SEDONA Launches Privacy Management Program to Assist Financial Institutions in Complying with Gramm-Leach-Bliley Act
KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--March 1, 2001--SEDONA(R) Corporation (NASDAQ: SDNA) launched a new Privacy Management Program, designed to assist small to mid-sized financial service institutions in complying with the Gramm-Leach-Bliley (GLB) Financial Privacy Act.
The GLB Act requires financial institutions to disclose their privacy policies to customers and under certain circumstances restricts banks from sharing their customers' non-public personal information. The act potentially impacts over 8,200 financial services institutions in the United States who must comply by July 15, 2001.
Privacy management is one of five key offerings included in SEDONA's recently announced Marketing Solution Services. Using the information and tools provided by Intarsia(TM), the company's flagship Internet CRM solution, SEDONA enables community and mid-sized financial institutions to cost-effectively outsource some or all of their strategic marketing programs.
Financial institutions choosing to utilize SEDONA's Privacy Management Program can be assisted in the creation of a customized privacy statement, working along side of the financial institution's own legal counsel. SEDONA can also sort and de-duplicate the financial institution's mailing list and even administer the actual mailing in a personalized, yet low-cost manner. SEDONA estimates that a typical mid-sized bank can save thousands of dollars by simply allowing SEDONA to analyze their mailing list, avoiding duplicates, as well as mailing personalized letters to individuals rather than using account-based statement stuffers.
SEDONA can also help the financial institution manage their "opt-out" responses from customers on an on-going basis. This allows the financial institution to maintain an accurate and dedicated database of customers who do not want their information released to non-affiliated parties to ensure the financial institution's compliance with the GLB Financial Privacy Act.
"It is important for competitive financial institutions to deliver quality privacy initiatives to assure their customers that they are being proactive and taking their customers' privacy seriously," said Ginger Gagen, SEDONA Privacy Program Manager who recently came to SEDONA from a community bank where she was vice president of marketing. "By outsourcing the compliance process, financial institutions can eliminate the operational 'grunt-work' and are able to concentrate their efforts on their critical marketing and sales opportunities."
For more information about SEDONA's Intarsia CRM solution or the Marketing Solution Services Privacy Program, please call 1-800-815-3307 or visit the SEDONA Web site at www.sedonacorp.com. |
