Compliance Management for Financial Institutions Made Simple By Neal Reynolds, President, BankMarketingCenter.com The company’s web‑based platform offers a range of capabilities and compliance safeguards based on a financial institution’s needs. Compliance has become one of the financial services industry’s most pressing challenges, largely because the stakes are so high. We all know the consequences; customer attrition, reputational damage and burdensome fines, to name a few. It wasn’t long ago that Goldman Sachs, Wells Fargo and JP Morgan Chase, for instance, collectively shelled out almost $12 billion in fines. Let’s start with your brand. Just how important is it to protect? Well, what does your company spend on marketing? “Consider the fact that it is seven times more expensive to earn a customer than it is to keep one,” says Neal Reynolds, CEO of BankMarketingCenter.com, a provider of web-based tools that put banks in complete control of their marketing. “It’s easy to see that any damage to your brand can have a devastating effect on your bottom line.” 23
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