Trends Report

Listen To Your Customers To Meet Financial Regulations

The Consumer Financial Protection Bureau Is Changing The Face Of Customer Care

July 14th, 2014
With contributors:
Andrew Hewitt , Christopher McClean

Summary

Financial services firms face a new regulator in the Consumer Financial Protection Bureau (CFPB) that demands they pay more attention to customer complaints about services or products. The new regulations, part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, have banks and other financial services companies rethinking the role of their customer. While healthcare and life sciences companies have been dealing with customer complaint management requirements from the Food and Drug Administration (FDA) for some time, this will be a major shift for financial services. The CFPB is elevating the banking customer from a silent majority to a force to be reckoned with.

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