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How Does Compliance Affect Customer Experience?

How Does Compliance Affect Customer Experience?

Ask the Expert Series

By Cheryl Lawson, Executive VP of Compliance Review

Perhaps now more than ever, financial institutions must understand their account holders’ needs, deliver a seamless customer experience, and operate with the utmost transparency. If there is any silver lining during this global crisis, it’s that these essentials have been brought front and center. Offering a compliant overdraft service directly and positively impacts relationships, so it is a good suggestion to take a critical look at your current strategy to make any necessary adjustments to deliver the best experience possible.

 

Customer Service Backed by Compliance Certainty

According to a 2020 report by PwC, developing a customer-centric business model ranks as the top priority for banks this year. Furthermore, regulatory compliance and enhancing customer service rank as the top two investment priorities (at 56% and 46%, respectively). That signals that A) the money is going toward the stated objectives of leadership, and B) any improvement that addresses both compliance and service delivery makes a valuable impact.  

 

One way to accomplish both:  Ensuring your overdraft program—through disclosing terms and fees as well as any temporary changes for leniency during this crisis—is a reliable safety net for your account holders, now and once we’re on the other side of the COVID-19 outbreak. As account holders struggle to make ends meet, they’re frantically reworking their budgets and looking to their financial institutions for not only assistance but reliable solutions that can be quickly understood and utilized under their current circumstances.

 

For these reasons, customer service supported by compliance certainty should be at the top of your priority list right now.

 

The Importance of Social Responsibility

In general, consumers expect their best interests to come first:  More than 50% of U.S. adults say it’s important for companies to operate on a socially responsible level, a recent study by Forrester indicates.


 

With trust in big banks declining, community banks and credit unions have an opportunity to acquire and retain consumers disenchanted with larger financial institutions. But that trust must be earned, and it’s easier said than done: Salesforce research shows 54% of consumers say it’s harder than ever for a company to earn their trust, while 65% report they’ve stopped doing business with companies that did something they considered untrustworthy.

 

Regarding your overdraft strategy, it must be beyond regulatory, ethical or consumer reproach and exist first and foremost to serve your account holders during financial emergencies.

 

Take a Long-Term Perspective

Your future truly does hinge on the service you provide your account holders today. Transparency through regulatory compliance, as well as your employees’ communication, allows your staff to have good conversations with your account holders about life, and how you can help them during every stage of it.

 

To drive the point home, 84% of customers say the experience a company provides is just as important as its products and services.

 

In other words, you’re only as good as the experience your customers receive and perceive. Make sure that’s a top priority right now, with help from a transparent, compliant overdraft program.

 

 

 


 

 

ABOUT JMFA
JMFA is one of the most trusted names in the industry. Whether it’s recovering lost revenue, uncovering new savings with vendor contract negotiations, creating more value, serving account holders better or delivering a 100% compliant overdraft service—JMFA can help you deliver measurable results with proven solutions. To learn more, please contact your local representative or call us at (800) 809-2307.

 

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