer complaints for seven different product areas, including student loans. In the CFPB’s 2013 mid-year summary of student loans, they analyzed about 2,000 student loan complaints filed between October 2012 and March […]
Despite an increased focus on customer experience initiatives by banks of all sizes, new research has found that not all of these efforts may be resulting in revenue growth.
In fact, while some banks and credit unions are significantly outperforming peers, others aren’t focusing on efforts that customers care about most.
In a just released […]