The U.S. financial industry is one of the most regulated in the world and continues to evolve in ways that places new demands on industry players as well as state, federal and global regulators. Adapting to the many changes in technology and consumer preferences is challenging for financial institutions regardless of their size or resources, and many credit unions feel the strain of managing complex compliance processes while maintaining excellent member service with limited staff.
This is especially true for smaller, neighborhood institutions that often offer vital financial services to otherwise underserved communities. Their strategic initiatives may overlook compliance and the operational lift that can be achieved through its modernization – and it’s understandable. When something does not look broken, there’s no reason to think it needs to be fixed. A compliance program that is merely compliant, however, is not delivering value to either credit unions or their members. Labor intensive, manual compliance processes place constant burdens and stress on employees. Old-school compliance or doc prep solutions typically require duplicate data entry and run the risk of exposing members’ Personally Identifiable Information to data breach risks.