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Thursday, May 10, 2012

2:00 PM - 2:45 PM
Track: Regulation and Compliance View Track


Michael Beird, Director, Banking Services, J.D. POWER AND ASSOCIATES

Research shows that the incidence of customer problems has continuously declined year-over-year since 2009, according to J.D. Power’s Credit Card Satisfaction Study. The challenge for issuers, however, is that for those customers who do have a problem, successful problem resolution represents 37% of overall satisfaction, dwarfing other aspects of their relationship in areas such as online interaction, product terms and benefits. Consequently, the rapid and direct resolution of problems and complaints has become a high priority for issuers.  In a similar vein, the CFPB complaints data tends to be influenced by how problems are handled by the issuer. 

Session attendees will:

  • Understand what problems occur most often and have the greatest impact on satisfaction based on J.D. Power research
  • Hear about the CFPB complaints process and how complaints get handled by the Bureau
  • Learn how cardholder terms and ongoing customer communication impact problems and satisfaction  
  • Discuss what steps some issuers have taken to minimize problems and complaints
  • Identify the top five action items for improving resolution satisfaction and minimizing complaints

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