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You Are Here: Home > > Consumerization Comes to Compliance


CONSUMERIZATION COMES TO COMPLIANCE

By: Greg Bierl

April 13th, 2022


Banks know by now that mobile enablement is critical to the success of their
digital channel.

No doubt your institution has adopted digital strategies intended to grow and
support a touchless customer experience for online account opening and mobile
lending. But technology makes a lot of things possible that never catch on with
consumers. The digital channel is part of your business planning because
consumers consider a well-designed digital experience to be a nonnegotiable
metric that defines their satisfaction with any financial institution.

Banks’ response to consumer demand is known as “consumerization.” Research firm
Gartner defines consumerization as the impact that consumer-originated
technologies have on enterprises, and how enterprises can take advantage of new
technologies that originate in the consumer space. Consumerization is not a
strategy that businesses can choose to adopt or ignore. Consumerization can only
be addressed — it cannot be stopped.

Compliance Underpins Experience
Consumerization doesn’t stop after your customers select an online account or
complete an online loan application. It permeates every aspect of digital
banking, including compliance.

It’s easy to overlook this last-mile component, but this is typically where an
organization’s lack of investment becomes most apparent to customers.

The story of regulatory compliance is the story of your institution’s
relationship with your customers. If compliance regulations disappeared
tomorrow, institutions would still need the trust of their customers to survive
and thrive. “Integrity” may not sound like the most logical synonym for
compliance, but it works pretty well. Safeguards against financial crime, market
abuse and conflicts of interest sit side-by-side with protections for consumers,
investors and data. Compliance is the consumer’s proof of this integrity.

It is inevitable that compliance content would be subjected to the same forces
of consumerization. The question now is: What exactly do consumers want from
their institutions? Bankers only need to take a look at the choices they’ve
already made to optimize the digital channel to find these answers.

Mobility First
Account opening and lending have evolved from actions performed on the web
browser to mobile experiences. Your institution is trying to reach consumers who
are conducting more of their financial business on a smartphone. More than 43%
of U.S. mobile banking users switched their primary financial institution for
reasons related to mobile banking, according to 2021 data published by analytics
software Statistica.

Compliance content needs to be designed for mobility, not to fit pages coming
off a printer. If consumers are pinching, zooming, squinting and reorienting
their device to process and comprehend the legal engagement they are about to
enter into with your institution, you have failed the last-mile test.

Supporting the Journey
Compliance shouldn’t add friction to the mobile banking workflow. Banks have the
same objective for minimizing clicks in their compliance content as they do with
the other steps in the digital banking workflow. Compliance language that has
been artificially separated into multiple PDFs stalls consumers’ forward
progress, potentially creating user frustration with the experience and risking
abandonment.

This includes content written for the consumer. Most bank mobile apps have been
designed to speak the consumer’s language: The user interface is direct, easy to
understand and avoids jargon. Compliance content has to be held to the same
standard. Compliance partners should maximize flexibility to tailor bank content
for consumer consumption, rather than limit the bank to unhelpful language that
leaves customers confused about their banking relationship.

Banks need to sustain their relationships with consumers; compliance content can
be the ideal avenue to extend and strengthen this connection. Adverse action
content, for example, can satisfy regulatory compliance regarding the denial of
credit while also promoting other loan products that might be an appropriate fit
for the consumer’s credit profile. Banks could also provide information and
guidance on how consumers might improve their credit scores.

The consumerization of compliance represents a unique opportunity for banks to
maximize the last-mile experience in their digital channels and support customer
engagement goals. The key is to look for highly configurable solutions that can
be delivered as mobile device-friendly web pages. Incorporating strategic
partners on compliance can help institutions deliver a more competitive consumer
experience.

Greg Bierl is Vice President of Revenue and Counsel at Compliance Systems. Prior
to his current role, Greg provided leadership for more than 10 years in Product,
Revenue, and Business Development for the organization.

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