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How Banks Can Scale Fintech Partner Compliance Oversight with PerformLine

John Zanzarella
March 11, 2024
How Banks Can Scale Fintech Partner Compliance Oversight with PerformLine

As banks are looking to grow and scale their fintech partnership programs more cautiously amidst increasing regulatory scrutiny, PerformLine is making the compliance review and monitoring process easy.  

Through automated technology, PerformLine helps banks increase their compliance oversight of fintech partners without the need for additional resources or headcount.

Keep reading to learn about PerformLine’s compliance solutions for banks with fintech partnerships, the benefits of using PerformLine, and some real-life success stories from clients.

Compliance solutions for banks with fintech partnerships

PerformLine is the only omni-channel marketing compliance software that offers complete coverage at all stages of the marketing process, from automated compliance review of materials to ongoing monitoring and discovery across channels.

Automated marketing material review and approval 

PerformLine starts with Document Review, which provides consistent, fast, and accurate compliance verdicts on marketing materials within just minutes. This provides instant feedback to the submitter, flagging any content that violates their compliance rules.

This capability is crucial for both banks and fintechs in a partnership, as fintechs are looking to get content out as quickly as possible while banks are working to make sure they’re compliant and within their brand guidelines.

Done manually, this process is tedious and labor-intensive, creating bottlenecks and an inability to scale. 

How it works: Fintechs can submit content for review via email. That email goes into PerformLine and has the bank’s tailored compliance rulebooks applied to it. That score and feedback are then instantly sent back to the fintech so they can review and make any necessary edits or move ahead with the approved content.

Ongoing monitoring and discovery across channels

Once marketing content has been approved via Document Review, PerformLine then offers Web Monitoring, Social Media Monitoring, and Email Monitoring to continuously monitor known content placements and discover any unknown promotions or brand mentions across those channels.

This helps scale the oversight of fintechs and how they’re discussing products and promotions.

Rather than the basic approach of monthly checks for bank disclosures, PerformLine allows banks to continuously monitor how fintech partners engage in customer acquisition, including their interactions with influencers, affiliates, and other third parties. This comprehensive monitoring ensures banks make a good faith effort to discover, monitor, and act on communications about their banking products at the consumer level.

How it works: PerformLine’s proprietary technology will crawl and monitor the fintech’s brand presence across the web, social media channels, and marketing emails against compliance rulebooks to identify and flag any potential violations. Once flagged, the bank can then review the observation and send remediation notices to partners to resolve any potential issues quickly—all of which is documented in the PerformLine platform for any audit situation.

Direct communication monitoring

Lastly, PerformLine offers Call Monitoring and Message Monitoring for both compliance and performance.

Banks gain critical insights into consumer complaints regarding their fintech partners by monitoring these direct, one-to-one communications with consumers. 

Our automation highlights potential regulatory violations or consumer complaints, allowing banks to take proactive measures to address any concerns and ensure that all regulatory requirements are met. 

The data provided by PerformLine can also be used to inform ongoing compliance efforts, enabling businesses to stay ahead of any potential issues and maintain a strong reputation for fair and ethical practices.

How it works: PerformLine automatically reviews every minute of every call and message to identify any instances of potential compliance or performance issues. Once flagged, the bank can review those observations and make any corrective actions necessary. Technology enables the scaling of the volume of calls that can be listened to, saving valuable time and resources by focusing only on the parts of a call or message where issues arise.

The benefits of using PerformLine in your fintech partnership program

By taking a comprehensive and automated approach to compliance with PerformLine, banks experience several benefits, including.

  • Increased efficiency: Automating tedious and manual compliance activities allows compliance teams to allocate their time and resources to more strategic tasks, streamlining the compliance workflow and accelerating the approval process for fintech partnerships.
  • Strengthened partner relationships: The efficiency and clarity provided by PerformLine’s automated systems foster more transparent and productive relationships between banks and their fintech partners, leading to faster product launches and enhanced innovation.
  • Make data-driven decisions: Banks can use data from the PerformLine platform to risk-rank their fintech partners based on their compliance scores, ensuring that they keep their partnerships as low-risk as possible.
  • Centralized compliance management: PerformLine’s platform acts as a single, unified hub for all compliance activities related to a bank’s fintech partnerships, simplifying the management of compliance processes and ensuring that every action—from document approvals to ongoing monitoring— is systematically documented and easily accessible.
  • Streamlined audit readiness: With all compliance-related activities and communications documented in one platform, banks can efficiently provide auditors with a comprehensive view of their compliance efforts. This includes detailed records of automated reviews, monitoring actions, and remediation steps taken in response to potential compliance issues.
  • Demonstrate proactive compliance management: An omni-channel approach demonstrates to regulators that the bank is not just reacting to compliance requirements but proactively managing and monitoring its fintech partnerships. 
  • Comprehensive coverage without additional headcount:  PerformLine enables teams to overcome headcount limitations and broaden their compliance oversight, facilitating the growth and support of new fintech partnerships without the need for proportional increases in staff.

Real-life success stories from leading banks

Using PerformLine to monitor over 200 fintech partners

A partner bank was facing challenges with manual compliance review and monitoring. They were only able to conduct spot-checking, which left them vulnerable to major gaps in compliance issues. 

To address these, they implemented PerformLine, which helped them manage the compliance oversight of over 200 fintech partnerships. 

With PerformLine, they were able to:

  • Monitor 700+ web pages and 62k+ social media posts within just 6 months
  •  Quickly review and remediate marketing materials without additional headcount
  •  Streamline their overall fintech compliance process through automation 

Reducing document review time by 90% with PerformLine

Another bank was struggling to keep up with the review and approval of their fintech partners’ marketing materials, with the process taking multiple days for each piece.

This bank turned to PerformLine to help streamline the review and approval process and to automate the compliance monitoring process across channels. 

With PerformLIne, they were able to:

  • Reduce document review and approval time by 90%
  • Monitor 800+ web pages and social media posts daily
  • Automatically review and score hundreds of marketing materials

See PerformLine for yourself

Is your bank struggling with keeping up with compliance demands? Looking to automate and scale your fintech compliance program to make it more efficient and effective?

Schedule a call with the team today to learn more about how we can help.

author avatar
John Zanzarella SVP of Sales
John Zanzarella is the SVP of Sales at PerformLine.

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