New Technology Drives Compliance While Improving Service, and Lowering Expenses

17 September, 2013 (15:54) | Blog | By: admin

By Amber Robinson, Director of Marketing at SilverCloud, Inc.

To enhance customer service, improve operational efficiency and maintain compliance, especially around the Consumer Finance Protection Bureau (CFPB), institutions of all sizes are seeking ways to tap into new technology to address these concerns.

“I can’t remember the last time I dialed a call center,” says Dave Godsman, senior VP of online and mobile solutions at Bank of America. “But I can remember the last time I complained on Twitter. Meeting customers where they want to interact provides a human touch on two levels: It gives them the reassurance that their bank is there when needed and provides the flexibility that consumers are coming to expect in their digital lives,” Godsman continued.

Thanks to innovations in technology, traditional branches no longer have to function as the sole location for everyday banking needs. It’s time to make use of self-service solutions to maximize these customer experiences while maintaining consistent, accurate information everywhere and ensure a proactive approach towards compliance.

The unfortunate truth is as these channels continue to grow, so does an institution’s compliance workload.  It is essential to have a profitable system in place that will not only address compliance needs but minimize incoming complaints and help handle the ones that do arise. The method an institution employs to handle these complaints is a large determining factor in how regulatory bodies such as the CFPB evaluate an entity’s compliance.  There are also activities institutions can engage in both before and after a complaint has been filed that can be looked upon favorably by the Bureau when it comes time for them to exercise their enforcement discretion.

Ultimately, there are six items an institution needs to focus on in order to build a comprehensive compliance solution.  These items include:

  1. Having a complaint process and system in place
  2. Self-policing of complaints that come in from your customers
  3. Self-reporting all serious issues
  4. Remediation of all issues
  5. Cooperation with all regulatory bodies
  6. Proactive Approach towards complaint reduction, service and transparency

With the right technology solution, institutions will be able to improve positioning for evolving regulations, identify consumer trends to find the most compelling marketing opportunities and significantly improve operational efficiency.  Learn more about how to build a comprehensive solution customized to your organization by visiting SilverCloud, Inc. at  and contact them directly at or 603-766-4966.

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