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.
“For fintechs that operate globally and under the jurisdiction of multiple government agencies and regulatory systems, designing and deploying advertising and marketing campaigns is a risky business. As a result, localization of marketing campaigns take precedence as teams navigate a maze of global regulations aimed at protecting the consumer. Firms can be heavily penalized for misleading advertising, costing millions in fines, and losing hard-earned brand equity.” --- Nir Laznik
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If you have data you can, with a reasonable degree of certainty, say, ‘Here's a report that illustrates exactly what's happened during that time period.’ That's key to shutting down the [legal] process and to potentially expediting resolution of a particular complaint.
Random sampling isn’t enough. Speech analytics can give better insights. Data from speech analytics systems can be used in a dual way: to ensure FDCPA compliance, but also to improve agent performance.
Work with the data you already have available and integrate it into your processes to create an appetite for more insights. Then gradually unleash the power of the full data treasure.