Why Your Compliance Team Shouldn’t Leave Customer Journey Mapping to Marketing

| September 21 2017


As a compliance professional, you’re probably too swamped with regulations (like the approaching GDPR deadline) to get involved with what your marketing team does on a daily basis. Of course, you make sure all of your marketing materials meet compliance regulations, then you’re on to the next department. Unfortunately, you might be missing out on protecting your business from noncompliance by not participating in this important marketing activity.

What is Customer Journey Mapping?

Put simply, it’s the act of collecting and analyzing the path that a customer or potential customer takes when they visit your website. For marketing purposes, this analysis is key to understanding the behavioral flow of customers in order to create the most efficient experience possible. Ideally, a marketer would want to make sure that a customer’s experience on their website is conducive to them making a purchase or requesting more information about a product or service.

What does this have to do with compliance?

If you’re in financial services, a lot. It’s actually required by FINRA that financial organizations preserve the customer journey on their website for compliance purposes. Your website is a point of communication with your customers, and as a result, your organization must maintain proper records of these interactions.

For example, many websites have calculator-type tools that allow a customer to test the potential value of investments by changing the amount, length of time and other components. Your marketing team hopes that your customer will see a result that they like by using this calculator, then proceed to request more information by filling out a form. Even though your customer did not directly interact with a human in this instance, they still received personalized results from your website that drove them to make a decision. This qualifies as a form of communication, and therefore, needs to be preserved for compliance.

What happens if I don’t comply?

You probably don’t want to find out. Last year alone, FINRA issued a record $176 million in fines. This large amount broke the 2014 record of $134 million, and chances are, the 2017 year will be somewhere between those amounts. Make sure your business is not on the receiving end of one of those large, painful fines.

Yikes. What do I need to do to avoid fines?

Being proactive is the best way to approach FINRA regulations. If you start by archiving all of your website content in its native format, you’ll have a great base to build upon. Then, work with your marketing team to find out how they map your customer’s journey, and make sure that every aspect of that is properly preserved. Remember to check for details like Investment Calculators and other tools that help potential customers make decisions on your site.

Additionally, If you’d like to speak with one of our experts of find out how Hanzo can help your organization implement a customer journey preservation tool, request a demo with us today.




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