Wishing you a year that’s full of light and listening.
Happy holidays to you and your family!
Do you know about your customers’ fast-growing issues? Are you aware of their rapidly increasing challenges — and the risks your organization needs to get ahead of?
As one of our partners recently shared, “With its unique specialization, PositivityTech has no real competitor.” The PositivityTech® platform uncovers value from customer complaint data, ensuring that institutions understand their customers’ growing issues. And this year, we invested in our intellectual property, unveiling industry-wide and institution-specific risks and getting validation in our conversations with financial leaders and across the media. Please read our 2023 highlights below. We thank you for being part of our journey.
1. PositivityTech pinpoints critical findings using the Consumer Financial Protection Bureau (CFPB) data
According to its website, the CFPB is “dedicated to making sure you [consumers] are treated fairly by banks, lenders and other financial institutions.” A database filled with complaints directed at thousands of financial institutions, the CFPB is rich with intelligence. By applying PositivityTech proprietary tools, organizations predict and prevent fast-growing risks.
This year, PositivityTech proved that frictions in organizations’ practices can be identified at least six months before regulatory notice. As we shared, “The CFPB is loud and clear: It is paying attention to your customer complaints — and will prioritize agency actions accordingly.” Just take a look at the fast-growing issues PositivityTech identified at Wells Fargo, Ally, Bank of America, Capital One, and JPMorgan Chase.
2. PositivityTech’s categorization tools track trends that will have a regulatory impact
It may have happened under the radar and with little fanfare, but the CFPB’s recent work to change hundreds of combinations of category mapping in its complaint form is already affecting financial institutions.
With its proprietary classification, PositivityTech tracks these changes — and the impact they have. These are significant and they matter — and PositivityTech ensures that financial institutions are ready.
3. PositivityTech makes it possible to track and measure social impact with tools like the Bias Index and Severity Score
Prioritizing the S in ESG means elevating customers’ voices and understanding their friction points in order to drive solutions. PositivityTech is a purpose-driven technology, and by using PositivityTech’s proprietary tools applied to customer complaint data, we identified how automated mortgage underwriting negatively impacts retirees and servicemembers.
With PositivityTech’s proprietary Severity Score, a domain-specific natural language algorithm that identifies severe complaints and future risk based on customer narratives, we found that older Americans and older servicemembers have the largest concentration of complaints in the high Severity Score range. With PositivityTech’s Bias Index™, we found that servicemembers feel greater levels of discrimination than other populations, especially pronounced in the mortgage product.
4. PositivityTech’s trigger algorithms enable institutions to find fast-growing High-Risk Interactions
This year, PositivityTech identified still-small yet fast-growing High-Risk Interactions that customers are facing — and that institutions must get ahead of in order to improve customer experience and avoid regulatory fines. PositivityTech’s proprietary industry- and financial institution-specific trigger algorithms identified growing complaints about fraud, as well as issues accessing credit card rewards and bank accounts.
With these trigger algorithms, organizations have the opportunity to get ahead of risks, create more transparency, and build trust among customers.
5. PositivityTech intelligence reveals crucial customer concerns across the media and industry events
It is clear that PositivityTech is ahead of the curve, with trends that we reveal making headlinesmonths later. In 2023, we were proud to share insights on a variety of platforms, including:
- At American Banker’s Payments Forum, I led a panel called, “The Power of Customer Narratives: New Ways to Get Ahead of Regulatory Concerns.” During the discussion, panelists from a regional bank and fintech mentioned that they wished they had a tool that could systematically listen to customers across platforms and ecosystems and detect risks — which is exactly what PositivityTech does.
- At a Mastercard Digital Safari Event, I met with industry leaders from across the globe, sharing that visibility into High-Risk Interactions is key, customer conversations are often unused, and when a customer takes the time and effort to complain, it matters.
- In an American Banker article, PositivityTech was invited to share vital insights about credit card late fees. These insights, based on High-Risk Interactions from customer complaint data, reveal information that’s critical to consider following the CFPB proposal to significantly reduce credit card fees. In an American Banker video interview, “Who protects consumers in payments technology?” I shared how PositivityTech makes it possible for financial institutions to improve their regulatory compliance capabilities using customer narrative data.
6. PositivityTech deploys at financial institutions
Amid increased regulatory scrutiny and more emphasis on customer-first strategies, forward-thinking institutions understand that customer complaints are a source of intelligence that reveals opportunities for action. In 2023, we were proud to deploy with financial institutions that are identifying, understanding, predicting, and preventing risks using CFPB complaint data, as well as their own customer data.
In 2023, we were proud to do our part to transform negatives into positives.
Every institution has High-Risk Interactions that are small in volume but growing quickly. Executives know they exist, but don’t know how to identify them. In 2024, partner with us to get ahead of customers’ friction points, fast-growing risks, and growth-stopping conditions. No institution has the luxury of not doing so. Connect with me at email@example.com.