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 Capital One, Discover, and American Express who received multi-million dollar fines from the CFPB. The good news, however, is that banks and credit unions can leverage the CFPB customer complaint database to identify pain points early on and take action to retain customers, increase satisfaction, and avoid costly mistakes.
Beyond the Arc’s ongoing analysis of the publicly available CFPB customer complaint database enables us to track the top issues, which banks receive the most complaints, and how issues are trending over time. Keeping a close watch on this data can help financial institutions identify and resolve customer pain points to increase retention, while reducing servicing costs and regulatory risk.
Free On-demand Webinar:
Leveraging CFPB Complaint Database Analysis to Improve Customer Experience
Beyond the Arc has been analyzing the CFPB complaint database since it was made public in July 2012, and over time we’ve been tracking the top issues and the top financial institutions receiving complaints.
Our free webinar highlights how data analytics can identify key issues early on and uncover emerging trends to help banks and credit unions reduce compliance risk, enhance Voice of the Customer efforts, and improve customer experience.