Wolters Kluwer Compliance Solutions Leader on the Role of Technology as Lenders Embrace Change

Rhea-AI Summary

In a recent interview, Steve Meirink, Executive VP at Wolters Kluwer Compliance Solutions, emphasized the importance of purpose-driven digital transformation for financial institutions. He noted that technology teams must connect their work to tangible impacts on end customers. The company has been proactive in addressing challenges during the pandemic, notably by helping lenders access crucial funding. Looking ahead, Meirink anticipates a focus on identity verification in the mortgage industry, which he views as essential for building trust.

Positive

• Wolters Kluwer helped U.S. lenders access essential funding during the pandemic, indicating strong operational capability.
• Acquisition of eOriginal and IDS expands the company's digital lending offerings, enhancing growth potential.

Negative

• None.

Steve Meirink cites critical factors for a purpose-driven digital transformation in Mortgage Professional America interview

MINNEAPOLIS--(BUSINESS WIRE)-- Given that many financial institutions’ transformation list to adopt new technologies has grown in recent years, having a firm sense of the ultimate purpose behind that technology is critical to getting it right and embracing major change. That’s according to the head of Wolters Kluwer Compliance Solutions in a recently published interview exploring the mindset needed for technology teams to successfully develop—and implement—those same technologies to meet the complex challenges of financial services customers.

“They’re not just creating code… (or) different architectures. It’s linking it all the way to the actual impact that it has for our end customers,” explains Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions, in a Mortgage Professional America feature, “Tech Must be Purpose-Built.” “It sounds like simple work, but I’ve seen a lot of organizations where you ask somebody what they’re working on and how that impacts their own community, and someone would say ‘I don’t really know.’ That’s been a major initiative for us—to further engage our entire technology organization to not only create great technology, but to know how it benefits others.”

Meirink notes that a big priority for Wolters Kluwer Compliance Solutions is to make sure that his tech team knows the technology they develop is not built in a vacuum.

“All of the products and applications that we provide to customers through technology enable financial services professionals to do their job—to assist small businesses and consumers to achieve a financial dream or goal,” Meirink says. “That is really important in terms of how we view our role in the marketplace.”

Purpose-built technology has led the way in many financial services arenas, he notes, from Wolters Kluwer helping lenders quickly access critical small business funding during the pandemic crisis, to the creation of digital assets “in all lending areas, including mortgage” that are fundamentally changing the lending industry for the better.

In the future, he believes that technological priorities and advances will focus more on identity. “It’s around knowing who you are doing business with and being able to have high confidence that you know [what] the identity is of that counterpart,” Meirink says. “That’s really what the mortgage industry is built on.”

Focusing exclusively on the mortgage and finance industry, Mortgage Professional America is part of international publishing group Key Media, providing the latest breaking news, cutting-edge opinion, and expert analysis affecting mortgage and finance professionals and their industries.

Steve Meirink oversees a growing business in Wolters Kluwer Compliance Solutions which, during 2020, helped U.S. lenders navigate the Paycheck Protection Program through its award-winning TSoftPlus technology to assist small businesses working to retain their workforces. Wolters Kluwer Compliance Solutions acquired the leading digital lending platform, eOriginal, in late 2020 and, earlier this year, IDS, a leading U.S. provider of compliance and document generation software solutions for the mortgage and real estate industry.

Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. insurers, banks and credit unions, and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.

Wolters Kluwer’s GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer Compliance Solutions’ OneSumX® for Regulatory Change Management tracks regulatory changes and organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution. Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), meanwhile, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220627005121/en/

Media Contacts for Wolters Kluwer GRC

(Including Wolters Kluwer Compliance Solutions; Wolters Kluwer Finance, Risk & Regulatory Reporting; Wolters Kluwer ELM Solutions, and Wolters Kluwer CT Corporation)

Paul Lyon

Global Corporate Communications Director

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

David Feider

Corporate Communications Manager, Banking & Regulatory Compliance

Governance, Risk & Compliance Division

Wolters Kluwer

Tel: +1 612-852-7966

David.Feider@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What are the key focuses of Wolters Kluwer Compliance Solutions?

Wolters Kluwer Compliance Solutions focuses on purpose-driven technology development, helping financial institutions manage regulatory compliance and risk.

How did Wolters Kluwer support lenders during the pandemic?

The company assisted U.S. lenders in navigating the Paycheck Protection Program, enhancing their capability to support small businesses.

What future trends did Steve Meirink highlight for the mortgage industry?

Meirink indicated a future focus on identity verification as crucial for transaction trust in the mortgage industry.

What role does technology play in Wolters Kluwer's offerings?

Technology is integral in providing solutions that enable financial services professionals to assist customers with achieving financial goals.

What was Wolters Kluwer's revenue in 2021?

Wolters Kluwer reported annual revenues of €4.8 billion in 2021.