CFPB Customer Complaint Management Software
- Financial Services
- CFPB Compliance
- Complaint Tracking
- Fraud Investigation
- Anti-Money Laundering
- Ombudsman Software
- Compliance Investigation Software
Did you know the CFPB has issued more than $800 million in fines?
Easy Reporting to Regulators for CFPB Compliance
i-Sight can help you meet auditing and reporting requirements to stay in compliance with regulations from the Consumer Financial Protection Bureau. Filing reports to compliance, the C-suite and regulators is fast and foolproof with automated report broadcasting functions. All the information necessary for comprehensive CFPB regulatory reports is collected in case files during the customer complaint handling process. i-Sight can auto-populate the fields in a report and broadcast the final report to a list of recipients on a set schedule.
A history of regular reporting can help to reduce, and even avoid, sanctions in the event of a CFPB action, and goes a long way toward satisfying auditors that the company has taken all the necessary steps to remain compliant.
Did you know that one financial institution has been ordered to pay $389 million in penalties and restitution?
Be Ready for a CFPB Audit
Don’t wait until a CFPB audit forces you to overhaul your processes. Industry experts are urging financial services and product providers to be proactive about compliance to avoid becoming a target of CFPB compliance auditors. The best way to avoid the scrutiny of CFPB compliance auditors is to resolve customer complaints quickly and satisfactorily.
i-Sight’s customer complaint management solution ensures that every complaint is captured, no matter the source. Whether a complaint is received through an online portal, an anonymous hotline, email, a call center or verbally in a branch or office, it can be collected automatically through an intake form or logged manually by an employee.
Through i-Sight, customer complaint data is collected, managed and formatted consistently.
Complaints are assessed and addressed quickly, in compliance with CFPB regulations
Customers feel their issues are being heard and don't feel the need to use the CFPB complaints database
Follow-up is fast and thorough, with the help of email alerts, deadline alerts, inactivity alerts and escalation notifications
Comprehensive reports that help to monitor complaint resolution performance and satisfy the reporting requirements of regulators are easy to create
Reduce Man-Hours with Cost-Effective CFPB Compliance Technology
With many in-house complaint management systems, reports are compiled manually, which takes time and effort and leaves room for error. i-Sight’s one-click reporting feature is the most comprehensive and intuitive system in the market, allowing users to generate professional, useful reports in minutes, by dragging and dropping fields into the desired report type. Reports that used to take hours or days to compile are now complete and available to broadcast to stakeholders and regulators in minutes.
i-Sight customer complaint management software can be integrated with existing systems, incorporating all the data that has already been captured. This allows companies to use i-Sight’s deep reporting tools to leverage old complaints information to evaluate current and future areas of risk. And since i-Sight can also be extended into other internal departments and can connect with outside vendors’ systems, third-party compliance with CFPB regulations can be tackled with just one solution.
Companies that use i-Sight save money by eliminating reliance on internal IT resources. i-Sight hosts your data securely and provides 24/7 technical support. i-Sight can be deployed quickly, ensuring compliance with CFPB customer complaint handling regulations in as little as 12 weeks.
Consumer Complaint Handling Process
1. Complaint Intake
Customer complaints about consumer financial products or services can be received by email, web-form, telephone, in-person or letter. No matter the source, all complaints are entered into i-Sight, either automatically or manually, and a case is created.
2. Case Assignment
Each complaint is assigned to the appropriate team based on the type of complaint. An alert is issued to notify the relevant department or team of a new complaint.
3. Case Tracking
All complaint resolution activity is tracked in the case file, creating a complete chronological record of every action taken in the resolution process.
4. Notes and Emails
Notes can be added to the case file at any time, and are stored alongside all the other information in the file. Emails that contain the case number in the subject line go directly into the corresponding case file. Emails that don’t contain the case number can also be added to the case file.
5. Deadlines and Alerts
Alerts can be set to notify team members and supervisors of deadlines and to alert them to periods of inactivity. This helps to ensure complaint resolution efforts stay on track and no complaints fall through the cracks or exceed the CFPB deadlines.
6. Final Report
A complete report can be generated for each complaint with the click of a mouse. The final report pulls information from any designated field in the case file, creating a comprehensive record of the complaint lifecycle, from receipt to resolution.
CFPB Compliant Solutions
Are you confident that your complaint management solution can stand up to the rigorous requirements of the CFPB?
Bank Account or Service
Vehicle or Consumer Loan
Did you know that most organizations that offer financial services or products will be audited by regulators?
Having a robust compliance program in place that includes an effective customer complaint handling solution is the best way to avoid the scrutiny of the CFPB and reduce your exposure to risk
Financial Service Providers Love
i-Sight Case Management Software is used by many of today's leading financial institutions, such as JP Morgan Chase, RBC, TD, BrickStreet, BlackRock, CIBC, Scotia Bank, Bank of the West and First National Bank