Enterprise Data System

Enterprise data Management (MG 7173)

Management of Technology - NYU School of Engineering

Priya Waghela (pw940)

Manuel Roggero (mar238)

EDS Data Project

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Financial Industry Summary

Some of the  leading thinkers in understanding service quality are longtime collaborators Leonard Berry and A. Parasuraman, of Texas A& M, and Valarie Zeithaml, of Duke University. As Berry and Parasuraman have emphatically stated: “Service quality is the foundation for services marketing because the core product being marketed is a performance. The performance is the product; the performance is what customers buy.” The traditional math used to measure the impact of a bad service level is that a satisfied customer will comment on his or her experience to 5 to 8 people, however a dissatisfied customer will tell twice as many people, 10 to 16. Consequently, one dissatisfied customer can cost a firm up to two dozen customers: the 16 people they complain to and the 8 to whom they don’t recommend the firm. But today this dynamic has greatly changed, a dissatisfied customer can shout out his complaint and reach millions of people through social networks, the two dozen count before mentioned now seem ridiculous to the true damage that can be done to an institution that does not focus on it quality of delivery.  

The financial banking industry is clearly in a bind, not only does the digital age empower customers to express their complaints with ease through social networks, but also, after the 2008 financial crisis government regulations and supervision has gotten tougher. On July 21, 2011, the Consumer Financial Protection Bureau (CFPB) took over responsibility for handling certain consumer complaints against the nation's largest financial institutions.

According to the 2013 report published by Consumer Financial Protection Bureau (CFPB) thousands of Americans are filing disputes with banks through  this organization. The...