With the recently signed executive order requesting a review of the Dodd-Frank Act, the Trump administration has taken a first step toward potential regulatory relief for banks and financial services companies. Experts and influencers on both sides of regulation are already fiercely debating the merits and failings of the current law and any possible rollback of it. At this point, the result of such a review is uncertain. What is clear is that change is most definitely in the air.
From the anticipated loosening of regulations on banks, to the impact of rising interest rates and a bullish economy—financial services organizations need to be prepared for whatever disruptions this year may bring. It’s important to maintain focus and keep pace with compliance obligations during this period of change.
Regulatory relief is not a given. And even if it does come, there’s no way of knowing when it will arrive and what form it will take. If you’re a bank or mortgage marketer feeling the pinch of current regulations, now is a good time to examine your marketing resources and processes to determine opportunities for reducing costs that will strengthen your position no matter what happens.
How Automation Can Help Meet Current & Changing Bank Marketing Compliance Obligations
It is possible to lessen some of the current burden on bank marketers by automating certain compliance-related tasks. These automated processes not only help reduce costs, they can actually boost sales while also providing verifiable records required to demonstrate compliance.
Here are a few ways automation can help bank marketers meet compliance obligations, even in an environment of change:
- Deploy technology to centralize disclosure and rate management. As disclosure regulations and/or rates change, update them one time in one system, where they can then auto-populate across multiple specific assets.
- Automate workflows for review of marketing materials to ensure each piece is reviewed by the appropriate compliance officers and receives required approvals.
- Use automation to manage the complexities of cobranding activities between mortgage loan officers and realtors/partners. Vya offers a system that manages and clearly documents a range of cobranding activities, from the creation, legal review and approval of marketing materials, to the reporting and secured payment processing of shared costs.
- Be prepared for compliance audits by using technology to electronically capture and store verifiable records.
- Use automation to manage multiple layers of direct mail and email opt-outs across the organization to avoid the potentially costly consequences of non-compliance, particularly with the strict Canadian Anti-Spam Law.
- Strengthen your bank’s overall brand while reducing compliance risks and costs by automating certain marketing tasks and processes. Process improvements can make it easier for brokers and agents to do business with your bank, ultimately boosting sales.
Looking for ways to curb marketing compliance costs now will put banks in a stronger position when the inevitable next round of regulatory changes arrives. Consider automation of certain marketing tasks and processes to prepare for what lies ahead.