GuShiio.com 
Recently, the Communications Administration of Jiangsu Province, the Jiangsu Supervision Bureau of the State Financial Supervision and Administration, and the Local Financial Administration of Jiangsu Province jointly issued the “Notice on Regulating Financial SMS and Voice Marketing Collection.” The notice aims to further standardize the collection of financial SMS and voice marketing in Jiangsu Province, protect the legitimate rights and interests of users, and ensure the compliance needs of financial information services.
In recent years, some financial companies have neglected compliance operations and risk management in pursuit of short-term interests, resulting in a large number of excessive marketing and illegal collection behaviors in the market.“The issuance of notices by the three departments will help protect the rights and interests of consumers, prevent improper financial marketing practices, and create a fair and just financial environment. It also helps to enhance the overall image of the industry and enhance the public’s trust in the financial industry.& rdquo;Fu Jian, director of Zejin Law Firm, told the GuShiio.com Stock Market Smart App.
The “Notice” clearly requires that financial companies must carry out SMS and voice marketing collection activities within the business scope approved by the financial management department. Without written authorization from financial enterprises, various information release platforms are not allowed to carry out relevant activities for them. Telecommunications companies must obtain a telecommunications business license with the approval of the telecommunications authorities before they can provide short message and voice services to financial companies or their entrusted cooperative units. In addition, when providing services, telecommunications companies must review the business license of the financial enterprise or relevant documents entrusted by the cooperative unit by the financial enterprise, and must not provide services to entities without relevant business licenses or entrustment certificates.
At the same time, the “Notice” puts forward clear requirements for financial companies ‘SMS and voice marketing collection behaviors, including respecting users’ willingness to receive, strictly regulating collection behaviors, and strengthening compliance self-inspection，Standardize entrusted cooperation management and inform debtors. When providing text message and voice services for financial companies ‘marketing and collection services, telecommunications companies also need to comply with the following requirements: mark their true identity and contact information, provide methods to refuse receipt, ensure confidentiality of information, and not disclose debtor information or use user personal information for other purposes, regulate outbound calls, regulate financial marketing and collection phone calls based on users’ willingness to register and answer, and determine and dispose of unsolicited commercial electronic information.
The “Notice” requires the establishment of a synchronization mechanism for the marketing collection number list database. Financial companies need to comprehensively and accurately count the text message and voice service numbers used by their own units and entrusted cooperative units to carry out financial marketing collections, and summarize information related to the numbers. The submitted information includes the sending number used, the name of the financial enterprise or entrusted cooperative unit served by each SMS port number, the name of the telecommunications enterprise to which each SMS port number belongs and the cooperation period, etc. Each financial enterprise needs to designate a special person to serve as a liaison officer for standardized SMS and voice marketing collection work, responsible for reporting and submitting to the corresponding financial regulatory authorities, and updating the financial marketing and collection numbers and liaison officer list information in real time.
In addition, the communications management department has established a special number segment for financial short message and voice services and collection under the unified planning and guidance of the Ministry of Industry and Information Technology. Telecommunications companies and financial companies can apply for the numbers in the special number segment in accordance with laws and regulations, or report existing numbers, and strictly Use the number for financial short message and voice services in accordance with the promised purpose. The telecommunications authorities summarize the information on the list of marketing and collection compliance numbers submitted by various financial management departments, as well as the information on the use of special financial marketing and collection numbers, and share them with all basic telecommunications enterprises and terminal enterprises in the province.
Industry insiders said that this requires the financial industry to make major adjustments in compliance. Financial companies need to strengthen internal compliance management, update internal processes and systems, establish sound marketing and collection behavioral codes, and ensure that all business operations meet regulatory requirements.
For example, Fu Jian said that financial companies need to formulate detailed marketing and collection procedures, clarify the responsible persons and operating specifications for each link, and ensure legal compliance of marketing and collection activities. In addition, it is also necessary to strengthen communication and cooperation with regulatory authorities to keep abreast of the latest regulatory policies and requirements to ensure that all business operations comply with regulatory requirements.
“In the future, companies will need to re-examine and adjust their marketing strategies to ensure they comply with the new regulations, which will push financial companies to focus more on service quality rather than just relying on marketing techniques to attract customers. Financial companies need to pay more attention to the way they interact with customers to avoid excessively disturbing customers. rdquo; Fu Jian believes.
In the view of the above-mentioned people, in order to adapt to new regulatory requirements, financial companies should actively use technological innovation, such as developing new digital marketing strategies, using big data and artificial intelligence technology, better understanding customer needs, and providing personalized financial services., reduce unnecessary marketing and collection behavior. Financial companies can analyze consumers ‘consumption behaviors and preferences, accurately push financial products and services that meet their needs, and improve the accuracy and effectiveness of marketing. Financial companies can also use blockchain technology to improve data security and privacy protection, ensure that consumers ‘personal information is not leaked and abused, and ensure the security and privacy of consumers’ personal information during transmission and storage.
