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.
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