Using mobile and video to deliver easy-to-understand privacy notices saves banks millions while giving customers the transparency they are demanding
- For today’s consumers, privacy is now a key differentiating feature that instructs their choice of what companies to trust their business to.
- PrivacyCheq gives consumers an easy to understand privacy notice specifically formatted for their device.
- By using mobile technology to replace the long, legalese-laden privacy notices mailed to customers in accordance with the law, banks save millions and consumers can actually read and understand the notices, rather than just tossing them in the trash.
YORK, PA. September 15, 2014 /MobilityWire/ — Today, PrivacyCheq (www.PrivacyCheq.com) announces the immediate availability of its cloud-based privacy notice service. The service provides consumers with dramatically improved understanding of their privacy as they access their electronic banking, credit union, brokerage, and insurance accounts.
Initially targeting regulated financial institutions that are legally required to deliver annual privacy notices to every customer, PrivacyCheq will fully comply with anticipated changes to the Federal Government’s Consumer Financial Protection Board (CFPB) “Regulation P,” which in many cases will allow financial institutions to deliver privacy notices electronically, eliminating the cost of mass mailing and improving customer awareness.
“Today’s consumers are far more aware of the meaning of ‘digital privacy,’ and privacy transparency is now a feature that they consider when selecting their financial partners,” said Roy Smith, CEO of PrivacyCheq. “We’ve all received that annual privacy notice from our bank, glanced at the large blocks of legalese in tiny print, and then tossed it into the trash. The paper privacy notice was not effective at communicating important privacy information, and it was costly for banks to send.”
PrivacyCheq makes privacy notices much more consumer friendly by delivering concise, layered disclosures that are formatted correctly for whatever mobile or desktop device the customer is using to view the disclosure. Proper support of mobile devices is vital, since today’s banking customers increasingly use mobile smartphones and tablets to access their accounts. Competitively, banks that simply post their boilerplate 5 page privacy notice on their websites will fall behind as consumers seek out banks that capitalize on privacy transparency.
The first notice that PrivacyCheq can deliver electronically is the CFPB “Model Form” described in the Regulation P text. The form is very familiar to regulated institutions because most of them designed their paper privacy notices using it as a “model.” A working demonstration of the PrivacyCheq technology is available at www.noticebank.com where clicking anywhere on the site will generate a sample of the Model Form. PrivacyCheq will be adding other regulatory disclosures in the near future.
A sample of the privacy explainer video generated by PrivacyCheq can be viewed at https://vimeo.com/105803249. A short explainer video for financial institutions describing the PrivacyCheq service is available at https://vimeo.com/105802611. More information is available at www.privacycheq.com. PrivacyCheq is a unit of AgeCheq Inc., a leading provider of regulatory compliance services to the mobile app and game industry.
ATTENTION EDITORS: Graphics showing the PrivacyCheq privacy forms on smartphones and an explanatory infographic are available for your use at http://PrivacyCheq.mobilitypr.com.
For a short video summary of this press release visit https://vimeo.com/105805612.
PrivacyCheq has pioneered electronic delivery of clear and understandable regulatory notices to consumers. As consumer interest in digital privacy and use of mobile devices have skyrocketed, PrivacyCheq delivers clear and understandable notices that look great on whatever device the customer chooses to use. While initially targeting financial institutions that are required by law to deliver privacy notices, PrivacyCheq’s innovative “disclosure as a service” is applicable to health care, government, enterprise, and small business customers who must deliver notices to their customers. PrivacyCheq delivers a superior customer experience because the privacy disclosure information is presented when the customer wants it, in a way they can actually understand. For more information visit www.PrivacyCheq.com.
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