How to Endure the Challenges of Today’s Regulations with Tech

By EventNotesApril 10, 2019

I think we can all agree that regulation is a top concern.

In the competitive industry of consumer finance, marketers are not only expected to offer a full spectrum of service verticals, but to do so while maintaining complete transparency and compliance.

Navigating the world of UDAP, insurance regulation, and mortgage regulation can be incredibly complex, and it doesn’t help that the regulations themselves are constantly changing.

The solution? Technology.

Sheer manpower is no longer enough. However, with a clear, tech-driven strategy to achieve compliance, regulation can actually transform from a hindrance into an opportunity for growth.

Don’t believe it?

Phillip Rosen, CEO of Even Financial, has proved it’s possible. He took the LeadsCon stage to share his 4 major takeaways.

HOW TO: Turn self-regulation into an engine for growth

1. Automate your self-regulation now, otherwise it will quickly overwhelm your team

You not only have to deal with regulations on your marketing strategies, but also on each of your financial products. You’ll quickly face an exponentially growing number of touchpoints to monitor. The only long-term fix is using machine learning and data science to automate the process.

In the beginning, Even’s team consisted of 1 account manager. It quickly became a bottleneck and compromised their ability to be a trusted, compliant partner.

2. Don’t build your regulation tech in-house unless your team already has expertise in this area

It’s possible that by the nature of your product, you already have a team with the right skills. If you don’t, it’s better to outsource the task to a team of experts rather than take on the expense of hiring and maintaining your own.

For Even, their natural expertise lay elsewhere, so they partnered with →

Performline

3. Shift your view of compliance from a limiting factor to a driver of growth

Your first reaction to self-regulation may be, “it’s just going to slow us down!” But the truth is, the more compliant you are the more confident you will be to push for aggressive growth.

Once Even automated their self-regulation, they were able to scale their team to 6 account managers and deliver their product with renewed confidence — check it out →

Even Financial

4. Use your commitment to compliance to set yourself apart and land high-value clients

Yes, regulatory compliance requires complex and expensive tech. However, if you can commit to becoming the most-regulated partner in the industry, you will attract long-term, high-quality clients.

The biggest players value compliance. Be the company that delivers it to them.

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