Bank Customer Experience (BCX) Summit

Meeting banking regulations without sacrificing CX

The Bank Customer Experience Summit held in Charlotte, North Carolina from Sept. 9 to 11 will look at this topic in depth during a panel entitled, "How to meet banking regulations while delivering impactful CX."

Photo: Networld Media Group

August 13, 2024 by Bradley Cooper — Editor, ATM Marketplace & Food Truck Operator

The customer experience is king in every industry, but some industries have an easier time delivering a good CX than others. Banks are dedicated to improving the banking experience, but they also have several other regulations to keep in mind, ranging from anti-money laundering to "know your customer" laws.

At times, these regulations can make serving the customer more challenging or create a mindset that shuts down new innovative ideas. The Bank Customer Experience Summit held in Charlotte, North Carolina from Sept. 9 to 11 will look at this topic in depth during a panel entitled, "How to meet banking regulations while delivering impactful CX."

Young Pham, chief strategy officer at CI&T will lead out the session as a moderator with panelists Chris Roede, attorney of Poyner Spruill LLP and Richard Rotondo, chief digital strategist/consultant at Digital Vision Banking.

The first element when considering this topic is making sure banks have everything that they need, not just to meet regulations, but also to keep customers safe.

Rotondo breaks this down into a few key requirements including documents, customer identification, risk profiles, anti-money laundering and security.

"Customers must provide updated, unexpired government-issued identification proving nationality or residence and include a photograph or similar safeguard. Commonly accepted documents include state-issued ID cards, driver's licenses, and passport," Rotondo said.

He also pointed out that banks must have an "efficient customer identification process" and "maintain customer's risk profiles as per the kind of risks they pose."

Banks also need to maintain a careful grasp on customer data when crafting CX programs.

"Businesses must implement robust data protection measures, including encryption and secure storage of customer data. Protection of customer PII data is critical," Rotondo said.

When asked what was the one thing that he was most excited to share at the event, Rotondo said he was proud of the fact that in his role at Monesty Bank, they were able to avoid fraud while still maintaining a positive experience.

"During the last 1.5 years of Monesty being live and attracting $20 million in deposits, we did not lose any money due to fraud. There were numerous attempts, but our practices and diligence with customer data review proved positive," he said.

To learn more about this topic, click the link below to register for the Bank Customer Experience Summit. The event will be held alongside the Interactive Customer Experience Summit and one badge gains you entry to both events. Online registration ends on Sept. 6.

About Bradley Cooper

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Bradley Cooper is the editor of ATM Marketplace and Food Truck Operator. He was previously the editor of Digital Signage Today. His background is in information technology, advertising, and writing.

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