Banking CIO Outlook
show-menu

PerformLine: Omni-Channel Coverage for Regulatory Compliance

Alex Baydin, Founder & CEO, PerformLineAlex Baydin, Founder & CEO
Almost a decade ago, a perfect storm was brewing that would exponentially grow compliance risk for financial institutions: consumer protection regulations were exploding with the signing of Dodd-Frank at the same time that the number of channels by which consumers could interact with financial institutions were surging. As regulations became more stringent and the interaction channels became more abundant, an executive working in the performance media space saw a need for his clients to have better optics into the monitoring and compliance of their marketing. With that idea, Alex Baydin and his company PerformLine, transitioned to provide that integral transparency and data. What he didn’t realize at the time was that he was helping to pioneer a new industry around marketing, regulatory compliance and technology—or RegTech as it’s now known. Today, PerformLine empowers leading enterprises across the banking and financial sector with a comprehensive marketing and sales compliance oversight solution to mitigate those growing risks.

In a highly-regulated environment, consumer finance organizations such as banks, credit card issuers and mortgage lenders need real-time visibility into the distribution of their message in their marketing or sales efforts to ensure compliance and brand safety, and gain new customers. By leveraging PerformLine’s automated compliance solution, offered on a holistic SaaS platform, organizations can get comprehensive coverage from discovery and monitoring through remediation across those channels where they interact with consumers. “We proactively monitor compliance across various communication channels such as emails, chats, call centers, and the web. Our rule engine is dynamic and can be launched across many channels to simplify compliance with the incomprehensible amounts of federal and state regulations,” says Alex Baydin, the founder and CEO of PerformLine.
Another facet of the company’s platform, highly-coveted by compliance, legal and marketing teams alike, is the workflow tool which is an essential part of their cloud-based platform. PerformLine’s workflow makes remediation easy from a centralized interface, where all compliance can be monitored, tracked and viewed by any department, increasing the efficiency of an organization. If potentially non-compliant copy or offer terms are found on a partner’s website for example, the page is flagged within the PerformLine system where a user can email the finding to internal and external recipients to request remediation. The staff or partner can take immediate action, and a confirmation of the non-compliant item being resolved creates a real-time audit trail for enterprises.

Our rule engine is dynamic and can be launched across many channels to simplify compliance with the incomprehensible amounts of federal and state regulations

Baydin shares an instance where they helped one of their clients monitor for compliance while also generating greater quality and operational efficiency within their call center. A small business lender started out with nearly 100,000 calls a month and their in-house QA team was able to review only about 10 to 15 calls per agent. After deploying PerformLine, within the same budget, the lender was able to monitor nine times more calls per agent, plus they were able to view a broader scope of data and provide faster feedback. With the increased efficiencies, they were able to provide 92 percent of the agents with feedback, compared to the 40 percent previously provided, and in turn they increased the agent average compliance and performance score by over 20 percent.

Platform scalability and channel growth are two fronts that the company is intently focused on. PerformLine plans to continue its investments in technology to increase discovery capabilities and the power of their rule engine with continued use of machine learning and artificial intelligence. The company also continues to focus on their multiple channel approach, beginning to dive deeper into social media networks and monitoring across multiple languages. “Our vision is for our products to be omni-channel and our business proposition to include consulting services that lend a capable hand and expertise in marketing compliance,” concludes Baydin.
Share this Article:
Top 10 RegTech Solution Companies - 2018

PerformLine

Company
PerformLine

Management
Alex Baydin, Founder & CEO

Description

Offers a cloud-based platform that empowers compliance functions required to mitigate risk across all consumer interaction channels

PerformLine News

PerformLine Releases Annual Complaint Risk Signal Report: An Analysis of Consumer Complaints Submitted to the CFPB

PerformLine's 2023 Complaint Risk Signal Report provides insights for financial institutions on potential compliance risks based on analyses of submitted customer complaints to the Consumer Financial Protection Bureau.

MORRISTOWN, N.J. , -- PerformLine, the industry leader in omni-channel marketing compliance technology, today announced the release of the 8th edition of its Complaint Risk Signal Report. The report provides an analysis of consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) to surface observations and insights that help financial institutions proactively shape their compliance programs.

According to the CFPB, "Consumers' complaints and organizations' responses provide the Bureau with important information about the types of challenges consumers are experiencing and the effectiveness of an organization's compliance management system."

As regulatory scrutiny increases amidst turbulent market conditions, this report continues to serve as a valuable tool by highlighting important trends and insights around consumer complaints and enforcement actions.

Post this

As regulatory scrutiny increases amidst turbulent market conditions, this report continues to serve as a valuable tool by highlighting important trends and insights around consumer complaints and enforcement actions.

Detailed in this:

• Consumer complaints and trends by product

• The impact of regulators' focus on protecting vulnerable populations, including military servicemembers and older consumers

• Enforcement trends by year, consumer relief by year, and under each Director

• How to avoid consumer complaints with a strong marketing compliance program

"At PerformLine, our mission has always been to empower compliance leaders with the technology, tools, and knowledge they need to ensure their organization and partners provide transparent and accurate information to consumers across any channel," said Paul Wilmore, COO of PerformLine. "Armed with the knowledge from this report, paired with PerformLine's omni-channel compliance solution, companies can proactively monitor marketing communications to better protect consumers and avoid the complaints that lead to investigations and enforcement actions by the CFPB."


PerformLine Releases Resources to Help Consumer Finance Companies Navigate Marketing Compliance

MORRISTOWN, N.J. -- PerformLine, a leading provider of automated marketing compliance solutions, today announced the release of two groundbreaking resources aimed at empowering consumer finance companies to stay ahead in the rapidly evolving regulatory landscape. The Marketing Compliance and Enforcement Actions Quarterly Review and the 2024 State of Marketing Compliance Report provide valuable insights into the latest trends, enforcement actions, and compliance challenges facing the industry.

The Marketing Compliance and Enforcement Actions Quarterly Review offers a detailed analysis of the enforcement actions and compliance trends that have significantly impacted consumer finance companies in the second half of 2023. Some notable insights include:

• 22 finalized public enforcement actions totaling over $230B in fines

• Regulators are focusing their efforts on UDAAP (Unfair, Deceptive, or Abusive Acts or Practices), dark patterns, and third-party risk management

• The most common compliance issues include offer inflation, brand misrepresentation, and misleading language

• 1 in 4 marketing assets monitored by PerformLine were flagged for a potential compliance violation

Complementing the quarterly review, the State of Marketing Compliance Report offers proprietary research on the breadth of marketing compliance programs, concerns, and challenges. Based on a comprehensive survey of compliance and marketing professionals, the report unveils that:

• Compliance teams face significant challenges related to manual processes and resource constraints, impacting their ability to manage compliance tasks efficiently

• There's a correlation between the maturity of compliance programs (automated vs. manual) and the level of confidence in these programs

• Organizations have already or are planning to increase investment in compliance monitoring technology to help solve key challenges

"The marketing landscape for consumer finance brands is more complex than ever, with new channels, technologies and regulations emerging constantly," said Claire Milazzo, VP of Marketing at PerformLine. "Our goal with these resources is to provide organizations with data-driven insights that help them benchmark their programs, anticipate challenges, and implement the right technologies and strategies to enable compliant growth."

These resources are part of PerformLine's commitment to offering comprehensive compliance solutions that assist businesses in navigating the complex regulatory environment effectively. By leveraging PerformLine's in-depth compliance monitoring and industry analysis, consumer finance companies can gain essential insights to maintain compliance and foster growth in a challenging market.

Those looking to read the full Marketing Compliance and Enforcement Actions Quarterly Review can access it here. Those looking to read the full State of Marketing Compliance Report can access it here.