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Why Financial Services Companies are Using Artificial Intelligence in their Marketing Compliance Programs

March 27, 2024
Why Financial Services Companies are Using Artificial Intelligence in their Marketing Compliance Programs

Advertising and marketing spend can be in the millions per year for organizations in the financial services space. With such a substantial and expensive investment, it has become more critical than ever for companies to develop a proactive approach to monitoring their assets for marketing compliance and ensuring their campaigns run without regulatory risks or potential consumer harm.

Many organizations have begun to embrace the modern solution of integrating AI (artificial intelligence), automation, natural language processing (NLP), machine learning, and large language models (LLMs) into their compliance programs. These technologies, along with generative AI and AI Foundation Models, can help increase operational efficiency and decrease the risk of human error.

The Problems Financial Services Companies Face

An organization’s compliance program is only as good as the data fed into it. That data is constantly changing in the financial services industry; for example, today’s APR rate may not be tomorrow’s rate. And, in such a highly regulated industry, there are always new compliance requirements to be on top of while trying to oversee marketing copy that can be disseminated almost instantly across multiple channels and partners.

As if those hurdles weren’t daunting enough, when coupled with the sheer amount of data that a compliance team needs to find, ingest, and analyze from multiple marketing channels, the volume of information is nearly impossible for humans to review thoroughly. 

That means compliance teams must always be on high alert, accounting for any small industry change that may affect the integrity of their marketing materials while also being able to adjust to these changes at lightning speed.

A manual compliance monitoring process for smaller data pools may be possible, but most organizations need a more scalable, automated solution.

The Benefits of Artificial Intelligence (AI) in Marketing Compliance

Much like how AI has revolutionized content creation and workplace productivity, it can also significantly enhance efficiency, mitigate the likelihood of human error, and proactively reduce future compliance issues for marketing programs. 

AI automation, powered by LLMs, can parse through and distill troves of information to uncover potential compliance violations at a rate that far surpasses what can be accomplished manually. 

Combining these processes with machine learning, NLP, and automation allows organizations to maximize the efficiency of their compliance program.

However, it’s crucial to approach the deployment of these technologies with a mindset of responsible AI, ensuring that automation is balanced with human oversight. This responsible approach guarantees accurate decision-making and provides the necessary support to address and handle any complex situations that may arise.

The PerformLine Advantage

PerformLine is dedicated to a future where compliance and data are fundamentally part of business decisions. By extracting data collection across all digital channels and aggregating it, we can empower organizations with a datastream of valuable insights powered by AI automation for an immutable record of captured data to perform analysis and provide audit reporting.

Learn how PerformLine can help modernize your marketing compliance program by requesting a demo today!

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