Here Are the Insights Gleaned After AI Sifted Through More Than 400,000 Consumer Complaints

CHARLOTTE — An analysis that used artificial intelligence to sort through more than 400,000 consumer complaints reveals a number of trends from which financial institutions can learn, according to one company.

Stratifyd, which provides experience analytics solutions powered by Smart AI, has released its first annual “FinServ Customer Experience Report.” The report, the company said, offers a comprehensive analysis of the publicly available CFPB database. During 2020, the database recorded a 58% year-over-year increase in complaints to the CFPB and the highest level of complaints ever recorded.

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The company said the 2021 FinServ Customer Experience Report takes a “deeper look at how individual struggles intersected with the customer experience at their financial institutions.”

Stratifyd said its Experience Analytics platform to analyze 436,000 complaints filed in 2020 and reviewed the unstructured data to reveal the reasons and sentiment behind the surfaced trends.

The Key Findings

Among the key findings in the report:

  • As fraud skyrocketed, consumers felt financial institutions didn’t react quickly enough. “Increases in the use of digital channels led to historic rates of fraud which resulted in an increase in related complaints. Of complaints with public comments, 27% were duplicates, suggesting financial institutions weren’t reacting fast enough to consumer concerns.”
  • Complaints related to credit reporting/credit services greatly increased. “Credit reporting/credit repair services accounted for 64% of all complaints and had the highest increase year over year — doubling from 2019. Of the complaints filed in 2020, two-thirds were consumers stating that there was incorrect information on their credit report.”
  • A perceived lack of empathy for certain types of debt frustrated consumers. “According to the report, one of the main complaint categories as it relates to credit or prepaid cards was for ‘fees.’ Consumers often expressed frustration that they felt their credit card issuer was not empathetic with their financial situation due to the pandemic,” the company said. “In particular, they would complain that late fees or interest rates were not lowered, despite other consumers benefiting from mortgage and auto loan payments being deferred.”
  • Digital payment complaints accelerated as online shopping increased. “The switch to digital banking and purchases was not without growing pains for consumers,” according to Stratifyd . “According to the report, there was a 59% year-over-year increase in complaints about money transfer/virtual currency. In fact, as online shopping increased, claims of fraud/scams and unauthorized charges through digital payment platforms also increased.”
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Recommendations Made

The report includes four recommendations:

  • Incorporate CFPB Complaints into Your Voice of the Customer Program
  • Automate Analytics around Complaints from All Channels
  • Take a Proactive Approach to Monitoring Changes in CX
  • Make Intentional Changes Based on Customer Perception, Not Just Experience

For info: www.stratifyd.com.

 

 

 

Section: Standard
Word Count: 616
Copyright Holder: CUToday.info
Copyright Year: 2024
Is Based On:
URL: https://www.cutoday.info/Fresh-Today/Here-Are-the-Insights-Gleaned-After-AI-Sifted-Through-More-Than-400-000-Consumer-Complaints