I recently spoke with a senior compliance officer at a top tier bank who raised concerns over how best to proactively monitor, measure and report insights on the sales process across his branch network in light of recent audit findings. Bankers face hefty fines to ensure their customers understand terms, conditions, fees and sometimes complicated financial terms. I’ve worked in both customer experience measurement and financial services across many regulated industries and never before have I seen the two align so significantly—the convergence of compliance and customer experience.
My colleagues and I are in Orlando this week to attend the Retail Banking conference presented by American Banker. We’re holding a workshop to help not only compliance managers of financial institutions but also marketing and operations people identify their pain points. So where does it hurt? Perhaps providing and discussing disclosures at the branches? You tell us.
We’re planning an open discussion about the regulatory environment today – specifically the need to see your products and services through your customer’s lens. (take a look at my white paper and our case studies). Participants will go through a mock discovery and design session to assess their opportunities in implementing a regulatory compliance mystery shopping program. Our solution is designed to confirm that business policies are operationalized in support of compliance management systems.
The focus of the session is to mitigate risk while improving the customer experience. How? Compliance, operations, and marketing managers can use and benefit from techniques that have been used by their colleagues. At the workshop, we’ll introduce attendees to the tools and techniques that combine our expertise in financial services and customer experience. Our solution is called CrowsNest™ and it combines what we’ve learned through mystery shopping with the realities of the financial services industry in today’s environment given recent CFPB(and other agencies) fines and consent orders. Why not identify your risk to make sure your disclosures, policies and procedures are in order and discussions with customers at the front line (branches, call centers, online, mail or via your third party partners) are free of technical terms and jargon that leave customers confused and uncertain?