CFPB Insights
Cognitive View's CFPB Insights is an independent service that provides insights from CFPB's historical complaints data that is publicly available.
CFPB Insights allows firms to learn and understand past complaint patterns and CFPB's resolution approaches. In addition, it provides actionable insights to support the internal dispute resolution process and respond efficiently to CFPB's lodged complaints.
This service is built leveraging AI and advanced analytics to convert thousands of unstructured data into a structured format that provides several insights and is continuously updated to keep up to date.
This is offered in SAAS (software as a service) model with both Web and API-based interfaces. APIs allow integration with existing Complaint or Complaint knowledge management systems by linking current complaints with similar complaints from CFPB.
CFPB sets out rules on how firms that comply with consumer complaints handling
requirements can meet their obligations. Financial firms must have a dispute resolution system that consists of Internal dispute resolution (IDR) processes that meet the standards or requirements recommended by CFPB.
CFPB's dispute resolution process involves CFPB investigating, gathering, and considering more information to deal with the complaints. The complexity level of a customer complaint can make the process lengthier and requires agreement between parties through informal methods.
Firms need to review their complaints data and analyze the root causes routinely – not only on a case-by-case basis but also by observing the general trend to identify systemic issues. Besides the firm’s internal complaints data, having a better understanding of industry trends provides an opportunity to learn from others and optimize existing people, processes, and products to prevent similar complaints.
CFPB Insights provides the below three sets of functionalities
Determination search is an intelligent search capability that allows companies to learn from similar complaints and understand CFPB’s findings, issues, and resolution approaches. It uses natural language processing and analytics to uncover CFPB's previous determinations and retrieve specific answers to your questions.
Trend analytics provides past and emerging complaint patterns, top compliance issues, and industry trends.
Industry benchmark allows you to compare & benchmark complaints & process gaps against the industry peers or product lines to identify systemic risks, improvements made, and opportunities for improvement.
This Solutions is for
Whether you are a complaint management professional, customer experience analyst, or risk/compliance person, CFPB insights can help in day-to-day decision-making and strategic planning.
Benefits
CFPB insights save massive amounts of time and cost in complaint resolution by analyzing CFPB's previous determinations. It also allows firms to learn from CFPB's resolution best practices and customer fairness approach with real case examples.
It offers to reflect on internal business processes, identify systemic issues, and meet the compliance requirements required for the CFPB.