How Open Data is Making Banks Better - and how gov can deliver awesome services

GDS All Staff 4/24/14 @merici

Hi.

My name is Merici Vinton.

I work for IDEO’s SaaS open innovation platform, OI Engine.

I co-founded Ada’s List, a group/forum/thing for women in technology.


HOW OPEN DATA IS MAKING BANKS BEHAVE BETTER.

REALLY.

FOR REAL.

#strataconf @merici

GDS All Staff 4/24/14 @mericiGDS All Staff 4/24/14 @merici


mortgages

credit reporti

ng

payday loans

student loans

bank accounts

+ services

debt collectio

n

credit cards

car loans + other

consumer loans

President Obama to Elizabeth Warren:

Level the playing field for American families and fix the broken consumer credit market—and do it as quickly

and effectively as possible.



Our 3 tech + design principles paid off (generally)

To start, the president could study the example of how the British government used the initial failure of its electronic medical records system as a catalyst for broader change. But he doesn’t even have to look that far. The Affordable Care Act, after all, isn’t the only product his administration has launched. The Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank financial reform act of 2010, has won wide plaudits for its remarkable, user-friendly deployment of technology. Merici Vinton, who recruited most of the original technology and digital team and oversaw the creation of consumerfinance.gov—her agency’s version of healthcare.gov—outlined three principles for making technology work in government:

1. Never build a website that’s too big to fail; instead, start small.

2. Do open-source when possible, preferably always.

3. Have in-house strategy, design, and tech.




AS OF JULY 2013, THE CFPB RECEIVED176,700 COMPLAINTS



Banks have responded to 97% of the complaints they’ve received, and roughly 25% of customers received monetary relief as a result.

The median sum consumers have received is $110.

Forbes: Why Banks Are Scrambling To Hear Your Complaints


CUSTOMER SERVICE FTW (well , general ly)

social media

monitoring

Online

FAQs


All letters to consumers are now “common sense” checked for readability Social media monitoring

Forbes: Why Banks Are Scrambling To Hear Your Complaints

Online complaint forms (instead of having to call)Online customer service chat and email

IMPROVED DIRECT (BANK -> CUSTOMER) CUSTOMER SERVICE


Response times have sped up by 3 percent since the database came online.

(that’s a good thing)

Data compiled by Bloomberg Businessweek


“For the first time, the companies have a benchmark to compare themselves to their competitors.

Previously, they were acting in a vacuum.”

- Steven Ramirez, CEO of data-mining consultancy Beyond the Arc

Bloomberg Businessweek


“We know that if we hear about a particular problem from 50 consumers, that likely means it looms larger than if we hear about it from two.”

Richard Cordray, Director of the CFPB



REDESIGNING GOV –Two page (!!) credit card agreements


REDESIGNING GOV –Simpler, more user friendly mortgage disclosures


CFPB.GITHUB.IO


Thank you.

consumerfinance.gov

[email protected]

@merici

mailto:[email protected]

Technology

How Open Data is Making Banks Better - and how gov can deliver awesome services