How the Consumer Financial Protection Bureau simplified processes
When businesses decide to drastically change how information within their database will organize work-related records, it can come off as a daunting task. This is why it is important for executives to develop a plan with their in-house chief information officer or data processing service provider.
Expertise from the backend of operations can greatly impact on what type of system to purchase and how it should be customized to suit the company's needs. One government agency, the Consumer Financial Protection Bureau (CFPB) was able to find great success changing databases for the department and constituents across the United States, FCW Magazine reported.
"A compliance officer at a small community bank shouldn't have to sign up for a [subscription] service to find out what the regulations are," Matt Burton, acting CIO in the Technology Innovation office at CFPB, told the source.
Prior to implementing such changes, it took a year of planning to decide how to "streamline the experience of reading regulations" for attorneys, compliance officers and employees. The CFPB is responsible for providing information on consumer-facing services and regulations on ATMs. This type of transparency can truly increase operations for some communities that have a much smaller staff.
The website has become more of an open database, enabling other agencies to upload their new requirements as well. This way, the information is always up-to-date to industry standards and less time is spent trying to request specific portions of the guidebook.
Tab Service Company is a Chicago based company with over 53 years of experience as a data processing service provider. We provide business with outsourcing solutions for document scanning services, data entry services and mailing/lettershop services. As a SOC2-approved organization, we apply industry-best practices to our approach with clients.