Fraudulent bank accounts. The inability to connect with an agent to solve your problem. Credit card rewards that you can’t access. We’ve all been there. We’ve all found financial issues crowding our already busy to-do lists.
And as a leader in the financial industry, you can make the difference you want to make.
You can ensure that these issues aren’t on your customers’ to-do lists.
With the PositivityTech® intelligent platform, you can identify the small but fast-growing issues plaguing your customers — and stop them in their tracks.
Below let’s look at three fast-growing issues making life more challenging for your customers today. This is the intel you need to transform negatives into positives.
1. Increased fraud at Bank of America
During the past 90 days, more customers are complaining to the Consumer Financial Protection Bureau (CFPB) about fraudulent Bank of America accounts opened on their behalf. PositivityTech’s proprietary industry and financial institution specific trigger algorithms capture this growing issue. In the following visuals, see:
- How Bank of America’s complaints about fraudulent accounts compare to those at other banks, with more than 50% of all complaints about this issue directed at Bank of America
- How Bank of America’s complaint volume is still small but rising
- How a customer is continually trying to close their fraudulent account
2. Chatbots are on the rise — and so are High-Risk Interactions
Chatbots are under scrutiny with CFPB Director Rohit Chopra recently stating, “A poorly deployed chatbot can lead to customer frustration, reduced trust, and even violations of the law.” In 2022, an estimated 37% of the US population interacted with a bank’s chatbot and that number is expected to grow.
People with real-life issues demand human and domain expertise. In the following complaints, customers share chatbots’ failure to help.
3. Problems accessing credit card rewards
Complaints about “features, terms or problems” related to credit card rewards are on the rise. PositivityTech’s proprietary industry and financial institution specific trigger algorithms capture this still-small and growing issue. In the following visuals, see:
- How these issues are rising across the industry
- How Bread Financial’s complaints are still small in volume but rising
- How Goldman Sachs’ complaints are still small in volume but rising
- How an American Express customer complains about their inability to use their rewards
Take these issues off your customers’ to-do lists
Amid increased regulatory scrutiny, you have an opportunity to get ahead of risks, create more transparency, and build trust among your customers.
Recognize that people still want to interact with other people when their issues are not resolved. Use complaints to uncover value for your customers. Take these issues off of their to-do lists. Give your customers the experience you want them to have.
Let’s do better — and transform negatives into positives.
Interested in learning about the small, but fast-growing issues troubling your customers? Get in touch at marcia.tal@positivitytech.com.
