Regtime The regtech essentials blog

Training is probably the most crucial element of an agency’s Compliance Management System. To be effective, it should be role-specific, timely and be presented in an easy-to-absorb format. In a recent webinar, three noted industry experts shared best practices for creating and delivering effective, personalized agent training.

As 2022 nears its end, we sat down with ARM industry experts and asked them to share their predictions for 2023. Where do they see the industry going? In a climate that will undoubtedly be characterized by changes, how can ARM businesses prepare to best position themselves in this evolving market?

Many adjectives can describe this year for the ARM Industry. Dynamic maybe the most appropriate given the full implementation of Regulation F and the over-expanding authority of the CFPB. 2022 was a year of “initiatives” and policy statements which will translate into affirmative action by both the CFPB and state regulators.

Consumer debt rose to a new high of $15.6 trillion in the last quarter of 2021 from $14.3 trillion in the first quarter of 2021. More debt means more collections, but it also means more pressure on operations and staff, particularly as rising financial hardship increases the complexity of the recovery process. In his latest Finastra blog, our CEO Nir Laznik, shared how technology can improve an organization’s compliance function and overall operations.

Squaretalk, a major cloud call center software provider, and Sedric, a leading compliance excellence platform for next-gen fintech companies, today announced their partnership. Squaretalk customers and partners now have seamless access to Sedric’s platform that enables fintechs to accelerate growth while complying with tightening consumer protection regulations governing the financial space.

In a recent webinar titled “How Data Can Boost Your Compliance”, three ARM industry experts discussed how speech analytics data can be leveraged to boost both compliance and performance. We have summarized the top 5 takeaways for you.

With Reg F imposing oversight responsibilities on creditors for their servicer network, vendor management and auditing is becoming an important priority. As a consequence, for collection agencies, robust compliance management and reporting capabilities now represent a competitive advantage when marketing their services to creditors.

Over the past decade, artificial intelligence (AI) and data analytics have transformed many business processes. Virtually every data-rich organization now claims to be “gaining actionable insights from AI.” For businesses considering analytics, it can be difficult to separate the hype from the hope and understand just what these solutions can do.

In recent years, the fields of learning design and employee coaching have been revolutionized, with technology playing a major role in enabling long-standing principles of education to be applied for better-than-ever business results. Integrating these technologies with communications and compliance monitoring systems creates a virtuous cycle of feedback-driven improvement that empowers savvy ARM industry businesses to pull ahead of the pack.

Today, we announced that two new members – Joann Needleman, leader at Clark Hill and former CFPB Consumer Advisory Board member and Hardev Tumber, Head of Collections at Revolut – have joined the Sedric Advisory Board. We are proud and delighted that both have chosen to contribute their extensive experience in credit and collections to Sedric’s mission of enabling consumer finance organizations to grow while complying with tightening regulations.

Just like other functions of the financial services industry, marketing is going through a major disruption. Fintechs are spending billions on marketing and advertising, paying big bucks to be center stage for public attention. In his latest Finextra blog, our CEO Nir Laznik shared marketing compliance trends and how fintechs can stay ahead of the game in this highly competitive environment.

Smart organizations value strong compliance processes as a positive force, one that in the long run, offers sales teams the tools and structure they need to keep ahead of the competition. Far from being at odds, compliance empowers sales to be the best it can be.

For most financial firms the big question is not whether to be compliant, but how to keep up with the superhuman pace at which new regulations are issued or updated, or even clarified and made more precise. As in so many areas, where change has exceeded our ability to keep pace, technology can step in to help, in the form of automated, AI-driven compliance solutions.

It’s an oft-repeated truism that the Covid pandemic has changed life as we know it. For many of the most-discussed issues, however – the great resignation, growth in work from home...

For financial service companies, reputation is of paramount importance. If public trust in a brand takes a hit, old customers flee and new ones stay clear.