Independent Banker - November 2024 - 60

CFPB eyes
'doom loop'
customer
service
In August, the White House
announced a new " Time Is
Money " initiative to crack down
on business practices that are
" time-consuming or otherwise
burdensome for consumers. "
Specifically, the Consumer
Financial Protection Bureau
(CFPB) has been tasked with
rulemaking for customer service
" doom loops, " such as phone
menus and chatbots that make it
hard for bank customers to talk
to a real human.
While it will take some time for
the CFPB to issue final rules on
these issues, community banks
should be on alert. Technology
can often alleviate the burden
of scaling operations, especially
when banks receive a high
volume of inquiries with limited
staff. Automated phone
menus and chatbots serve
as frontline support that can
provide immediate answers to
routine questions.
But with the possibility of
future rulemaking from the
CFPB, community banks
need to examine their current
technology and any vendors
they may be considering.
Anything implemented should
consider the customer's
point of view: How easily can
customers reach a human
and bypass any automated or
AI-powered assistance?
with disabilities, and providing an easy way to
communicate with bank staff.
BAC Community Bank in Stockton, Calif.,
implemented mobile chat, which the bank calls
" Smart ALAC " (All Access Connection). While
Smart ALAC is a chatbot, it connects customers
with a real BAC employee as their personal banker.
" Customers go to our website, hit the chat
button, and our little ALAC will ask them what
they want to do and point them in the right
direction, " said Jackie Verkuyl, EVP/CAO of
$800 million-asset BAC on episode 19 of the
Independent Banker podcast (icba.org/podcast).
" It gave us this opportunity to have better
communication, a better tool and a better process
60 // ICBA Independent Banker // November 2024
financial losses, regulatory penalties and
reputational damage, " says Sandepudi. While
other parts of the world have moved away from
checks in favor of digital payments, check fraud
will continue to be an issue that banks must
contend with as long as there's demand for
paper payments.
MOBILE BANKING FEATURES THAT MEET DEMAND
According to Forbes, 78% of the U.S. banking
population prefers to do their banking on a
mobile banking app, so community banks
must consider a mobile-first approach. That
includes features like collecting documents
or signatures within an app, making sure the
app has accessibility features for customers
" [Innovative banks are]
prioritizing technology
that enhances the
experience for their most
profitable customers. "
-Colin Savells, Teslar Software

http://www.icba.org/podcast

Independent Banker - November 2024

Table of Contents for the Digital Edition of Independent Banker - November 2024

Contents
Independent Banker - November 2024 - Cover1
Independent Banker - November 2024 - Cover2
Independent Banker - November 2024 - Contents
Independent Banker - November 2024 - 2
Independent Banker - November 2024 - 3
Independent Banker - November 2024 - 4
Independent Banker - November 2024 - 5
Independent Banker - November 2024 - 6
Independent Banker - November 2024 - 7
Independent Banker - November 2024 - 8
Independent Banker - November 2024 - 9
Independent Banker - November 2024 - 10
Independent Banker - November 2024 - 11
Independent Banker - November 2024 - 12
Independent Banker - November 2024 - 13
Independent Banker - November 2024 - 14
Independent Banker - November 2024 - 15
Independent Banker - November 2024 - 16
Independent Banker - November 2024 - 17
Independent Banker - November 2024 - 18
Independent Banker - November 2024 - 19
Independent Banker - November 2024 - 20
Independent Banker - November 2024 - 21
Independent Banker - November 2024 - 22
Independent Banker - November 2024 - 23
Independent Banker - November 2024 - 24
Independent Banker - November 2024 - 25
Independent Banker - November 2024 - 26
Independent Banker - November 2024 - 27
Independent Banker - November 2024 - 28
Independent Banker - November 2024 - 29
Independent Banker - November 2024 - 30
Independent Banker - November 2024 - 31
Independent Banker - November 2024 - 32
Independent Banker - November 2024 - 33
Independent Banker - November 2024 - 34
Independent Banker - November 2024 - 35
Independent Banker - November 2024 - 36
Independent Banker - November 2024 - 37
Independent Banker - November 2024 - 38
Independent Banker - November 2024 - 39
Independent Banker - November 2024 - 40
Independent Banker - November 2024 - 41
Independent Banker - November 2024 - 42
Independent Banker - November 2024 - 43
Independent Banker - November 2024 - 44
Independent Banker - November 2024 - 45
Independent Banker - November 2024 - 46
Independent Banker - November 2024 - 47
Independent Banker - November 2024 - 48
Independent Banker - November 2024 - 49
Independent Banker - November 2024 - 50
Independent Banker - November 2024 - 51
Independent Banker - November 2024 - 52
Independent Banker - November 2024 - 53
Independent Banker - November 2024 - 54
Independent Banker - November 2024 - 55
Independent Banker - November 2024 - 56
Independent Banker - November 2024 - 57
Independent Banker - November 2024 - 58
Independent Banker - November 2024 - 59
Independent Banker - November 2024 - 60
Independent Banker - November 2024 - 61
Independent Banker - November 2024 - 62
Independent Banker - November 2024 - 63
Independent Banker - November 2024 - 64
Independent Banker - November 2024 - 65
Independent Banker - November 2024 - 66
Independent Banker - November 2024 - 67
Independent Banker - November 2024 - 68
Independent Banker - November 2024 - 69
Independent Banker - November 2024 - 70
Independent Banker - November 2024 - 71
Independent Banker - November 2024 - 72
Independent Banker - November 2024 - 73
Independent Banker - November 2024 - 74
Independent Banker - November 2024 - 75
Independent Banker - November 2024 - 76
Independent Banker - November 2024 - 77
Independent Banker - November 2024 - 78
Independent Banker - November 2024 - 79
Independent Banker - November 2024 - 80
Independent Banker - November 2024 - Cover3
Independent Banker - November 2024 - Cover4
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