The American Bankers Association (ABA), Bank Policy Institute (BPI) and the Consumer Bankers Association (CBA), have sent a joint letter to the Consumer Financial Protection Bureau (CFPB) disputing the assertions made by the bureau in a request for information about customers’ ability to access high levels of customer service.
The CFPB’s request for information presented specific questions about obstacles consumer’s face when trying to access banking services and specifically banks’ customer service. It was issued in conjunction with the launch of the CFPB’s initiative to “improve customer service at big banks.”
The CFPB stated at the time that many large financial institutions “are increasingly shifting toward algorithmic banking” and that the agency seeks to “restore relationship banking in an era of consolidation and digitization.”
The three groups rejected the premise of the request for information and the initiative which characterizes banks as being obstructive to consumers.
“Banks provide products and services that help consumers meet their financial needs, and they are continuously innovating to better serve customers in this highly competitive marketplace,” the trade groups said. “Banks serve customers where they are and at the times when customers want to access banking services. The multitude of ways customers can access banking services and receive assistance with those services is a hallmark—not a detriment—of the U.S. banking system.”
The letter also cited ABA survey data that found 81 percent of consumers believe “tech improvements by banks are making it easier to access financial services” and 97 percent of customers rank their bank’s customer service as “excellent,” “very good” or “good.”