Optimizing customer experience is essential for financial institutions going into 2022. However, oftentimes when trying to reduce friction, companies risk increasing fraud and compliance violations. Finding a balance between compliance, risk, and optimized CX is one of the key challenges for financial institutions as they look to the future.

During the ABBYY-sponsored thought leadership discussion, New World, New Risks: Align Compliance with Customer Experience the expert panel shared their thoughts and experiences on how different types of financial institutions approach compliance, the biggest obstacles to providing a consistent customer experience, and how companies can adapt to the ever changing compliance landscape while keeping their customers at the forefront.

Here’s a sampling of what we discussed:

1. Siloed systems make balancing risk and customer experience a challenging proposition

John Robbins of Intercontinental Exchange talked about the challenges of a siloed system architecture and how it makes product distribution, awareness, and understanding more difficult. However, he saw this as an opportunity to build a strong and resilient compliance system.

“The nature of compliance is to assess and understand risk and the critical components of customer experience and build a framework that supports it given the unique business environment,” he said.

2. Safeguarding customer’s privacy is key

Walt Carter of Homestar Financial Corporation mentioned that his digital assets provide congruency, consistency, and coherence to his customer base by synchronizing the financial side of operations with his services.

“Every digital asset, as a strategy, has got to build trust between our customer and our loan officer or their team,” explained Walt.

3. Understand your customer by delving into insights.

Ken Fredman of S&P Global Ratings shared how his team is able to create a holistic, all-encompassing target profile by using machine intelligence to pull insights, and then questioning the collected data to further understand the customer.

“What are the topics that they’re really going to be caring about, what are they asking us about the most about, and what are in each of the conversations that vary by region?” he asked.

4. Use tier-based offerings to meet customers where they are.

Gabriel Angeloro of Citi emphasized how crucial it is to tailor subscriptions to the customer by providing a variety of options, tiers, and subsets within each service.

“We are finding that we must set tiers,” added Gabriel, as the immense volume of transactions that occur each day make it impossible to only offer one end-all be-all service.

5. Address existing points of friction to smooth out pain points.

Walt highlighted that existing friction between his customers and the services they use isn’t necessarily deemed as a flaw, as the pain points can illuminate where improvement needs to be made.

“There’s a lot of power in having good information and being data-informed,” said Walt. “What am I doing that’s triggering the wrong things for them, and how can I smooth that out?”

Curious to learn more about our FSI discussion? Access the full event content by filling out the form at the top of this page.