docStribute has announced that it is partnering with Pegasystems, the low-code platform provider empowering the world’s leading enterprises to Build for Change®, to help financial services firms comply with the new Consumer Duty Regulation.
Consumer Duty came into effect 31 July 2023 and is the largest regulatory shakeup in the UK since MiFID. Among sweeping changes and rules, which stand to impact financial services companies across sectors, is the vital directive that equal effort must be put into customer understanding of products and aftercare, as making sales in the first place. Gone are the days when firms could dump files in portals or send post-sale literature in the mail and consider their regulatory requirements met.
Now, as docStribute chair Phil Shelley penned for FTAdviser: “If banks and financial advisers [as well as other financial services firms] are going to genuinely fulfil their consumer duty obligations, they need to work harder to ensure customers actually read what is being sent to them, which means finding the right channel for customers that is simple to access, fully compliant with regulations and above all works for the customer.”
On the partnership and Consumer Duty, docStribute CEO Chris Ansara said: “docStribute’s strength comes from our continued partnerships with industry leaders like Pega. We are very excited to commence our collaboration and to make our technology available to a new audience. Consumer Duty is a major recalibration of relations between institutions and consumers and now is a vital time for companies to ensure they are compliant with the new rules. Among the company’s many remarkable strengths, Pega’s CRM ranking and global user-base make the partnership especially exciting, as we strive to help firms stay compliant, in an ever-changing regulatory environment.”
Steve Morgan, industry market leader, banking, at Pega commented: “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. Our partnership with docStribute is an omnichannel approach that will benefit Pega customers.”
Pega is the leader in cloud software for AI-powered decisioning and workflow automation. Some of the world’s most successful 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. 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 program, 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.
In addition to the partnership with Pega, which opens up the possibility of entering new markets and internationalising its offering, docStribute has signed agreements with a multitude of partners, such as the UK Government’s Crown Commercial Service (CCS), where it is listed as a G-Cloud 13 supplier, making docStribute technology available to over 52,000 public sector and third sector organisations. Individual deals have been struck with a Tier One bank and a number of building societies.