Financial Complaints Analysis

Table of Contents

Executive Summary

This analysis investigates 75,513 consumer complaints to understand key trends in complaint resolution and service quality.

• Total complaints: 75,513
• Timely response rate: 98.1%
• Resolved at no cost: 84.5%
• Disputed rate: 9.8%
• Top Issues: Managing an account, deposits/withdrawals, and payment troubles.
• Top Products: Credit cards, checking/savings accounts, and mortgages.
• Top Submission Channels: Website, referrals, and phone.

Data Description

The dataset contains 75,513 rows and 17 columns, including:

• Complaint ID: Unique identifier for each complaint.
• Dates: Tracks when complaints were submitted and received.
• Product/Sub-product: Identifies the category and sub-category of the complaint.
• Issue/Sub-issue: Describes the nature of the complaint.
• Company Response: Tracks communication and resolution efforts.
• Location: Includes state and ZIP code details.
• Timely Response: Indicates if complaints were resolved promptly.
• Disputed: Whether the resolution was disputed by the consumer.

Initial Questions

• a. What is the overall efficiency of complaint handling (timely responses and resolution rates)?
• b. Which products and issues are driving the highest complaint volumes?
• c. Through which channels are most complaints being submitted?

Objectives and Metrics

a. Efficiency

• Objective (a.1): Assess overall efficiency in complaint handling.
• Metrics (a.2): Timely response rate, resolved-at-no-cost rate.

b. Complaint Drivers

• Objective (b.1): Identify the most frequently complained-about products and issues.
• Metrics (b.2): Complaint counts and percentage distribution by product, issue, and sub-issue.

c. Submission Channels

• Objective (c.1): Evaluate the effectiveness of submission channels.
• Metrics (c.2): Complaint counts and percentage distribution by channel.

Business Insights

From Objective a.1 (Efficiency):

• Insight: Timely responses were achieved for 98.1% of complaints.
• Insight: Most cases (84.5%) were resolved at no cost.

From Objective b.1 (Complaint Drivers):

• Insight: Top issues were related to managing accounts, deposits/withdrawals, and payment troubles.
• Insight: Complaints were concentrated in credit cards, checking/savings accounts, and mortgages.

From Objective c.1 (Submission Channels):

• Insight: Most complaints were submitted via the website, referrals, and phone.

Recommendations

For Efficiency:

Recommendation (a.1.1): Reduce disputed cases to 7% within 6 months by enhancing communication during resolutions.

For Complaint Drivers:

Recommendation (b.1.1): Assign a task force to reduce complaints for credit cards, checking/savings accounts, and mortgages by 15% within the next quarter.

For Submission Channels:

Recommendation (c.1.1): Optimize website and referral platforms for better user experience within 3 months.