Updated September 2020
In financial services, the constantly changing regulatory environment can make it difficult to plan ahead. How do you know what compliance technology solutions you need to move your business in a positive direction?
Planning For a Compliant Future in ARM
Shifts in government policies can bring uncertainty. With the recent Supreme Court decision regarding the CFPB’s structure and the upcoming release of the final debt collection rule (expected in October 2020), there has been a lot of change already and more is on the way.
If the proposed debt collection rule is any indication, collectors can expect to safely adopt email and text into their digital accounts receivable strategies within the next year. However, there will likely also be new compliance concerns that arise from the rules, so preparation and a strong compliance team is key.
Where Should You Start?
A common challenge is balancing how to remain compliant while keeping spending in check. Decision makers may find themselves unsure of the best path forward that’s sustainable, affordable and compliant.
ARM professionals should be making preparations that fulfill compliance concerns and make daily processes more efficient.
- Adopting a digital collection strategy
- Staying current with changing compliance
- Exploring compliance technology solutions to simplify processes
Keep in mind, failing to respond to regulatory demands could lead to greater oversight, aggressive fines, skyrocketing legal costs, and overwhelming financial penalties. Make sure your agency is ready for changes as they come.
Adopting Compliance Technology Solutions
PCI and other payment compliance concerns are at the top of the list for many agencies. Especially those who have some or all front-line remote workers.
Protecting against fraud and keeping sensitive data safe becomes harder outside the controlled office environment. Choosing compliance technology solutions can minimize risk and simplify operations for agents and consumers.
Business owners and managers should ask a few questions of the software vendors they are investing in for both their compliance and payment processing needs. Can the software be easily customized to fit changing regulation and payment needs? Is it adaptable? Is it flexible?
Does the product remain user friendly and intuitive? You want a product that is easy for your cashiers or call center agents to learn, since this saves your business money on staff training and implementation.
Consider Customer Experience
Also think beyond making compliance regulation easy and flexible for your staff. The consumer experience is often forgotten, which can directly impact your profitability. When the sole focus is meeting ever-stringent regulations, you may sacrifice a positive, customer centric user experience. Collections involve real customers paying their bills. A complicated or disconnected experience leads to more costs chasing the consumer for payments.
You also want a program that is user friendly for your consumers. If they cannot easily move through the payment process, without getting frustrated, they will give up. Abandoned payments mean lost revenue.
Adaptability, Flexibility and a User Friendly Interface
A payment and compliance solution that offers you adaptability, flexibility, and a user friendly experience for both staff and consumers will save you money and frustration in the long haul. Using a compliance technology solution like PDCflow’s FLOW Technology simplifies payment regulations, takes businesses out of PCI scope and streamlines workflows for both staff and consumers.
To learn more about how FLOW Technology simplifies processes for staff and consumers while taking your business out of PCI scope, download the FLOW Technology for Remote Work Compliance and Security how-to.