RSSThe Consumer Financial Protection Bureau is seeking public input on how the shift to digital banking is impacting large bank customers.
In a June 14 request for information, the CFPB sought data and consumer experiences on any differences in service based on whether their interaction with an employee comes online, via a phone call or in-person. Other feedback the CFPB is seeking includes whether banks are disclosing who they share customer account information with, whether customers are being compensated for the information banks share, and any experiences customers have in terms of disconnected calls or wait times, the ability they have to speak to an employee at a specific location, and the quality of bank responses to their questions.
“The decline of relationship banking has deprived some consumers of customized advice, responsiveness, and care,” the report stated. “Customers report a struggle to obtain basic information and poor customer service, including that it takes too long to get problems solved, that they have to repeat information to multiple people, and that employees aren’t knowledgeable about their situation.”
The CFPB noted that a 2010 federal law gives customers the right to receive information, including supporting written documentation, about their account from a large bank or CU with more than $10 billion in assets.
“Customers of large banks should not have to run through an obstacle course to get a straight answer about their account,” Chopra said. “We are taking steps to ensure the legally enshrined right to obtain basic customer service.”
