We’re in the “Age of the Customer” –which means increasing challenges to meet evolving consumer demands, resolve problems rapidly, and comply with a changing regulatory environment. Customer experience is more important than ever to compete effectively and win business.
In a recent article published by DataInformed, Beyond the Arc CEO Steven Ramirez highlighted how companies can gain a big advantage by tapping into valuable sources of regulatory data. Publically available customer feedback data, such as social media and the Consumer Financial Protection Bureau (CFPB) customer complaint database, can offer valuable insights into customer behavior and sentiment.
- Listen and learn — The CFPB data names more than 1,500 companies and key issues driving consumer dissatisfaction. Though centered on financial services, other industries could learn valuable lessons on how to avoid upsetting customers with perceived unfair or deceptive business practices (such as those cited in the CFPB database).
- Gain the early advantage – Most issues in the CFPB database began as customer experience problems, which most likely surfaced in social media much earlier. By the time issues were reported to regulators, they are serious complaints. To preserve customer relationships and brand reputation, it’s vital to identify pain points early on and take action before problems escalate. Businesses should take advantage of CFPB data, social media, and other customer feedback channels to mitigate risk, and in some cases avoid steep regulatory fines.
- Leverage opportunities – Look at negative customer feedback as a learning opportunity. For companies that take the time to analyze CFPB data, these market signals from customers offer insights to help you resolve pain points, address unmet needs, and differentiate the customer experience.
To learn more, check out the full article >