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Expert: What marketers need to know about RegTech
Using data is nothing to new for savvy brands, but RegTech - or Regulatory Technology - can help brands better understand and utilize data. One expert explains.
Kristina: We've talked about what RegTech is, how can brands get up to speed on this quickly?
Alex Baydin, CEO, PerformLine: Leading consultancies, including Deloitte and Ernst and Young, have released white papers outlining the basics of RegTech, its capabilities, and how it has impacted the financial services industry.
Brands should seek out RegTech conferences to learn best practices from fellow industry leaders. PerformLine hosts an annual RegTech and Compliance Conference in June called COMPLY, which brings together regulators, compliance professionals and tech innovators to discuss compliance initiatives, regulatory issues and RegTech tools for various needs, including activity monitoring, regulatory reporting, and case management.
Kristina: What other trends are you monitoring for in the first half of 2017?
Alex: Regulations--and compliance with them--will be a challenging endeavor in 2017. Change is going to be the norm as the new administration shapes their agenda. This will make RegTech solutions even more important because they can adapt to and incorporate change easily, allowing compliance programs to remain fluid and up-to-date with ever-changing requirements.
This year the consumer will be king, as regulators will continue to focus on violations in consumer-facing business practices, including marketing and advertising. The CFPB tracks these violations closely, referring to consumer complaint trends in their Consumer Complaint Database to see which companies deserve closer scrutiny. PerformLine has put together a report that analyzes these trends, to bring to light the risk signals every company should watch for and to provide insights to help improve a company's regulatory compliance efforts, customer experience, and operational effectiveness.
To keep up with these consumer-centric changes, companies will need to track every customer engagement channel for compliance with brand and regulatory guidelines. PricewaterhouseCoopers predicts that an optimal omni-channel customer experience will become ever more important over the next several years, based on "the reality that brands need to perfectly execute on customer requests."
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