Report includes proprietary research on the breadth of marketing compliance programs, concerns, and challenges.
(MORRISTOWN, NJ)—PerformLine, the leading provider of omni-channel compliance software, has published its 2023 State of Marketing Compliance Report. This report compiles responses from a survey distributed in Q4 of 2022 to hundreds of compliance and marketing professionals to offer insights and benchmarking data on marketing compliance programs across various industries, including banking, fintech, buy now, pay later (BNPL), mortgage, and other consumer finance sectors.
In light of current challenges, including difficult market conditions, smaller compliance teams, limited bandwidth, and decreased budgets, the report provides valuable guidance for consumer finance companies looking to benchmark their compliance initiatives in 2023.
An overarching insight from the report is that organizations must keep their consumer protection programs up-to-date and in line with their innovations. Regulators like the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and State Attorneys General examine a company’s compliance management system during investigations, and this report provides valuable information for optimizing compliance programs and, in turn, ensuring consumer protection.
“One of our core missions at PerformLine is to empower compliance leaders with both the technology and knowledge needed to ensure that their organization and partners provide transparent and accurate information to consumers across any channel,” said Claire Milazzo, VP of Marketing at PerformLine. “This report provides invaluable insights and is a must-read for every organization looking to elevate their marketing compliance program.”
Key findings from the report include:
- Almost three-quarters (74%) of organizations have small compliance teams of 5 people or less
- The biggest marketing compliance challenges organizations are currently facing are comprehensive oversight (28%), keeping up with regulations (27%), and bandwidth and headcount (26%).
- In 2023, the top 3 regulatory “hot topic” areas of concern are federal regulatory changes (17%), UDAAP (16%), and data privacy and protection (15%).
Click here to download a copy of the 2023 State of Marketing Compliance Report.
To provide deeper insights into the data, PerformLine will host a webinar titled “Navigating Marketing Compliance Challenges in 2023” on March 22nd that will feature guest speakers Alexandra Megaris, Partner at Venable LLP, and John Henson, General Counsel at ConsumerAffairs. The American Bankers Association (ABA) Professional Certifications has approved this event for 1.25 CRCM credits. Those looking to attend can register here.
PerformLine is a category-leading, global SaaS company that provides end-to-end compliance, from automated review of documents to live monitoring across consumer-facing channels including the web, calls, messaging, emails, and social media. The PerformLine SaaS platform features full workflow capabilities, real-time analytics, remediation, monitoring, and archiving while providing clients with significant time and cost savings by automating compliance activities across channels and departments. PerformLine recently acquired email compliance leader LashBack. Visit http://www.performline.com for more information.