The “Complaint Analysis Report on the Financial and Insurance Industry” recently released by the Consumer Protection platform reveals that from January to May this year, the online lending industry topped the complaint list with a rate of 73.31%. Among online lending platforms, Fenqile had the highest complaint proportion at 8.50%, though it maintained a complaint resolution rate of 96.64%.
Insurance and Banking Follow
The insurance industry ranked second with a complaint proportion of 11.29%, followed by banks with a 7.70% complaint ratio. These figures underscore consumers’ significant concerns across various segments of the financial and insurance sectors and highlight the need for continuous service quality and user experience improvements.
Key Complaint Issues in Online Lending
Complaints in the online lending industry primarily centered on:
Violent Collection: This accounted for 22.46% of complaints and included malicious and violent collection practices, such as using threatening language and frequently harassing borrowers and their contacts.
Privacy Leakage: This issue made up 16.08% of complaints, involving the theft of customer information and potential violations of the Personal Information Protection Law due to excessive data collection and misuse by some platforms.
False Advertising: Platforms using deceptive marketing tactics to attract borrowers, often with high fees or opaque charging methods.
Insurance Industry Complaints
Among insurance – related brands, Ping An Life Insurance had the highest complaint proportion at 16.31%, with a complaint resolution rate of 84.21%. Key complaint areas included:
Sales Misguidance: This was the most common issue, accounting for 22.93% of complaints.
False Advertising: This accounted for 13.67% of complaints.
Disputes Over Policy Refunds or Reductions: This issue made up 12.57% of complaints.
Role of Consumer Protection Platform
Consumer Protection is a consumer service guarantee platform under the China Electronic Chamber of Commerce. It aims to provide consumers with a public welfare complaint channel and safeguard their legitimate rights and interests. The platform’s reports offer valuable insights into consumer concerns and can guide industry improvements.
Conclusion
The high complaint rates in the online lending and insurance industries highlight the need for better regulatory oversight and corporate responsibility. Companies must prioritize consumer protection, enhance transparency, and improve service quality to address these issues effectively. The data from the Consumer Protection platform serves as a critical benchmark for measuring progress and ensuring that consumer rights are upheld.
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