It is the week 3 article and I hope that all of you have been able to incorporate some off the suggestions and best practices from the past two weeks into your organization. In today’s article I want to focus on the outliers that may be impacted by the changes with the new CFPB Rule and Reg F.
1. Structured Data
Data is the key that unlocks compliance management challenges and provides valuable insight for creditors and the agencies / servicers. There is a will continue to be a critical need for “structured” and an abundance of data. Every facet of the Financial Services industry is evolving rapidly and new technology is ready to be harnessed. But these advances cannot be leveraged effectively without data consumption and interpretation. This needs to be an organizational priority.
2. Omni-channel Communication
Permitting omni-channel communication with your servicers will be essential due to the limited calling rule. You must ensure that you have consent management features and controls in place. And this needs to be synchronized across all channels with the creditor and the servicers. Be methodical and take the time to plan correctly. A staged approach is always the best course of action.
3. Contact Self-Servicer
Text and e-mail are geared towards self-service. Thus, their objective is to drive consumers to your self-service portal. Now is the to evaluate and ensure that your agency’s websites and self-service offerings align with your objectives and the new Rule.
4. Defined Roles
The omni-channel evolution will also impact employees and hiring practices. Text, E-Mail and Chat engagement require different skills and will create unique roles for collectors. You must ensure that this change is addressed properly in your hiring and training strategy.
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