The State of Marketing Compliance for the FinTech Industry
We surveyed fintech compliance leaders on their organization's marketing compliance practices for insights into trend information on the depth of compliance programs, concerns, and challenges.
Here are the top marketing compliance stats that fintechs should know about in 2022.
Comprehensive oversight, keeping up with regulations, and bandwidth are top marketing compliance challenges
The top marketing compliance challenges for fintechs are comprehensive oversight (38%), keeping up with regulations (30%), and bandwidth and headcount (23%). Only 9% of respondents said that budget was a top compliance challenge.
FinTechs are focusing on partners and third parties for compliance
Half of respondents (50%) reported that their organization works with 1-10 partners and third parties. 25% reported working with between 11-50, and 25% reported that they work with 50 or more.
Monitoring third parties and partners for compliance is important to fintechs
63% of respondents say that they monitor everything from their third parties and partners for compliance, and the remaining (37%) only do sample QA or review materials when an issue is brought to their attention.
UDAAP, data privacy, and fair lending are top regulatory concerns for 2022
The regulatory "hot topics" that fintechs are most concerned about in 2022 are UDAAP (29%), data privacy and protection (26%), and fair lending (22%).
Three quarters of fintechs expect marketing compliance budgets to increase in 2022
While total compliance budget amounts vary, 75% of respondents said that they expect their budget to increase in 2022.
The majority of increased budgets will be spent on employee costs, training and development, and compliance technology.
With an increased budget, fintechs are looking to increase their spending on employee costs (33%), training and development (25%), and compliance technology (21%).
53% of fintechs lack compliance monitoring on at least one marketing channel they're currently using.
Only 47% reported that they monitor all of the marketing channels they're currently using.
Get full insights on the State of Marketing Compliance in 2022.
Get your free copy of PerformLine's State of Marketing Compliance Report for complete trend information on the depth of marketing compliance programs, concerns, and challenges in 2022.
