In an annual report summarizing complaints CFPB received in 2014, the bureau noted that year-over-year complaint volume is up 53 percent, growing from 163,700 complaints in 2013 to 250,700 in 2014.Breaking down complaints received by product, CFPB found that in 2014, debt collection drew the most complaints: 88,300, or 35 percent of the total. That was followed by mortgages (51,200 complaints) and credit reporting (44,800 complaints).Of the 250,700 complaints received in 2014, approximately 67 percent were received through CFPB’s website, 9 percent via telephone, 15 percent via referrals from other agencies and regulators, and the balance via mail, email and fax.CFPB’s database includes complaints only regarding providers with more than $10 billion in assets. The report issued Tuesday does not name any of the “aggrieved” companies.Last month, CFPB announced that consumers are now able to voice their complaints publicly about financial companies and their services. NAFCU holds that this ruling has the potential to increase reputation risk to credit unions. continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
34SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Bo McDonald Bo McDonald is president of Your Marketing Co. A marketing firm that started serving credit unions nearly a decade ago, offering a wide range of services including web design, branding, … Web: yourmarketing.co Details Norman Rockwell never really showed us America. He painted America as it might have been, could have been, should have been. His images left generations vividly remembering experiences they never had. Rockwell portrayed a wishful thinking America. Many believed it –in the same way many marketers portray a fictional credit union in their branding.What promises are you making in your marketing? As a professional, you’re the Norman Rockwell of your brand. Each day you sit at the canvas with brush in hand and paint the picture that you want people to see. Each day you convey a beautiful scene of a dozen members joined by credit union staff and volunteers singing Kumbaya in the spirit of all things that are good about financial cooperatives.But what would happen if Julian Assange showed up in your lobby with briefcases full of internal documents from planning sessions, staff meetings, and transcripts of dialogue from office banter? Would that line up with the touching Norman Rockwell style message of being a financial cooperative that cares? In many cases, I fear that would not be the case.How many conversations and notes from planning sessions would be inwardly focused leading only to padding the bottom line? How many of those conversations would sound more like a bank than a financial cooperative? I used to think the larger the credit union, the more “bank-like” they are. I quickly found that to be false. There are some smaller credit unions that are pulling Wells Fargo-style antics. Many larger credit unions are passionate about serving the types of members that they were founded to serve decades ago. They follow the Louise Herring mindset of staying true to doing the work you were founded to do while using modern techniques to stay relevant.According to a study by AdAge, consumers don’t trust your ads. In fact, fewer than 25% of U.S. online consumers trust ads in print publications, and the numbers are even worse for digital media. Despite these numbers being consistent for several years, ad campaigns get all the action because “hitting your numbers” means finding the right customer segment in the right channel with the right message. In 2017 though, even the most advanced campaigns won’t deliver competitive advantage anymore. Your competitors are as skilled as you – if not better – at the campaign game. You can keep painting your Normal Rockwell images of a zen-like financial cooperative, but if it’s nothing more than lipstick on the pig, consumers are smart enough today to see right through it.Stop trying to cram the Norman Rockwell image down consumers’ throats. Change your focus from member acquisition to interaction management. Downplay media buys, focus on member experiences that will be memorable and shareable. Move from transactions to exchanges in value. Your members will spread the word and they will be believed.