Today, we announced that two new members – Joann Needleman and Hardev Tumber – 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.
As a Partner and Leader of Clark Hill’s Consumer Financial Services Regulatory & Compliance group, Joann Needleman advises banks, financial institutions, and financial services entities on regulatory compliance matters. She is a former member of the Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board with extensive experience and expertise in credit and collections.
Hardev Tumber, Head of Collections at Revolut, a leading neobank, is a credit and collections industry leader with extensive experience in B2C and B2B markets at global organizations. At Revolut, he is responsible for ensuring that the collections system and related processes comply with local regulatory requirements. Mr. Tumber’s work with technology companies has included strategy optimization, CX, digital, automation, trace, legal, asset recovery, vendor management, and systems development.
We look forward to having our new Advisory Board members provide valuable perspectives to help us create innovative solutions that enable consumer finance firms to optimize revenues while protecting consumers and their brands.
Joann Needleman noted that the consumer finance industry is moving at a rapid pace and regulatory oversight is increasing. “To succeed,” she said, “finserv organizations need smart tools to ensure consumers are not only protected, but that businesses are complying with changing regulations. I look forward to working with Nir and the team as they bring innovative consumer-first technologies to the market.”
Hardev Tumber was particularly bullish on how Sedric’s native AI compliance platform monitors all customer interactions, across all channels and languages, to ensure compliance and provide data and tools that enable organizations to continually optimize their operations and outcomes. In his words, “Sedric has created a game-changing proposition in the regtech space, and I’m excited to be part of their journey.”
“Training and monitoring of consumer-facing employees will be critical to ensure that an organization is compliant. Technology will support and help the credit and collections industry meet demanding obligations with ease and efficiency, in order to produce the outcomes a regulator wants to see.”
Consumer Financial Services Regulatory & Compliance Group
“Our challenge going forward is to position our industry and our companies as desirable places to work. We must implement diversity, equity and inclusion in our workplaces, and get the word out that we have changed. Ask your newest employees for feedback—what would make our workplace desirable for their friends and acquaintances? In this post-pandemic world, getting people to crawl out of their comfortable cocoons may be difficult, but it can be done!”
“In the last few years, the buzz of the call centers faded away. Now that many people still have the opportunity to continue to work from home, performance directors need to pivot their focus. We need to ensure that the training is effective in this new environment. The move is from hours in a classroom setting to immediate, personalized micro-learning units that enforce the corrective behaviors.”
“The digital collections movement continues to be in full steam and we are excited to see all of the new technologies that are coming into the ARM industry to help drive enhanced collection performance in a compliant manner. We anticipate additional M&A consolidation globally in the ARM industry, as more digital ARM companies look to accelerate market entry and obtain blue-chip clients and deploy digital-first solutions.”
“Digitization will be critically accelerated in 2023. Recovery organizations may be required to furnish consumers’ account data through consumer-selected platforms that will likely be different from organizations’ traditional payment portals. Organizations should start preparing their technology and operations for that contingency now to harness the trend to their benefit.”
“Data is the new oil, and extracting data from all sources, especially voice, will be a must-have in 2023. We are in the age of machine learning, and ML runs on data. Getting ALL the data and getting it into one place for the ML to do what it can are the key differences between organizations that will make it and those that don't.”
“In 2023, collectors and creditors will be required to work closer together. Reg F oversight requirements have created a new reality of shared compliance responsibility. Servicers and creditors can better collaborate by using new data-driven compliance platforms that provide all parties with critical insights and generate the transparency and trust needed to succeed in a tightening regulatory climate.”
As Gen Z enters the workforce, you’ll have up to four generations in your agency. Everyone learns differently. Young people learn from TikTok videos, and there is a professional term for this: micro-learning. Such short videos are especially efficient when sent out close to the time when the violation occurred.
Barron & Newburger
The most efficient training systems I’ve seen are those which build surgical, data-driven compliance content and provide agents the exact training they need when they most need it. This approach avoids wasting time and money on training which does not address the need. Continuous, role-based training programs that focus on the needs of each individual agent are some of the most efficient and effective I’ve seen.
Bedard Law Group
“Training is only going to be effective if it's done at or near the time the violation occurred. As agents handle hundreds of calls a week they will not have the capacity to remember particular moments of each consumer interaction. Therefore, effective monitoring will be critical to address the deficiency when it happens, in order to remediate quickly so that it does not become a systemic problem going forward.”
Consumer Financial Services Regulatory & Compliance Group