Report analyzes more than 400,000 complaints to the Consumer Financial Protection Bureau in 2020 and explores what uncovered trends can reveal to financial services providers
CHARLOTTE — March 23, 2021 — Stratifyd, the leading provider of experience analytics solutions powered by Smart AI™, today announced it has released its first annual “FinServ Customer Experience Report.” The report offers a comprehensive analysis of the publicly available Consumer Financial Protection Bureau (CFPB) Database, highlighting consumers’ top complaints made to the organization about financial services providers in 2020.
The COVID-19 pandemic put considerable stress on the financial services industry, with many Americans struggling to meet their financial obligations. To help consumers mitigate the challenges brought about by the pandemic, the U.S. Congress passed the CARES Act in March 2020. While the legislation helped ease some of the financial hardships placed on Americans, it also opened the door to a wide range of consumer requests. The pandemic also introduced significant surges in fraud thereby complicating existing consumer issues. In fact, hardship, coupled with other factors influenced by the pandemic, led to a 58% year-over-year increase in complaints to the CFPB and the highest level of complaints ever recorded.
The 2021 FinServ Customer Experience Report takes a deeper look at how individual struggles intersected with the customer experience at their financial institutions. To reveal key trends within the CFPB data, Stratifyd leveraged its Experience Analytics platform to analyze 436,000 complaints filed in 2020. Stratifyd’s Smart AI — which uses the power of AI to surface insights that existing approaches often miss — reviewed the unstructured data to reveal the reasons and sentiment behind the surfaced trends.
“Financial institutions can learn valuable lessons from the complaints of consumers,” said Derek Wang, founder and CEO at Stratifyd. “Too often, financial service providers rely on their own customer surveys and proprietary data to uncover consumer trends and sentiment. But to truly understand and improve the full customer experience they’re offering, financial institutions must analyze data across a variety of channels. Our report highlights one of the most siloed, yet valuable, resources for uncovering primary barriers impacting consumers’ experiences with their financial services providers. Its findings can reveal valuable insights that lead to better experience strategies and, consequently, improve bottom lines as companies look for a path forward in 2021.”
Key findings from the report include:
To download the 2021 FinServ Customer Experience Report and uncover more insights, visit: https://www.stratifyd.com/cfpb-2021
Stratifyd takes the burden of manual analytics off your team by proactively surfacing hidden experience signals and trends 24/7 to ensure you never miss another insight. Stratifyd’s vendor-neutral approach connects experience, behavioral, and operational data to remove data blind spots, uncover prescriptive insights, and enable smarter decisions. Now your business can stay ahead of your customers and the competition. Our Experience Analytics Platform powered by Smart AI is trusted by startups, enterprise, and Fortune 500 companies to improve experiences across channels, drive efficiencies, and increase employee and customer loyalty. To learn more about our no-code approach to AI, visit www.stratifyd.com.