With the recent finalization of rule 1033 by the Consumer Financial Protection Bureau (CFPB), it's critical for banks and fintechs to understand how to leverage customer data for a more personalized approach to product and service delivery.
Key information:
- Approaching the implementation of CFPB 1033 as a broader strategic exercise can unearth customer insights that previously were hidden from view by siloed, proprietary systems.
- Complying with rule 1033's provisions means many institutions will have to build data and knowledge systems. But there's an opportunity to leverage that work to become more customer-centric.
- To successfully implement rule 1033, we believe all the executives involved in the project should change the meaning of the letter C in their title from "Chief" to "Customer". The highest goal of these "Customer"-suite executives will be making sure that compliance is aligned across all areas, from operational excellence to risk management, but all centered in the customer.
- Proactive planning can position banks as data recipients, improving customer propositions that can expand their addressable market.
See how these insights could apply to your institution and remain a bank customers love.