The Center for Financial Services Innovation has just published its Compass Advisory Note about pursuing quality in prepaid cards. It features NetSpend and Banking Up as early adopters of the Compass Guide to Prepaid.
The Compass principles have helped Banking Up prioritize its pipeline of technical and operational developments: we have brought to the front of the line those developments that would have the most immediate impact along the Compass Principles.
We looked at our pipeline of future product development items and identified those that would have an immediate impact on improving consumer trust. At the time, we were:
- Building a new mobile app,
- Reconfiguring our live Customer Support service,
- Trying to optimize our online customer acquisition,
- and we wanted to improve our online self-help system.
We took each of the above topics and looked at how we could deploy them in the way that was the most consistent with the Compass Principles.
For example, we started by simply including in our mobile app a button that would immediately display all the fees in a box formatted as suggested by the Compass Principles.
We switched vendors for our Customer Identification Process and chose a solution that minimized the need to escalate to faxing or scanning paper documents, because many applicants don’t have easy access to faxes or scanners.
Some of the things we planned to do have proven more challenging than others. For example, we had under-estimated the amount of effort needed to improve the education & guidance intended to help customers understand the product and optimize its use or minimize the fees.
We have planned to create an interactive contextual help system to replace our FAQs and to produce a number of simple “how to” videos. We still have not deployed those items because they require a lot more content production work than we had anticipated.
Overall, our advice to those who want to use CFSI’s Compass Principles in Prepaid would be to consider this first and foremost as a “consumer trust building” initiative.
Ask yourself what changes you can make to your product and operations that will result in consumers trusting you and your service more than they would otherwise. Whatever the size of our organization, this is a simple criteria to apply, and potential detractors inside your organization will have a hard time fighting this because no one can be seen siding against increasing consumer trust.