How Open Data is Making Banks Behave Better. Really.

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When setting up the CFPB, we set out to make the consumer financial marketplace better for consumers.

One way to do that was through making government work better - by asking the right questions and being smart about our regulations. Another way was through releasing the complaints we received from people about their financial products (credit cards, bank accounts, mortgages, student loans, credit ratings, etc).

We fought the internal - and external - battles to make this happen.

Now, over a year later, the impact is clear - banks are paying attention to the complaints they are receiving.

They are stepping up their customer service. Creating and communicating their processes.

The CFPB is using this data to spot macro trends, as well as pass on the individual complaints.

And all of this data is in the public - at least one startup is using it as a part of their product, as well as countless journalists.

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  • A marketplace in need of reform
  • What would consumer friendly regulation look like and how can technology enable thathttp://www.businessinsider.com/chart-financial-crisis-2013-9
  • Culture, 21st century
  • What would consumer friendly regulation look like and how can technology enable that http://www.atarimagazines.com/compute/issue113/20-1.jpg
  • http://www.businessweek.com/articles/2013-04-04/banks-roused-by-the-cfpbs-database-of-complaints
  • How Open Data is Making Banks Behave Better. Really.

    1. 1. HOW OPEN DATA IS MAKING BANKS BEHAVE BETTER. REALLY. FOR REAL. #strataconf @merici
    2. 2. #strataconf @merici
    3. 3. #strataconf @merici
    4. 4. credit reportin g mortgages credit cards bank accounts + services student loans payday loans car loans + other consume r loans debt collection #strataconf @merici
    5. 5. President Obama to Elizabeth Warren: Level the playing field for American families and fix the broken consumer credit market—and do it as quickly and effectively as possible. kthnx potus NO BIG DEAL
    6. 6. #strataconf @merici
    7. 7. #strataconf @merici
    8. 8. #strataconf @merici
    9. 9. #strataconf @merici
    10. 10. AS OF JULY 2013, THE CFPB RECEIVED176,700 COMPLAINTS #strataconf @merici
    11. 11. Customer service FTW (well, generally) FAQs. Online! social media monitoring #strataconf @merici
    12. 12. Banks have responded to 97% of the complaints they’ve received, and roughly 25% of customers received monetary relief as a result. The median sum consumers have received is $110.* *Forbes: Why Banks Are Scrambling To Hear Your Complaints
    13. 13. • All letters to consumers are now “common sense” checked for readability • Policy to address social media comments within four hours and any other form of complaints typically within 24 hours. That was partly because the bank wanted to let customers know they could respond faster than the CFPB Forbes: Why Banks Are Scrambling To Hear Your Complaints #strataconf @merici
    14. 14. • Online complaint forms (instead of having to call) • Online customer service chat and email Forbes: Why Banks Are Scrambling To Hear Your Complaints #strataconf @merici
    15. 15. Response times have sped up by 3 percent since the database came online. (that’s a good thing) Data compiled by Bloomberg Businessweek #strataconf @merici
    16. 16. “For the first time, the companies have a benchmark to compare themselves to their competitors. Previously, they were acting in a vacuum.” - Steven Ramirez, CEO of data-mining consultancy Beyond the Arc Bloomberg Businessweek #strataconf @merici
    17. 17. “We know that if we hear about a particular problem from 50 consumers, that likely means it looms larger than if we hear about it from two.” Richard Cordray, Director of the CFPB #strataconf @merici
    18. 18. CFPB.GITHUB.IO #strataconf @merici

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