Achieve Compliance and Deliver Great Customer Experience

For financial companies, great customer experience and compliance are both achievable. Here’s how.

by Keith Hauser

Customer Experience and Compliance are not mutually exclusive. You can achieve both. After all, regulatory bodies like the Consumer Financial Protection Bureau (CFPB) were created with the intention to protect consumers.  

After 19 years managing Operations and Compliance teams at banks and mortgage companies, I understand how Compliance can inundate executives and leaders at these companies. Considerable time is spent understanding regulatory impacts to your operations or reacting to reviews and audits.  You would much rather spend the time working on projects to improve your Customers’ Experience.

Isn’t this what banking is about – providing great services and experiences to customers which leads to more customers, better products and ultimately, better bottom line results for shareholders? 

At the 3 year anniversary of the creation of the CFPB, here are some recommendations to help you enhance customer experience and manage the compliance process.

  • View your audits and new regulatory requirements in a different light.  How could we execute on these changes by proactively improving the customer experience instead of just fulfilling the requirement?
  • Complete an assessment of your organization from a customer’s perspective.  What are the root causes of your customer complaints?  What issues recur most often? What could you change in order to prevent issues before they occur?
  • Prioritize projects based on what can have the most customer impact. Many times customer experience improvements are tied directly to findings from the CFPB or other regulatory/audit groups.

I’m sure you’re still thinking, “but I still don’t have the time or resources to focus on this”.  You’re right, there will be an upfront cost and investment to address these challenges. However, the return on investment will be large and fairly quick as you see the reduction in complaints and improved customer service.  Less customer attrition, less cost in tracking and managing complaints, and less time spent in the future on compliance remediation – a win/win for everyone involved.

We enjoy working with our clients to bring a practical approach to Customer Experience and Compliance so that objectives - for both - are efficiently met. If you would like to learn more, please contact me. What’s your take? How will you sync up your Customer Experience and Compliance efforts?

Keith Hauser
Keith Hauser
Contact Keith

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