Cochlear implant (CI) sound processing typically uses a front-end automatic gain control (AGC), reducing the acoustic dynamic range (DR) to control the output level and protect the signal processing against large amplitude changes. It can also introduce distortions into the signal and does not allow a direct mapping between acoustic input and electric output. For speech in noise, a reduction in DR can result in lower speech intelligibility due to compressed modulations of speech. This study proposes to implement a CI signal processing scheme consisting of a full acoustic DR with adaptive properties to improve the signal-to-noise ratio and overall speech intelligibility. Measurements based on the Short-Time Objective Intelligibility measure and an electrodogram analysis, as well as behavioral tests in up to 10 CI users, were used to compare performance with a single-channel, dual-loop, front-end AGC and with an adaptive back-end multiband dynamic compensation system (Voice Guard [VG]). Speech intelligibility in quiet and at a +10 dB signal-to-noise ratio was assessed with the Hochmair–Schulz–Moser sentence test. A logatome discrimination task with different consonants was performed in quiet. Speech intelligibility was significantly higher in quiet for VG than for AGC, but intelligibility was similar in noise. Participants obtained significantly better scores with VG than AGC in the logatome discrimination task. The objective measurements predicted significantly better performance estimates for VG. Overall, a dynamic compensation system can outperform a single-stage compression (AGC + linear compression) for speech perception in quiet.