Screen sharing can safeguard the MMR sales process for lenders and advisers through the creation of a fully recorded, time and date stamped process, according to Vizolution.
The firm, which has just published its third MMR white paper says that using screen sharing can provide an audit trail of what documents were discussed with a client and, through electronic signatures, can show that a client understood and accepted the material.
April 2014’s Mortgage Market Review will expand record-keeping requirements, with the obligation to keep records of any post-contract communications and to be able to access this data whenever required.
Under the new rules regarding process and documentation, compliance documents will need to be delivered to the customer securely, at the right time in the process. There must also be proof and confirmation that the customer has seen and accepted these documents. Vizolution says all this can be done instantly with a screen sharing session, such as that enabled by vScreen, using electronic signatures.
Meanwhile, screen sharing will help lenders and advisers to manage the risk of execution-only transactions. Vizolution claims that while it will be possible for lenders to provide execution-only for certain types of product renewals, it still presents a “huge risk” unless they can prove exactly what process was followed. Advisers must therefore have a robust and fully documented process to prove that the customer qualified for execution-only and was not given any advice during the process.
Bill Safran, CEO of Vizolution, said: “Our research highlighted the issues facing lenders and advisers in keeping the customer engaged while also remaining fully MMR compliant. Screen sharing will produce an audit trail of the sales process demonstrating that the lender or adviser was compliant with all aspects of MMR regulations, and having this evidence safeguards the adviser both now and in the future.
“Additionally, the use of screen sharing increases customer understanding and helps them to retain the information they’re given while also increasing customer engagement. 95% of participants typically rank their experience with vScreen as ‘excellent’ or ‘good’.”
