Brandon Purcell

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Mining the CFPB Complaint Database to Improve Your Customer Experience

February 14, 2014

Analytics Update

Sallie Mae learns a hard lesson in the importance of data analytics. If they had been paying attention, they could have seen all their customer experience problems coming.

In August 2013, Richard Cordray, head of the CFPB, announced that the agency was turning its gaze toward student loans.  So it was no...
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2013 analysis: Top 5 financial institutions with the most CFPB complaints (Infographic)

January 17, 2014

As part of Beyond the Arc’s ongoing analysis of the Consumer Financial Protection Bureau (CFPB) customer complaint database, we’ve recapped 2013 in an upcoming report. Last year saw many leading financial institutions learn costly lessons from the CFPB, and there may be more ahead as the agency closely monitors an increasing array of key...
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Mining the CFPB Complaint Database to Improve Your Customer Experience

October 7, 2013

The Financial Brand recently published an article by Brandon Purcell, Data Science Team Lead at Beyond the Arc, about the actions that student loan giant Sallie Mae could have taken to avoid increased oversight by the Consumer Financial Protection Bureau (CFPB). The article points out that if Sallie Mae had monitored and analyzed its...
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A mortgage warning for JP Morgan Chase

September 3, 2013

CFPB Data Analytics Update Recently, the Consumer Financial Protection Bureau (CFPB) released its Summer 2013 Supervisory Highlights, which provides details on its review of mortgage servicing at both banks and non-banking entities over the past two ye...
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A warning to Sallie Mae from the CFPB database

August 19, 2013

CFPB Data Analytics Update The Consumer Financial Protection Bureau (CFPB) initially made its complaint database public in order to improve transparency in financial products for consumers.  Companies can also benefit from the database by analyzing consumer complaints and taking appropriate action before the CFPB does.  Recently, the CFPB has given companies a warning of...
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Mining the CFPB database to improve customer experience

March 19, 2013

Co-author: Nick Baldocchi

Of all the lessons learned from the Consumer Financial Protection Bureau’s (CFPB) enforcement actions in 2012, one is key: effective complaint management is vital to a company’s regulatory health.  However, companies don’t need to wait for negative experiences to escalate into complaints customers file with regulators. In fact, there is a...
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Top 2 best practices for customer segmentation using data mining

December 18, 2012

Traditional market research uses surveys to segment customers, and survey analysis helps you discover groups of customers with similar characteristics, who may respond to similar messaging.  However, it does not tell you exactly which of your customers need which messaging. Data mining helps you increase marketing effectiveness so you can deliver the right message...
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American Express’ $85 million fine explained by analysis of the CFPB’s consumer complaint database

October 2, 2012

Less than a week after fining credit card issuer Discover® $200 million for deceptive marketing practices, the Consumer Financial Protection Bureau (CFPB) announced yesterday it is ordering three American Express® subsidiaries to refund $85 million to customers, with an additional $14.1 million in fines. According to CFPB Director Richard Cordray, the agency “found that...
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Discover’s $200 million lesson from the CFPB

September 27, 2012

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it ordered major credit card provider, Discover®, to refund $200 million to customers for deceptive marketing practices. In collaboration with the FDIC, the CFPB found that Discover had misled its customers into purchasing add-on products including “Payment Protection,” which offers coverage to customers who are...
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