As a corporate intrapreneur turned entrepreneur, I have been fortunate to experience the benefits of deep domain knowledge and an expansive and supportive network. These two advantages have helped my team recognize the value of customer narrative data and demonstrate its impact to our community. This year, PositivityTech®’s capabilities have shown organizations how to extract critical insights from customer frustrations, their perceived bias, and other costly pain points.
I thank my incredible community, which has elevated our efforts — and, of course, our medical professionals, who have helped all of us gain a greater sense of normalcy. This year was challenging for all, which is why our accomplishments are doubly worthy of celebration. Please read on to learn about our 2021 achievements and their ongoing impact.
1. PositivityTech Bias Index gains media and industry attention
In April, American Banker journalist Kate Berry covered PositivityTech in the article, “AI enables banks to spot bias claims in customers’ complaints.” The article describes how our AI-powered platform makes it possible for institutions to analyze customer complaint data in order to identify perceived bias and discrimination. Today, customers are expressing themselves in a more comprehensive way, giving financial institutions the opportunity to listen, recognize what needs to be changed, and improve their products, policies, and outcomes accordingly.
Looking ahead, the Bias Index is a working example of how PositivityTech combines human insights and advanced technology to uncover issues that will cause financial institutions preventable risk in the future.
2. PositivityTech’s insights into banks’ customer complaint data shed light on regulators’ priorities
In our monthly FrameWork, we shared time-sensitive risks and opportunities for financial institutions, based on PositivityTech data insights, including:
In the spring, PositivityTech was ahead of the curve when it was used to look at customers’ income ranges to understand their impact on customers’ frustration levels and on their perceived discrimination. Four months later, the CFPB published a very similar report about consumer complaint submissions by income and race. As a result, regulators are raising awareness of the need to ensure equality, affordability, and protection when reviewing policies, practices, and outcomes.
Looking ahead with an industry example in mind, what does this mean for the mortgage industry? The mortgage industry continues to be ripe for digital disruption while simultaneously working hard to provide safe and sustainable housing. Insights from customer points of friction are invaluable to solving for both.
Thanks to PositivityTech, we unveiled surprising findings about customer complaints regarding credit bureau reporting, including: (1) While customers complain to credit bureaus about a variety of issues, many of these issues are hidden and cannot be resolved by credit bureaus alone. (2) Severe customer complaints about credit bureaus are concentrated in three complaint topics. (3) The percentage of customers who send duplicate complaints to credit bureaus has risen.
Looking ahead, how are banks and credit bureaus committing to solve the root causes of information disputes and their demographic disparities together? Analyzing insights and risks from their customers’ complaints can guide their investigations and solutions.
3. PositivityTech collaborates with Verisk Financial and introduces its capabilities to industry-leading financial institutions
As an entrepreneur, collaborations and partnerships are critical to success. Through our collaboration with Verisk Financial, we are able to introduce an array of institutions to a whole new perspective on the power of customer narrative data, and together, help them solve the critical systemic challenges that are top of mind.
4. Marcia Tal and Betty DeVita explore the future of voice data at Voice Global 2021
I was delighted to join forces at Voice Global 2021 with Betty DeVita, FinConecta Chief Business Officer. In our conversation, “Are You Really Listening? The Future of Voice Data,” we explored the application of new technologies, open platforms and open data, and evolving capabilities, such as those surrounding voice and conversations, in financial services.
Looking ahead, Betty’s focus on digital transformation, banking as a service, and open banking complements PositivityTech’s purpose of empowering customers to raise their voices while organizations commit to act on what their customers say.
5. BAI highlights “The scale and power of customer conversation data”
In a thought leadership article for BAI, I explored the multi-billion dollar opportunity from analyzing and acting upon customer conversation data, shedding light on the systemic patterns and regulatory risks that companies miss when they don’t realize that customer conversation data is an asset requiring care and investment.
Looking ahead, a positive relationship between banks and their customers begins with listening. In 2022, we will continue to progress our technology and analytic solutions, which enable organizations to focus on their customer narratives in their daily work.
Thank you, as always, for being part of my journey in 2021 and beyond. Exciting things are in the works! I wish you and your families a happy and healthy holiday season. In 2022, may we all turn negatives into positives.