HOW OPEN DATA IS MAKING BANKS BEHAVE BETTER.

REALLY.

FOR REAL.

#strataconf @merici

#strataconf @merici

#strataconf @merici

#strataconf @merici

mortgages

credit reporti

ng

payday loans

student loans

bank accounts

+ services

debt collectio

n

credit cards

car loans + other

consumer loans

President Obama to Elizabeth Warren:

Level the playing field for American families and fix the broken consumer credit market—and do it as quickly

and effectively as possible. 

k t h n x p o t u s N O B I G D E A L

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#strataconf @merici

#strataconf @merici#strataconf @merici

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AS OF JULY 2013, THE CFPB RECEIVED176,700 COMPLAINTS

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#strataconf @merici

Customer service FTW (well , general ly)

FAQs. Online! social

media monitori

ng

Banks have responded to 97% of the complaints they’ve received, and roughly 25% of customers received monetary relief as a result. The median sum consumers have received is $110.**Forbes: Why Banks Are Scrambling To Hear Your Complaints

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• All letters to consumers are now “common sense” checked for readability

• Policy to address social media comments within four hours and any other form of complaints typically within 24 hours.

That was partly because the bank wanted to let customers know they could respond faster than the CFPB

Forbes: Why Banks Are Scrambling To Hear Your Complaints

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• Online complaint forms (instead of having to call)

• Online customer service chat and email

Forbes: Why Banks Are Scrambling To Hear Your Complaints

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Response times have sped up by 3 percent since the database came online.

(that’s a good thing)

Data compiled by Bloomberg Businessweek

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“For the first time, the companies have a benchmark to compare themselves to their competitors. Previously, they were acting in a vacuum.”- Steven Ramirez, CEO of data-mining consultancy Beyond the ArcBloomberg Businessweek

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“We know that if we hear about a particular problem from 50 consumers, that likely means it looms larger than if we hear about it from two.”

Richard Cordray, Director of the CFPB

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CFPB.GITHUB.IO