Top 10 RegTech Solution Companies - 2018

PerformLine: Omni-Channel Coverage for Regulatory Compliance

Alex Baydin, Founder & CEO

Almost a decade ago, a perfect storm was brewing that would exponentially grow compliance risk for financial institutions: consumer protection regulations were exploding with the signing of Dodd-Frank at the same time that the number of channels by which consumers could interact with financial institutions were surging. As regulations became more stringent and the interaction channels became more abundant, an executive working in the performance media space saw a need for his clients to have better optics into the monitoring and compliance of their marketing. With that idea, Alex Baydin and his company PerformLine, transitioned to provide that integral transparency and data. What he didn’t realize at the time was that he was helping to pioneer a new industry around marketing, regulatory compliance and technology—or RegTech as it’s now known. Today, PerformLine empowers leading enterprises across the banking and financial sector with a comprehensive marketing and sales compliance oversight solution to mitigate those growing risks.

In a highly-regulated environment, consumer finance organizations such as banks, credit card issuers and mortgage lenders need real-time visibility into the distribution of their message in their marketing or sales efforts to ensure compliance and brand safety, and gain new customers. By leveraging PerformLine’s automated compliance solution, offered on a holistic SaaS platform, organizations can get comprehensive coverage from discovery and monitoring through remediation across those channels where they interact with consumers. “We proactively monitor compliance across various communication channels such as emails, chats, call centers, and the web. Our rule engine is dynamic and can be launched across many channels to simplify compliance with the incomprehensible amounts of federal and state regulations,” says Alex Baydin, the founder and CEO of PerformLine.

Another facet of the company’s platform, highly-coveted by compliance, legal and marketing teams alike, is the workflow tool which is an essential part of their cloud-based platform. PerformLine’s workflow makes remediation easy from a centralized interface, where all compliance can be monitored, tracked and viewed by any department, increasing the efficiency of an organization. If potentially non-compliant copy or offer terms are found on a partner’s website for example, the page is flagged within the PerformLine system where a user can email the finding to internal and external recipients to request remediation. The staff or partner can take immediate action, and a confirmation of the non-compliant item being resolved creates a real-time audit trail for enterprises.

Our rule engine is dynamic and can be launched across many channels to simplify compliance with the incomprehensible amounts of federal and state regulations

Baydin shares an instance where they helped one of their clients monitor for compliance while also generating greater quality and operational efficiency within their call center. A small business lender started out with nearly 100,000 calls a month and their in-house QA team was able to review only about 10 to 15 calls per agent. After deploying PerformLine, within the same budget, the lender was able to monitor nine times more calls per agent, plus they were able to view a broader scope of data and provide faster feedback. With the increased efficiencies, they were able to provide 92 percent of the agents with feedback, compared to the 40 percent previously provided, and in turn they increased the agent average compliance and performance score by over 20 percent.

Platform scalability and channel growth are two fronts that the company is intently focused on. PerformLine plans to continue its investments in technology to increase discovery capabilities and the power of their rule engine with continued use of machine learning and artificial intelligence. The company also continues to focus on their multiple channel approach, beginning to dive deeper into social media networks and monitoring across multiple languages. “Our vision is for our products to be omni-channel and our business proposition to include consulting services that lend a capable hand and expertise in marketing compliance,” concludes Baydin.