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Regulators and consumers both want more from banks. While regulatory guidelines and consumer rants in social media may use different language, they’re both aimed at the same thing: improving customer experience.
There’s abundant evidence that falling short on customer experience is costly—from press headlines about compliance penalties to rising numbers of consumers switching banks or turning to alternative lenders. But there’s also growing evidence that focusing on improving customer experience is rewarding. Banks that do it well benefit from an early warning system for compliance risk exposure. And studies show that customer experience is also a powerful driver of financial performance, including substantial gains in share of wallet, revenue and profitability