Using PerformLine to quickly identify and update outdated rates and effective dates across the web

About the Client

A leading global financial institution, renowned for its expertise in investment banking, securities, and asset management, has formed strategic partnerships with major companies to offer co-branded credit cards. These credit cards are designed to integrate seamlessly with partner ecosystems, emphasizing features like privacy, security, and industry-specific rewards. Through these collaborations, the institution leverages its financial expertise to deliver innovative and customer-focused credit products.

Business Challenges

This financial institution was facing challenges in maintaining accurate and up-to-date information regarding its credit card offerings, specifically concerning Annual Percentage Rates (APRs) and effective dates. Given the nature of their business, APRs must be regularly updated in line with Federal Reserve prime rate adjustments, and effective dates require frequent updates due to material changes in disclosures or the company's desire to keep their documentation current.

Previously, the institution relied on a manual process to verify, document, and update web pages whenever changes occurred. This process was not only time-consuming but also required team members to work around the clock, often logging in during early morning or late-night hours to ensure all information was accurate.

This manual approach was inefficient and ineffective, and the company needed a scalable solution that could monitor a large number of web pages and quickly identify those requiring updates.

PerformLine Solutions

• Discovery to find previously unknown web pages where their credit card offers were being promoted using our proprietary crawler
• Web Monitoring to automatically monitor all known web pages that include credit card offers and information

The Results

3.1k+ hours saved by automatically identifying pages for updates

Out of the 59k+ web pages that mention the brand, only a small number include APR and effective dates requiring updates, adding a layer of manual review and classification that previously demanded countless hours of work.

Now, with PerformLine’s automated technology, the compliance team no longer needs to review every page individually to confirm the presence of APR and effective date information and identify those that require updates.

The platform automatically finds and flags pages with outdated information, allowing the client to focus only on those pages that require their attention. By automating this process, the client now saves over 3,100 hours vs. manual review each time they have to make updates.

A scalable process for future rate changes and regulatory updates

Looking ahead, as the financial institution prepares for potential volatility in prime rates and other regulatory updates, they are now fully equipped to make necessary adjustments to their materials quickly and efficiently. 

With this robust system in place, they can have peace of mind knowing that, no matter what the future holds—whether it's rate changes, regulatory updates, or even the addition of more product offerings—they have the necessary pieces in place to remain compliant.