Today, The Wall Street Journal has an article about the Consumer Financial Protection Bureau (CFPB). It had assigned "Mystery Shoppers" to apply for mortgage loans at BancorpSouth. The mission was to uncover alleged discrimination.
Well,the CFPB has to route some of those Mystery Shoppers to contact call centers of financial institutions. What they will likely encounter will include:
- Long waits on-hold with continual apologies that our business is important to them. For one bank's complaint department I waited more than one hour, then the line went dead.
- Call representatives reading from set scripts, most of which do not fit our particular problem. They have not been trained in listening skills.
- Dumb means of security verification. I explained to the call representative how someone could have stolen my check book and provided all the information they wanted to supposedly verify my security. She hung up on me.
- Upselling. That is even before the problem is solved.
- Slow service. Do their data systems need to be replaced with newer ones?
When the CFPB gets the reports from Mystery Shoppers, there should be a plan to impose fines for excessive waits, inability to focus immediately on a problem, upselling, and excessive transaction time.