ing customers and preserving a loyal relationship with them makes greater
business sense than incurring customer acquisition costs.
According to Ferhan Patel in his article entitled “Why compliance and customer service go hand in hand: “It is important to recognise and understand
that compliance requirements should not upstage the customer experience,
but rather be effectively integrated into that experience.”
Caribbean Banks, therefore, must find a more balanced approach to integrating compliance measures and regulations into the service delivery
processes and channels since the customer is the reason banks exist. In the
sweeping thrust towards enhancing internal compliance, there is great danger in pushing the customer out of the bank and into saving their money
“below the mattress” or into the arms of the competition.
Options & Alternatives: One possible measure would be, prior to introducing a new requirement, for the Compliance drivers to actively engage
Customer Service and Operations experts to determine the most seamless
and convenient method of obtaining customer information all the while still
providing the customer with that high level of service which they expect from
their banks. This cross-functional approach can lead to a simplified banking
experience for the customer as well as help maintain existing customer relationships.
Another possible approach would be to pilot the new compliance processes
with internal customers to obtain their feedback so that necessary adjustments can be made and customer disruption is minimised when the procedures are rolled out.
Additionally, banks can incorporate intuitive technology into the customer
compliance process with a view towards significantly reducing the level of disruption experienced by customers. According to James Larriva in his article,
Combining Objectives for Compliance and Customer Experience, “With
the right partners and technology, servicers can gain a new perspective this
year and realise that their goals for creating a better consumer experience do
not have to run in contrast with compliance, but instead, can be in tandem.”
The Caribbean Banking landscape remains dynamic and highly competitive.
However, one thing is certain, compliance requirements will continue to play
a major role in shaping decision-making and customer relations. The banks
that quickly learn how to balance meeting compliance requirements with
serving their customers will be the ones to stay viable and reap the reward
of having loyal customers.
Aesia Worme is a Management Associate with Republic Bank (Grenada),
(473) 444 2265, aworme@republicgrenada.com
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