Financial institutions are increasingly focused on building deeper relationships with customers and standing out among their peers by offering satisfying and differentiated customer experiences. One of the challenges that these institutions face is the need to minimize the impact from negative experiences, and to do right by impacted customers.
According to a recent Consumer Financial Protection Bureau (CFPB) estimate, nearly 200 million people were eligible to receive consumer relief from public CFPB enforcement actions over the last 10 years, with many more receiving remediation from financial services providers outside of public enforcement actions. It is not a matter of whether institutions need to execute a customer remediation, but when.
In our report, Making Things Right When They Go Wrong, we reflect on our learnings and observations in building a strong foundation for customer remediations.