building a compliant and effective your website, your new ......building a compliant and effective...
TRANSCRIPT
Your Website, Your New Normal: Building a Compliant and Effective Website for the ARM Industry in a Post-Pandemic World
Presented by:
Your Speakers
Joann NeedlemanMember, Financial Services Regulatory & Compliance
Clark Hill [email protected]
Phoebe AssenzaFounder, Rhetorica Creative
(formerly Assenza Creative Group)[email protected]
Gregory AllenCEO, Pairity AI
Disclaimer
This information is not intended to be legal advice and may not be used as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure this information is up to date. It's not intended to be a full and exhaustive explanation of the law in any area. It should not be used to replace the advice of your own legal counsel.
Why are we hosting this webinar?
What makes a good website?
A look at the current consumer experience
What today’s consumer is accustomed to
How can ARM firms adapt their websites to “the new normal” and meet
consumers where they are?
Why are we hosting this webinar?
COVID-19 Crisis brought overnight change to the ARM Industry.
Agencies needed to re-think workforce operations, including consumer engagement.
Why are we hosting this webinar?
Need for streamlined digital operations, a better online presence in order to deliver a better online consumer experience.
Clients will be demanding more from their vendors.
Consumers will be more demanding on the experience they want.
Companies who are better at engaging consumers will be the ones who will survive in the post-pandemic world.
.
What makes a good website?
An smooth and intuitive user experience.
Clean design and effective copy.
What makes a “good” website?
Calls to action that meet the consumer where they are.
Streamlined workflows.
Organized and readily available information for the consumer.
Options for the consumer to customize their experience and relationship with your brand.
Why?
A combination of these features instantly builds trust and inspires long-term consumer engagement.
Today’s consumer experience.
Quick Case Study
Imagine a consumer receives a letter, email, or call from a firm we’ll call Wayne & Keener. The first thing the consumer does is a Google search:
Quick Case Study
...And once they land on the firm’s site, there is no messaging to welcome or address the consumer. It’s more of a B2B marketing site.
Quick Case Study
This could be an “unhappy path” for the consumer because there is no prominent entrypoint for them. This will cause them to disengage.
What the consumer is accustomed to.
Example 1: Nova Credit
Their actual business partners are lenders like AmEx and Visa, but their site is completely geared toward the consumer.
Prominent, direct call-to-action Clearly offers a service Customized experience Option to use chatbot
Content that’s designed to educate the user on the importance of a credit history and score in the U.S.
Example 2: Ellevest
Their business is selling investment products, but the value proposition on their homepage is a “financial future.”
Clear call to action that goes straight to account set-up.
Clear headings and descriptions confirms user’s actions and lets them know what to expect next.
Language is positive and friendly.
Customized, goal-oriented user experience.
Content that’s designed to educate the user on the importance of a “financial future” (i.e., this brand’s product), and inspire conversion / action / account sign-up and payments.
Mini Miranda - Must ensure that disclosure is prominent and strategically placed on the website.
Time-Barred Debt Disclosures - May be particular to a subset of consumer accounts, need to ensure the consumer is made aware when viewing that account.
Legal and Regulatory Considerations and Disclosures
Avoid statements on the website that can be construed as false, deceptive or misleading.
Build a website to leverage and collect data but must have a robust privacy statement that advises you are collection this data.
For states like California, must disclose the data collection and provide options for the consumer to opt-out of data collection and to delete if applicable.
How can ARM firms adapt to the new normal?
Reorganize your homepage to welcome and address the consumer.
Adopt a goal-oriented, pro-consumer approach to every touchpoint.
Offer a survey at the end.
Take a cue from other Direct-to-Consumer financial brands.
Make digital payment channels and arrangements easy for the consumer to set up and access.
Allow for easy customization where it’s needed and possible.
Allow the user to access the info they need on demand: account balance, payment history, as well as helpful content to keep them engaged through their payoff journey.
Provide additional resources like link to CFPB, FTC or state resources if appropriate
Example of preference setting in Pairity’s Consumer Portal for digital collections.
Example of preference setting in Pairity’s Consumer Portal for digital collections.
Thank you!