Complaints about money transfers are on the rise. The PositivityTechⓇ platform’s proprietary trigger process alerts our clients of the growing industry triggers derived from customers’ “voices” and provides a market comparison of the issues triggered.
This month, the problem of adding money during a money transfer was one of the top issues triggered, and the market comparison of this issue identified that only one traditional bank, “Bank A,” is facing this challenge. Other complaints about this issue came from customers of recently launched fintech companies, which we’ll call “Digital Payment Companies.”
Identify your growing problem and competition
Customer complaints about the inability to add money during the transfer process are still relatively small in volume, increasing as digital money transfers become more mainstream.
- 81% of all complaints about money transfer issues come from Bank A.
- 14% of all complaints about money transfer issues come from Digital Payment Companies.
The following complaint comes from a Bank A customer:
“My monthly statement came in and I was told that I could connect my [Bank A] account to my X to make a payment for my credit card balance. When I went to add my [Bank A] to my X online payments, it stated that [Bank A] has made a change that prevents you from being able to link your accounts.”
The following is a complaint about this issue from a Digital Payment Company customer:
“Adding money to my verified [Digital Payment Company] account in good standing from a confirmed and active previously used bank account is being blocked without explanation and without reason. I tried numerous times with the same error message.”
Both customer complaints, while originating from very different organizations, reveal a similar industry issue: Customers are unable to complete their digital payments. Perhaps there have been recent bank policy changes related to linking accounts? Complaints highlight the downstream effects of policy changes, which are often not considered.
Understand your competition
By exploring customer complaints about issues surrounding money transfers in retail banking, you will be able to uncover alternate competitors – competitors you may not be considering. From an “outside in” perspective, understanding your multiple and varying competitors provides actionable intelligence that makes it possible to answer the following questions:
- How do your complaints compare?
- Who is in your complaint peer group?
- What policies or processes need to be addressed?
- What actions should you take?
Predict your financial institution’s challenges
The PositivityTech platform’s proprietary trigger process can also help predict whether money transfers may become an issue for other financial institutions as well. In addition to analyzing how Bank A’s extreme share of complaints compares to other institutions, you can also compare the following per institution:
- Severity of complaints
- Identification of bias within complaints
- Geographic breakdown of complaints
- Product breakdown of complaints
- Issue breakdown of complaints
- Complaint narratives
With this information, financial institutions can analyze the root cause of complaints, find leading indicators of complaints, and predict up-and-coming competitors, as well as the issues that your institution may face.
With our proprietary trigger process, financial institutions can be alerted to new and recently changing issues, even when small in volume, and gain a competitive advantage. As the analytic process unfolds, financial institutions can adopt actions to inhibit future complaints. If you’re interested in uncovering the issues and competition your institution may never have considered, please reach out to me at firstname.lastname@example.org. I look forward to hearing from you.