Trades to CFPB: Banks supply exceptional customer care

The American Bankers Association signed up with the Bank Policy Institute and Consumer Bankers Association in asserting that banks supply exceptional customer care through a range of channels and tools—consisting of branches, online, mobile applications and telephone—in a remark letter sent today.

The letter reacts to the CFPB’s ask for info on the customer care that banks supply to customers and whether customers deal with barriers in looking for to get high levels of customer care. The RFI was provided last June in combination with the CFPB’s launch of an effort to “improve customer service at big banks.” The CFPB mentioned that numerous big banks “are increasingly shifting toward algorithmic banking” which the company looks for to “restore relationship banking in an era of consolidation and digitization.”

The associations highly challenged the CFPB’s characterization of the level of customer care that banks supply. “Banks provide products and services that help consumers meet their financial needs, and they are continuously innovating to better serve customers in this highly competitive marketplace,” the trade groups stated. “Banks serve customers where they are and at the times when customers want to access banking services. The multitude of ways customers can access banking services and receive assistance with those services is a hallmark—not a detriment—of the U.S. banking system.”

The associations’ letter mentions ABA study information that discovered that 81% of customers think “tech improvements by banks are making it easier to access financial services” which 97% of consumers rank their bank’s customer care as “excellent,” “very good” or “good.”


A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

Related Articles

Back to top button