Protecting Main Street
15%
off

Protecting Main Street : Measuring the Customer Experience in Financial Services for Business and Public Policy

By (author) 

Free delivery worldwide

Available. Dispatched from the UK in 2 business days
When will my order arrive?

Description

Unlike other books which focus solely on the business or profit aspects of measuring the customer experience, this book focuses on the benefits to the consumer as well as the company or financial institution. The book describes how business and government can undertake market research to determine whether the credit and investment markets are functioning properly and providing consumers with adequate information to make sound and safe credit and investment decisions. A discussion of different market research methods abilities to uncover problems in the credit and investment markets is provided. Findings and trends from studies measuring the customers experience in the credit and investment markets during the 1991 - 2009 time periods are discussed along with regulatory guidelines and consumer protection laws. The methodologies used to measure the customer experience and detect misleading sales practices; unfair treatment and discrimination in the financial services market place are described in detail. The techniques of mystery shopping, matched pair testing and consumer surveys are described along with a detailed discussion of study design, data collection methods, sample size determination, statistical testing, reporting and analysis. Sample questionnaires, mystery shop scenarios and profiles and sample analyses and charts are provided.show more

Product details

  • Paperback | 128 pages
  • 152 x 229 x 6.86mm | 204g
  • Taylor & Francis Ltd
  • ROUTLEDGE
  • London, United Kingdom
  • English
  • 1138864161
  • 9781138864160

About Paul C. Lubin

Paul C. Lubin has more than 30 years experience measuring and improving the customer experience. He owned and operated one of leading financial services market research firms in the country, Barry Leeds and Associates and has worked for the leading financial institutions in America. He pioneered the use of market research to detect discrimination and unfair sales practices in consumer lending and developed self-testing testing programs for financial institutions facing allegations of discrimination and unfair sales practices. In the early 1990's, he pioneered the use of Mystery Shopping and Matched Pair Testing to detect discrimination in lending. In the early to mid-1990's he developed a method to test for discrimination through customer feedback and coined the phrase "post-application test." The procedure is considered a valid self-test for discrimination by federal regulatory agencies. At the same time he pioneered the use of Mystery Shopping to examine non-deposit investment sales practices at banks. During the late 1990's and into the new century Paul created programs to detect predatory lending and misleading sales practices. In November 2007 he wrote and presented a paper Fair Lending Testing: Trends, Training and Best Practices at the Understanding Consumer Credit Symposium sponsored by the Joint Center for Housing at Harvard University. The paper is cited by Department of Housing and Urban Development as a source for methods used by financial institutions to detect discrimination and compliance with the law. In 2009 he prepared and presented a paper to the American Marketing Association Public Policy Conference titled Market Research for Detecting and Eliminating Racial Profiling in Consumer Lending.show more

Review quote

"Paul Lubin's book provides clear, concise and historical insight into the value of testing the consumer experience with financial products. Having worked with Paul in conducting customer satisfaction testing, mystery shopping, and surveys, I can attest to its importance in making certain that financial institutions do the right thing by their customers. A must read for anyone working in risk management or responsible for customer satisfaction within their organizations." -- Marc Loewenthal Senior Vice President - Chief Security/Privacy Officer for LPL Financial "Protecting Main Street is an important book. Paul Lubin draws on his extraordinary depth of experience to show how measuring and auditing the consumer experience can point the way towards a financial services industry in which consumers are treated fairly and get the information they need to make more informed financial decisions. This is a compelling, practical book that should be must reading for those who want to better serve and protect consumers of financial products and services." -- Eric Belsky, Executive Director of the Joint Center for Housing Studies of Harvard University "Paul Lubin introduces a new, broader and refreshing perspective of self-testing in this book. The view that self-testing not only benefits the financial institution but also the consumer by encouraging the institution to provide high quality products and services is novel. Furthermore, I believe Paul is right. The market place does not always allow for the free flow of accurate and understandable information on which consumers and institutions can make optimal financial decisions especially with respect to the increasingly complex financial products of today. Self-testing is a mechanism to correct this market imperfection. This book is a must read for anyone interested in preventing unfair and unsound business practices as well as beginning and experienced users of self-testing." -- Arthur R. Preiss, President, Preiss&Associates, LLC "In these turbulent and complex financial times, this much-needed exposition on the role and responsibility of providers of financial services in ensuring positive customer experiences is outstanding. I like that Lubin deals with sound business practices for lenders while simultaneously emphasizing fair and equitable treatment of customers. Lubin exposes a key fallacy -- assuming that a satisfied customer is a fairly-treated customer -- that should be a major take-away for many businesses. His delineation of mystery shopping, matched pair testing, consumer surveys, etc., provides a solid foundation for ensuring fair and reasonable treatment of customers by lenders and sound financial decisions by consumers. Ultimately, this work should have a positive impact on government policy to benefit both firms and customers." -- Jerome D. Williams, Prudential Professor of Urban Entrepreneurship and Research Director of The Center for Urban Entrepreneurship and Economic Development, Rutgers Business School-Newark and New Brunswick, Rutgers University "The revelations in this book are critical to protect the customer experience and to repair public sentiment and confidence in the financial service markets. As we negotiate critical reparations of the financial service markets, Lubin's treatise prescribes actionable steps to manage systemic risks, protect the customer experience, and restore public sentiment. The research techniques advocated in Protecting Main Street: Measuring the Customer Experience in Financial Services for Business and Public Policy are aggressive, proactive approaches to eradicate unfair and discriminatory practices from the financial service markets." -- Sterling A. Bone, Ph.D., Marriott School of Management, Brigham Young Universityshow more

Table of contents

Chapters 1.0 Introduction An overview of the importance of conducting different forms of market research to uncover problems in the lending and mortgage markets and how these problems affect the consumersâ ability to make optimal credit decisions. Examples of the problems uncovered by market research through match pair testing, mystery shopping and telephone surveys from 1991 â 2007 are discussed. A discussion of how changes in the mortgage and lending markets have created problems and how these problems have affected the financial well being of the nation, consumers and lenders is provided. Lastly the book will outline how the same market research methodologies can identify problems in other business sectors, for example consumer investment, savings and housing. As such the book will provide a blueprint for identifying and correcting problems in critical markets affecting the financial well being of consumers and the nation through action oriented market research. 2.0 Market Research Approaches 2.1 What is Self-testing? A definition of self-testing is provided along with the objective and the information it provides is discussed. The various market research methodologies used for self-testing are defined, including match pair testing, monadic testing, mystery shopping, post application telephone surveys, focus groups, loan file reviews and regression analysis. 2.2 What Benefits are Offered by Conducting Market Research and Self-testing? The information and benefits offered to lenders, financial institutions, consumers and government oversight and policy setting agencies is reviewed. The market research approaches ability to detect discrimination, misleading sales practices and violations of the law is described. 2.2 Match Pair Testing and Mystery Shopping to Detect Discrimination and Unfair Sales Practices A definition of match pair testing and monadic testing is provided along with how the techniques are performed is reviewed. Areas discussed are the objective, the information collected, the questionnaire, project implementation, reporting and action plans based on results. ããSample questionnaire and report formats are provided. Results from publicly available studies and reports will be provided. 2.3 Post Application Telephone Surveys A definition of post application telephone surveys is provided along with how the technique is performed is reviewed. Areas discussed are the objective, the information collected, the questionnaire, project implementation, reporting and action plans based on results. Sample questionnaire and report formats are provided. Results from publicly available studies and reports will be provided. 3.0 The Results Uncovered by Market Research 1991 â 2008 3.1 1991 â 1995 A discussion of the approaches, methodology and publicly available findings from market research studies designed to detect discrimination and fair treatment in lending will be reviewed. Definitions concerning different forms of discrimination will be provided. Example of how the results were described and portrayed will also be provided. A discussion will be provided describing government enforcement and regulatory agency, community groups and lender attitudes and uses of the market research and testing will be provided. The best practices used by lenders and encouraged by government agencies will be reviewed. Department of Justice and government agency enforcement actions against lenders will be described. 3.2 1996 â 1999 A discussion of the approaches, methodology and publicly available findings from market research studies designed to detect discrimination and fair treatment in lending during the mid â late 1990âs will be reviewed and contrasted with the early 1990âs. Examples of how the results were described and portrayed will also be provided. A discussion will be provided describing government enforcement and regulatory agency, community groups and lender attitudes and uses of the market research and testing during this time will be provided and compared to the early 1990âs. The best practices used by lenders and encouraged by government agencies will be reviewed and contrasted to the early 1990âs. Department of Justice and government agency enforcement actions against lenders will be described. ã3.3 2000 â 2008 A discussion of the approaches, methodology and publicly available findings from market research studies designed to detect discrimination, fair and reasonable lending and misleading sales practices in lending after the turn of the century will be reviewed and contrasted with the early 1990âs. Examples of how the results were described and portrayed will also be provided. A discussion will be provided describing government enforcement and regulatory agency, community groups and lender attitudes and uses of the market research and testing during this time will be provided and compared to the early 1990âs. The best practices used by lenders and encouraged by government agencies will be reviewed and compared to the mid â late 1990âs. Department of Justice and government agency enforcement actions against lenders will be described. 4.0 Market Research Approaches and Other Business Sectors A review of conducting theses approaches in other business sectors, for example, the consumer deposit and investment markets as well as housing will be provided. As the book will demonstrate how marketing research approaches can help to ensure the consumer is provided with adequate access to information to make appropriate investment, savings and credit decisionsshow more