The news: The Consumer Financial Protection Bureau (CFPB) is seeking public comment on improvements that big banks can make to provide quality customer service.
What are the issues? The CFPB is asking what obstacles people face when they seek high-quality customer service and meaningful human interaction.
Customers have already started airing their grievances, saying:
Banks and credit unions with $10 billion or more in assets are required to respond to customer requests within a certain time period, per the 2010 Consumer Financial Protection Act—but that requirement has so far gone unenforced.
Customer service is key: With banking options more abundant than ever, banks of all sizes must step up their customer service game to retain customers and strengthen their loyalty.
Some have already identified the opportunity:
But others, like neobanks—which are bringing on new customers in droves and offering more products to generate a profit—receive low marks when it comes to customer service.
The big takeaway: Attitudes toward consumer banking tend to move cyclically with the economy—customers lose confidence during uncertain economic times.
And as economic uncertainty reverberates across markets, providing stellar service to consumers thirsting for guidance and help will only become more important.