Laws and regulations may seem somewhat boring to the untrained eye, but they truly are the structure that holds our society together. Without rules, it is highly likely that the bonding agency and clients alike would be deprived of important rights that allow for the due process of law to take place. Regulations come in many forms for bonding agencies, including state and federal laws, group or board regulations, and self-imposed rules. A fair combination of these guidelines ensures that clients are treated properly and consistently. A very modern challenge to the traditionally accepted regulations is the use of technology. Mercy Bail Bonds believes it is important to strike a balance while regulating technology to ensure the client experience is improved.
Rules and Regulations
Everyone who has had any experience with the legal system understands that rules and regulations are everything, down to the most specific circumstances imaginable. As time progresses, more cases are heard, filed, and petitioned leading to the rulings that affect the code of law, usually for the better, though there have been countless cases of misuse which the courts are still trying to amend. Rules and regulations keep us safe, but it’s a well-known fact that regulations are finding it difficult to keep up with technology, so how are businesses and consumers alike being protected?
Who Calls the Shots?
First, it is important to recognize all the different interests involved in regulating technology in the bail bond industry. Give or take, there are about four levels of interests. On the ground level, you have clients who are the largest group but also the most vulnerable to regulatory mishaps. Up next, you have the individual businesses. After the business level, you have groups, boards, or unions of businesses. Finally, there is governmental regulation which has the most power but least direct contact with the consumer. As such, the regulatory body may have difficulty responding to consumer needs quickly enough to prevent harm in some cases. Finding solutions to technology regulation will be the next great hurdle for the bail bond industry.
The Double-Edged Sword
In the past 10 years or so, technology has become paramount. Very few, if any, businesses still use a traditional filing system, instead opting for software that allows for quick data storage and access. Additionally, for the bonding industry, technology provides swifter communication and easier and more accessible application and form delivery. However, the switch to technology is not without difficulty, as it often reduces the personal touch of traditional consultations and conversations. Technology has made it a little too easy to view other people as data sets and questionnaire answers, and this can be a difficult situation to navigate in industries such as bonding that require compassion and understanding to promote client experience. An additional concern with the rise of technology is cybersecurity. The nature of technology is that it connects us to the outside world more readily than in the past. While this is usually a good thing, sometimes bad actors exploit technology to steal consumer data. Mercy Bail Bonds believes that it is highly likely more regulations around cybersecurity will arise in the next few years as using technology for bail bonding is becoming more popular.
Where is the Balance?
Mercy Bail Bonds believes the balance between regulation and the use of technology can be found through many avenues. On a business level, maintaining integrity, transparency, and compassion for clients is of utmost importance when using technology. Having a friendly face or phone representative in the office always will help ease the concerns of clients who are suspicious of technology. Additionally, on a governmental level, both state and federal, having regulations in place that are adaptable to the current technology is very important. This can be maintained by communications between businesses and lawmakers to ensure both consumer and business rights are protected. With a willingness to communicate about the hard issues and set firm but adaptable boundaries with lawmakers, businesses, and clients, the bonding industry will be able to confidently integrate technology, making bonding more accessible, expedient, and ethical for all clients.
