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. Will your bank be next?
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
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.