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Why Tokens are Changing the Game for Banks Amidst Prime Rate Changes

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They say change is the only constant. Bank marketers are becoming painfully aware of just how much that is the case in today’s market. How to manage prime rate changes, maintain compliance, and reduce risk are key questions for teams already challenged with myriad demands from product teams and bank executives looking to coordinate offers in today’s volatile climate.

If you’re a marketing professional in financial services, chances are – now more than ever – you are constantly seeking ways to achieve these three primary goals:

  1. Minimizing risk in content creation
  2. Reducing the number of creative versions that need to be managed
  3. Realizing a dramatic reduction in cycle time

Especially in this period of unprecedented change, in Interest Rates as determined by the Federal Reserve and its Federal Open Market Committee (FOMC), these are marketing musts.

Knowing what is needed is one thing, but finding the tools to achieve it is quite another. That’s why we’ve been stocking our Resource Center (with a plethora of quick-look videos, Q&A chats, high-level executive discussions on disclosure To Dos, eBooks and infographics) on ways that innovation – from automation – is delivering technology that takes the time for Prime Rate changes from one month, to one single afternoon.

Leveraging automation is what bank marketing leaders are quickly learning is key to success.

Using tokens in marketing content helps achieve reduced cycle times and fewer versions for better efficiencies and, most importantly, lower risk.

The video offers a quick walk/talk through the process, which helps hone in on how valid and valuable this platform technology is to banks trying to keep up with so many changes.

As you know, when building out disclosures, such as a Schumer Box, there are many different pricing and product attributes. This results in lots of different versions that need to be created.

We work with clients from a wide range of banks whose internal teams know all too well the challenges this brings. Reducing the number of versions is fundamental to better processes. And it can be achieved by automating the process.

Rather than having to manage each of those versions separately, it is now possible to use one single source of content, and tokens, to do that.

In our previous example of a Schumer Box, those pricing details can be turned into tokens. Or in some instances, if the customer is using products, this can be applied in the same way.

Using these variable areas within the content as tokens allows changes to be made MUCH faster.

Consider, as is happening often in 2022, there is a Prime Rate change that needs to take place. Because this is already tied to a Variable Intro APR data source, once the new data source is received, the content will automatically be updated.

That is worth re-reading, and repeating. This is the power of platform technology.

This is what allows those product and pricing changes to be done globally, automatically applying them.

As a result, as we have seen with many customers, the ability to MAKE CHANGES FASTER is a game changer. Automating with innovation allows internal teams to REDUCE THE NUMBER OF VERSIONS TO BE MANAGED, and REDUCE RISK – always the primary goal – are all realized.

“We have seen customers implement a prime rate change, and generate new versions of collateral in just an afternoon. Oftentimes, as marketing and compliance teams surely know from experience, this process can take weeks or up to a month.”

Working smarter is the secret to success in banking today.

Tapping technology, and using the power of tokens, as explained here with the Naehas platform, will get bank marketers their wish list items, while answering the increasing demands for efficient, streamlined, smart processes.

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