How Banks Can Turn Compliance into a Business Opportunity

Compliance is a significant burden and expense for financial institutions. However, with Latinia, banks can easily meet regulatory requirements, leverage the data collected through compliance processes as a valuable business tool, and turn it into an opportunity to gain a competitive advantage.


Easing the Burden of Regulatory Compliance

Regulatory compliance is a continuous challenge for financial institutions, which only grows with time. Rules and procedures are constantly changing and growing in vigilance, making it harder for banks to keep up.

Financial institutions must electronically record, store, file, index, and retrieve records of client communications from the moment a client agrees to do business. In the event of an audit or investigation, regulatory authorities may request access to these records to verify compliance. Failure to provide accurate and complete records may result in penalties or fines and may also damage the bank’s reputation.

Therefore, the importance of efficient management and retrieval of client communication records cannot be overstated. For this reason, Latinia provides multiple tools to facilitate this compliance task.

Proof of Delivery and Failure Reasons

One critical aspect of regulatory compliance is implementing mechanisms of non-repudiation for each transaction, providing evidence that a message has been sent and received.

 Latinia offers banks more than just a record of all notifications that have been delivered correctly. With Latinia, banks can take it a step further by providing proof of at what point a message failed to be delivered. This may include identifying reasons such as the message being rejected by the provider, non-existent user account, incorrect recipient, among others.


Message Search and Filtering Options

Latinia provides banks with the ability to easily search for a message. Filters include the following:

  • Client’s name
  • ID number
  • Cell phone number and other secondary indexes for client identification

There are other filtering options such as the number of messages sent, the channel or channels selected to send the message through, and more.



You can easily check and view the status of sent messages with the same template used to deliver them to the client. In the case of a push notification, you can also check if the client has opened and read the message.


Leveraging Notification Preferences as a Business Tool

Efficient management of client communication records not only ensures regulatory compliance but also offers several other benefits. These records can be analyzed to identify patterns, trends, and insights about customer behavior, needs, and preferences. This information can be leveraged to improve customer service, offer new products, and increase revenue.

Latinia Subscription Rules Engine empowers banking customers to control the information they want to be notified of. By allowing clients to opt-in or opt-out of certain notifications according to their personal preferences, banks can provide evidence of compliance for such cases and gain insights into the most active, popular, and relevant services for their clients.

Moreover, the metrics provided by the tool offer valuable data for financial institutions. These insights can directly impact strategic business decisions and help banks to tailor their services and products to meet their clients’ needs and preferences.

Categories: Security & Compliance, Strategy

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