Objective: to analyze which states and companies in the United States have the most complaints about financial products, and to study the types of products with the most complaints.

Abstract: with the expansion of banking business scale and business types, consumer complaints have been on the rise. Through the analysis of the data of consumer financial complaints in the United States, the following conclusions are drawn: before August 2015, the number of consumer financial complaints in the United States showed a slow growth trend, and the number of complaints in August 2015 reached the highest level in this year. Among all financial products, Mortgage has the most complaints, while Conventional fixed Mortgage has the most complaints. In addition, California has the highest number of consumer complaints, and the largest percentage of those filed through Web channels in the state. Some companies generally do not respond publicly to consumer complaints, while others believe their actions are authorized by contract or law.

Keywords: DataFocus; The financial sector. Consumer complaints

Case background

As people’s wealth accumulation continues to grow, people’s demands for financial management and investment become more urgent. In the era of “Internet +”, a large number of Internet financial products have appeared. However, due to lax supervision and other reasons, the operation of some Internet financial platforms is not standard, the company goes bankrupt, and the difficulty of payment occurs frequently, causing investors to suffer certain property losses.

Case study

With the expansion of banking business scale and business types, consumer complaints have been on the rise. In order to strengthen the pertinence and management of the protection of financial consumers’ rights and interests, this paper analyzes consumer financial complaints and puts forward relevant Suggestions.

 

Case analysis

Import the analyzed “American consumer financial complaints” CSV file into the Focus system.

Us consumer finance complaints in 2015

1. Distribution of complaints in different months

Due to the largest number of consumer financial complaints in the United States in 2015, the data of 2015 was selected to analyze the distribution of complaints in different months. From figure 1, we can see that the number of consumer complaints before August 2015 showed a slow growth trend, and the number of complaints in August 2015 reached the maximum in the year. C:\Users\datafocus\Pictures\捕获35.PNG

图1 The distribution of complaints in different months in 2015

Complaint statistics for different products

From figure 2, we can see that Mortgage has the most complaints, followed by Debt collection and Bank account or service product items. C:\Users\datafocus\Pictures\捕获36.PNG

图2 Complaint statistics of different products in 2015

Statistics of the complaint volume of each subclass of mortgage loan

It can be seen from figure 3 that the most complaints of the Mortgage subclass products are Conventional fixed Mortgage, while those of Reverse Mortgage are the least. C:\Users\datafocus\Pictures\捕获37.PNG

The distribution of complaints in different states

As can be seen in figure 4, CA(California) has the highest number of consumer complaints. C:\Users\datafocus\Pictures\捕获38.PNG

图4 The distribution of complaints in different states

A summary of complaints from different California complaint channels

Select the data of consumer complaints in California and analyze the distribution of complaints in different complaint channels. As you can see in figure 5, the largest number of complaints are made through the Web channel.

C:\Users\datafocus\Pictures\捕获39.PNG

图5 A summary of complaints from different California complaint channels

 

The company’s response to consumer complaints

1. The company’s enthusiasm for public response

As can be seen from figure 6, some companies generally do not give public response to consumer complaints, while others believe that their behaviors are authorized by contract or law, and all companies are highly motivated to respond to complaints.

C:\Users\datafocus\Pictures\捕获40.PNG

图6 The enthusiasm of the company’s public response

 

The company’s response to consumers

As can be seen from figure 7, there are four ways for the company to respond to consumers. The one with the most responses is Closed with explanation, which means explanation. C:\Users\datafocus\Pictures\捕获41.PNG 图7

The 10 companies with the most complaints

As can be seen from figure 8, the 10 companies with the most complaints are Ally Financial Inc., BB&T Financial, Bank of America, Citibank, Ditech Financial LLC, ERC, Select Portfolio Servicing Inc., SunTrust Banks Inc., U.S. Bancorp and Wells Fargo & Company. This indicates that these companies are more likely to go bankrupt. C:\Users\datafocus\Pictures\捕获42.PNG

图8

Data pinboard

Finally, the 8 results were imported into the “American consumer financial complaints” data pinboard. The operation results are as follows: C:\Users\datafocus\Pictures\捕获34.PNG

图9 数据看板

conclusion

Before August 2015, the number of consumer financial complaints in the United States showed a slow growth trend, and the number of complaints in August 2015 reached the highest level in this year. Among all financial products, Mortgage has the most complaints, while Conventional fixed Mortgage has the most complaints. In addition, California has the highest number of consumer complaints, with the largest proportion of those filed through Web channels in the state. Some companies generally do not respond publicly to consumer complaints, others believe that their actions are authorized by contract or law and that companies are highly motivated to respond to complaints.

Suggestions

From the perspective of industrial supervision, we should standardize the operation behavior of financial enterprises, standardize the process of handling consumer complaints, and timely and effectively solve the complaints of financial consumers, so as to avoid the reputation risk. We will increase efforts to popularize relevant financial knowledge, improve the ability of the public to identify and prevent financial risks, and further protect the legitimate rights and interests of consumers. At the same time, we will accelerate the improvement of the legal system related to financial consumer protection, and further build a diversified dispute resolution and protection mechanism for vulnerable groups. In addition, companies should refer to the types of products that have the most complaints from consumers, and refer to complaints and Suggestions from consumers to further improve product quality and service.

 

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