Banks are currently focusing their efforts on complying with increasingly complex regulations and responding to the challenging economic environment. However, customers are now more likely to switch banks if the basic services are unsatisfactory.

According to EY research,1 nearly two-thirds of customers have left or are considering leaving their main bank because of the poor quality of service provided.

Getting the basics right by focusing on the critical customer interactions will not only help minimize customer attrition, but will also help reduce the combined cost associated with operational processes and regulatory compliance.