In this exclusive in-depth analysis, a banking domain expert sat down with an analytics team and analyzed three years of data from the US’ Consumer Financial Protection Bureau (CFPB) to understand the service levels in financial services. Here’s an exclusive piece of information with points 1 to 4 on macro-level analysis and points 5 to 8 on micro-level analysis. It covers all types of financial services products from bank accounts to credit cards and mortgages to money transfers.
The State of California filed the most number of complaints at around 46,000 in 2014. California was followed by Florida, which filed around 30,000 complaints. This was followed by New York and Texas, both having filed around 20,000 complaints. The interactive chart below gives more insights on the same:
US Heat Map Based on No. of Complaints
From 2012 to 2014, debt collection and credit reporting saw a huge jump in consumer complaints.
BofA has extensively focused on mortgage issues and has brought down the complaints in that specific area. They have also managed to bring down complaints related to credit cards.
Capital One has extensively focused on credit card issues (its main focus area) and has brought down the complaints in that specific area marginally. However, they have also managed to bring down complaints related to mortgages and bank accounts or services by considerable numbers.
A common trend surrounding small banks is a substantial rise in the number of complaints related to debt collection. Other issues related to mortgages, credit cards, etc., have been on the rise as well, but debt collection issues have increased in big numbers, especially from 2013 to 2014.
The above chart covers different product types and represents how long the company took to respond. Companies took the most time in addressing issues related to debt collection and payday loan-related issues. However, companies took the least amount of time in addressing credit reporting and credit card-related issues.
The above chart represents only those issues that had more than 1000 complaints and how they have been resolved. More than 60% of payoff process issues were resolved without any form of monetary relief. While in case of late fee issues, around 50% of them were resolved through some form of monetary relief. In resolving issues related to credit report/credit score, companies hardly took the route of providing some monetary relief for resolving them.
Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.
Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.
Tap the button below to read our latest white-paper on the subject as industry leaders.
Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.
Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.
Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.
Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.
Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.
Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.