As the new CFPB takes form in advance of its formal 7/21 launch, there is increased focus on data—both for input to the CFPB and for analysis and output from financial institutions. Interestingly, the CFPB’s data collection approach, in terms of identifying consumer issues, is including social media based approaches:
To that end, the bureau’s website, consumerfinance.gov, appears to have been set up with the social web in mind. On every blog post, video and update, there are social elements encouraging visitors to help broadcast the message virally across Facebook and Twitter. But it also aims to get people to send a message back to the CFPB. “For the first time in many years, we have the opportunity to create a brand-new consumer agency from the ground up,” Warren explained in the video. “We want to make sure that you are with us all the way while we build it.”
As if channeling the zeitgeist that dictates the general public generally shares its thoughts and feelings through social media, the CFPB doesn’t actually list a telephone number on its suggestion solicitation page, but rather takes a more decidedly Web 2.0 approach. The CFPB website looks for suggestions via Twitter (using the #cfpb hashtag), through a YouTube video response or through a built-in e-mail contact form.
From banks’ perspective, data challenges are numerous, including notoriously siloed organizations and systems that impede a customer-centric view. Forward-thinking institutions are watching the CFPB development, and are trying to anticipate potential data requirements from the agency.
All of this has upped the urgency among banks to get data management right. From a bank perspective, data rationalization and analytics can help build a clear picture of the customer and how the customer interacts with the bank’s various products. Reporting to the CFPB simply adds an incentive to get it right.
