AI-Powered Marketing Reviews Reduce Cycle Times by 50%
For marketing and compliance teams of pre-paid card issuers, finding ways to achieve decreased cycle times and faster time-to-market is critical. So, too, is reducing risk, and meeting regulatory and brand guidelines. All of this calls for solutions which drive consistency and improve auditability across the marketing review process. Leading the way are those businesses which find solutions to meet and overcome the many challenges head on. In doing so, they stay ahead of the competition, while serving a growing customer base.
One thing is clear: any new solution needs to allow institutions to improve productivity and handle increased volume without increasing headcount. In a competitive pre-paid card market, amidst a complex regulatory environment, there are a handful of “must have” features which pre-paid offer teams seek from any new tool:
- Serve as an accurate, consistent, and efficient review assistant
- Reduce review fatigue
- Reduce compliance issues from subjective reviews and error-prone manual process
- Allow greater volume of offers with greater accuracy
- Reduce risk
Challenges abound. In working with partners seeking solutions, we’ve seen common obstacles.
- Manual review, across increasing volumes of content and increasing regulations, is not scalable, placing organizations at risk
- Dramatic increase in new regulations and enforcement actions
- Tension between marketing teams (seeking increased agility) and legal/compliance teams (needing to eliminate any risks)
Behind the Scenes of a 50% Cycle Time Reduction
The positive feedback recently received from clients who implement our Intelligent Review tool compels us to share the measurable impact and value being realized with the AI tool we’ve developed. Here, then, a closer look at one particularly significant Intelligent Review case study.
A national bank, the client is one of the largest issuers of prepaid cards in the United States. This company has issued more than a billion cards in partnership with banks, program managers, payments providers and other businesses. They used the Naehas Intelligent Review platform to review and assess more than 200 documents a day across 50 partners, on behalf of card issuers looking to significantly improve processes, lessen approval time and reduce risk.
- Every document needed to be reviewed and assessed manually resulting in long cycle times, inconsistencies and subjective decisioning.
- Lacked ability to scale efficiently as new partners and programs were onboarded.
- HIgh risk of being non-compliant
- Leveraged Naehas Intelligent Review solution to drive consistency, improve auditability, and reduce risk across marketing review process
- Review of documents to reduce approval time and risk
- Implement solutions to close gap between 1st turn and final approval
- Achieved 50% reduction in cycle time
- Reduced the number of days from initial turn to final approval > 50%
- > 90% of the rules assessments didn’t need any manual intervention
Achieved considerable savings by eliminating self reported non-compliance issues and matters requiring attention
Reduced risk with automated, intelligent review of collateral and rules evaluation
Increased process efficiencies, positively impacting quality, bandwidth, staffing, and expedited time-to-market
“This tool is the best assistant that marketing and compliance teams need…allows us to send out more offers and more content at scale with confidence.” – Naehas Intelligent Review client
5 Benefits of Future-Proofing Review Workflow
Moving ahead, there is little doubt that AI and its Intelligent Review solution will become more commonplace in the financial services market. And the reasons are clear. For marketing and compliance teams seeking to future-proof their review workflow, these automated assessments provide vital support.
- Initiate a review directly from your workflow
- Generate an automated assessment
- Review and collaborate
- Compare changes between rounds
- Approve and archive
The measurable outcomes realized across the enterprise create a compelling case for the increased use of AI tools that empower financial institutions and prepaid card issuers to gain a competitive edge and offer customers better products and services.