By Ellen Hannigan
UDAP. Reg Z. DD. Regulation E.
Federal and state regulations are nothing new for financial services firms. This year, however, lenders must content with a series of sweeping changes that will impact nearly every customer communication, from applications and marketing materials to disclosures and monthly statements.
With compliance deadlines looming, operations heads are still dealing with budget cuts and the lack of staff resources they’ve been handed as a result of the economy – and now must come up with a cost-effective plan to implement substantial changes to document content.
To address consumer confusion, lenders will need to modify documents generated by a host of legacy and one-off applications, incorporate more variable content and do so in a systematic, automated way. Already, some market leaders have adopted best practices in document composition, implementing effective software solutions that make it easy to create, manage and deliver updated communications with greater control and flexibility.
Print stream engineering and on-demand document creation have become the new must-have capabilities for managers looking to step up the new compliance demands. With these tools, operations heads can handle changes in form design and content with word processing ease—customizing messages customer by customer. These software technologies do not require coding changes to your underlying legacy systems—often one of the biggest obstacles to document changes—and provide a centralized mechanism for executing compliance mandates so output can easily be formatted to support both print and electronic channels.
To learn more about these regulatory changes, the documents affected and how banks are responding in the most cost-efficient manner visit the Pitney Bowes Business Insight Financial Services regulations resource center today.
