docStribute, a technology solutions provider, has announced a partnership with Pegasystems, a low-code platform provider, to assist financial services firms in complying with the new Consumer Duty Regulation. The regulation, which came into effect on July 31, 2023, is considered the largest regulatory shakeup in the UK since MiFID and includes significant changes and rules that will impact financial services companies.
One of the key directives of the Consumer Duty Regulation is that financial services firms must put equal effort into ensuring customer understanding of products and aftercare, rather than solely focusing on making sales. Companies can no longer simply rely on dumping files in portals or sending post-sale literature via mail to meet their regulatory requirements.
According to Phil Shelley, the Chair of docStribute, in order to fulfill their consumer duty obligations, banks, financial advisers, and other financial services firms need to make an extra effort to ensure that customers actually read the materials sent to them. This requires finding the right channel that is compliant with regulations and convenient for customers.
The partnership between docStribute and Pegasystems will leverage the strengths of both companies to help firms stay compliant with the new regulations. Chris Ansara, the CEO of docStribute, highlighted Pega’s strengths in customer relationship management (CRM) and its global user-base as factors that make the partnership particularly exciting. The collaboration aims to provide top-tier technology solutions that will assist companies in achieving regulatory compliance in an ever-changing environment.
Pegasystems is a leader in cloud software for AI-powered decisioning and workflow automation, and its AI-powered software is used by some of the world’s most successful brands to optimize customer interactions across various channels while upholding brand promises. As a Pega ISV, docStribute integrates its solutions with the Pega Infinity platform.
Utilizing Distributed Ledger Technology (DLT), docStribute ensures document security by using cryptography that only allows authorized users to access and securely store data. The technology provides a real-time audit trail, allowing all records to be tracked. dSend, docStribute’s flagship product, distributes regulated and unregulated documents in a sustainable, secure, and cost-effective manner, in compliance with regulations such as GDPR, the FCA’s Durable Medium rule, and the Consumer Duty.
docStribute has joined the Pega Partners program and will receive support for building their solutions on the Pega platform. As a result, Pega customers can now access docStribute’s Consumer Duty compatible technology.
In addition to the partnership with Pegasystems, docStribute has signed agreements with various partners, including the UK Government’s Crown Commercial Service, where it is listed as a G-Cloud 13 supplier, making its technology available to over 52,000 public sector and third sector organizations. The company has also secured deals with a Tier One bank and several building societies.
By offering secure digital signing and document distribution solutions, docStribute aims to simplify complexities in the financial sector and ensure firms deliver optimal outcomes on product quality, price, and consumer support. The company, founded in 2019, was awarded a Smart Grant by Innovate UK, further validating its innovative and disruptive ideas in the industry.
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