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Angry Customer Due to New CIP Requirements
Answer by David Dickinson, Hussam Al-Abed, Andy Zavoina and Ken Golliher, BOL Gurus
Question: We are trying to anticipate possible problems that we may encounter when we implement our new Customer Identification Program. Some of our staff members think we will have some new customers who get pretty angry at having to comply with more stringent identification requirements. Are there some tips you can provide for defusing volatile customers/situations?
Answer by David Dickinson:
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I think this is more in the imagination of your staff members than it is realistic. Many banks have implemented ID requirements (often more stringent than the CIP rules) years ago. Most tell me that it is a "sales job" on the part of front line personnel.
CIP can easily be "sold" by reminding the customer of 9-11. Also, you can explain to the customer that this helps protect them from ID theft. You will need to provide a notice to customers. I suggest that the notice have a patriotic tone. You can download a free notice at our website.
Answer by Hussam Al-Abed:
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With a statement / sign in your bank lobby that reads the following:
IMPORTANT INFORMATION ABOUT OPENING AN ACCOUNT
On September 11, 2001, our lives changed forever. In an effort to protect you and our Country, the USA PATRIOT Act was signed into law. To help the government fight the Funding of terrorism and money laundering activities, Federal law requires all financial Institutions to obtain, verify and record information that identifies each person who Opens an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may ask to see your driver’s license or other identifying documents. We proudly support all efforts to protect and maintain the security of our customers and our country.
Chances are your customers will adapt and provide the requested information believing they are making a true effort to make USA a More secure country for them and for their families and children.
Some customers while been used on the fast courteous Service in your Bank Might get angry for Those “ Extra “ requirements to identify customers. in order to achieve your Both goals: complying with USA PATRIOT ACT & Keeping your Business Running and getting new business also, here are some tips to apply a “ CIP Anger management “ approach :
- CIP: Translate it as: Customer Is a Priority, We (The Bank) Protects you (ID theft) and Protect Our Nation (Terrorist Financing)
- Make sure to let your customers Know of those extra requirements before the walk in your bank by sending them a neat flyer (folder, brochure) by mail or through Email, this guarantees that they know in advance what they will encounter when going to the bank.
- When designing Your CIP bank brochure, make sure it is in US flag colors, with two main themes: 11 Sep. & Protecting & Securing The Country & Citizens
- Provide giveaway items at your customer service representatives desks, such items should be in US Flag color and Might include: US Mini Flag, Flag Pins, Pens, Caps, hats, T-shirts, CD, s ……etc. Customers will appreciate such a patriot Gesture from Your Bank and will make them forget any Hassle they might feel.
- Install a Big US flag in your Lobby. Flag makes People Feel Safe and Proud to be part of this nation that appreciates freedom and ethnic diversity .in any nation Flags always Boosts People Morals, it is The sign of their solidarity & patriotism
- Dedicate a Phone Number to educate customers on USA PATRIOT Act & CIP requirements, make sure that The person handles incoming calls is The One who Knows Most of your customers or who is the Most helpful & smiling among your staff.
Answer by Andy Zavoina:
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I have to agree that this would be over-reacting on the customers and employees part. They should be used to providing IDs for transactions and opening an account is certainly more than writing a check at the grocery store.
Answer by Ken Golliher:
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Contact personnel should be trained to explain why they are asking for identification using one of David's signs, or the legal equivalent, as a visual aid. The explanation should precede the request. While I was originally sympathetic to the employees who protested about this issue, bankers who have implemented their programs have convinced me that almost all of the resistance is on the employee's side of the desk.
When I was a trust officer I originally found it difficult to ask people about their annual income, their assets and if there were any family issues that should be taken into account in our development of a financial plan. Eventually, I figured out that my reluctance was interfering with my service to them. Ultimately, I came up with a "presentation" where I explained my need for certain information up front. At that point, I had no more difficulty asking people about intensely personal issues than I did asking for their phone number.
First published on BankersOnline.com 9/2/03
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