Technology solutions provider docStribute has teamed up with low-code platform Pegasystems to help financial services firms comply with the new Consumer Duty regulation. As the regulatory change since MiFID takes effect in the UK, docStribute and Pega come together to ingrain it within every customer interaction.

Implemented on July 31, 2023, the Consumer Duty act has marked a significant regulatory transformation in the UK, rivalling the impact of MiFID. Among sweeping changes and rules, which stand to impact financial services companies across sectors, it is important to put equal emphasis on customer comprehension of products and post-purchase support, mirroring the attention dedicated to sales origination. The practice of depositing files in online portals or dispatching post-sale documentation via mail no longer suffices as a means of fulfilling regulatory obligations.

Enabling Consumer Duty compliance docStribute’s officials emphasise that fulfilling consumer duty obligations for banks, financial advisors, and other financial firms requires a concerted effort to ensure customers engage with the information sent to them. This involves selecting the right communication channel that aligns with regulations and prioritises customer convenience. Chris Ansara, CEO of docStribute, emphasised the significance of partnerships like the one with Pega, which leverages Pega's CRM ranking and global user base to aid companies in maintaining compliance during the transformative Consumer Duty landscape.

This collaboration aims to assist firms in navigating evolving regulations and fostering compliance within a changing regulatory landscape. Also speaking on this collaboration, representatives from Pega said that Consumer Duty is a major, systemic change to how financial services organisations deal with their customers, and it’s crucial that firms use top-tier technology that will do right by them and help achieve regulatory compliance. Their partnership with docStribute is an omnichannel approach that will benefit Pega customers.

Advancing document security and compliance through strategic partnerships Pega specialises in cloud software for AI-powered decisioning and workflow automation. Brands rely on Pega’s AI-powered software to optimise customer interactions on any channel while upholding their brand promises. As a Pega ISV, docStribute integrates its solutions with the Pega Infinity platform.

Built on Distributed Ledger Technology (DLT), docStribute enables a real-time audit trail so all records can be tracked. DLT ensures document security by using cryptography that only allows access to authorised users, and securely stores all data. Document security is guaranteed by immutable hyperlinks, as well as control of who has access and monitoring all team activity.

The company's flagship product dSend distributes regulated (and unregulated) documents in a sustainable, secure, and cost-effective way that is compliant with regulations such as GDPR, as well as the FCA’s Durable Medium rule, and now Consumer Duty. docStribute has joined the Pega Partners programme and is on a Build track that will allow it to enjoy the full benefits of being a Pega partner, whilst enjoying specific support for building their solutions on Pega. As a result, Consumer Duty compatible and aligned docStribute technology is now available to Pega customers.

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