From tedious to seamless—automating rate change processes with PerformLine

About the Client

As a leading global financial institution, this bank offers a wide range of financial products and services to consumers, corporations, governments, and institutions. With a global presence, this bank is renowned for its comprehensive suite of services, including personal banking, credit, corporate and investment banking, securities brokerage, and wealth management.

By leveraging its extensive network and expertise, the bank aims to foster economic growth and stability while ensuring a seamless and secure banking experience for its customers worldwide.

Business Challenges

For this bank’s compliance team, a rate change by the Federal Reserve meant hours of tedious and manual work for them.

This bank has hundreds of web pages for over a dozen different credit card offerings that have to be updated every time the prime rate is changed. Their challenge wasn’t the initial updating of all those pages—the bank has an automated system in place that rolls out the updated rates and other disclosures. 

Their biggest challenge was that they had to manually verify and document the updates that were made to ensure that the rate changes were accurately reflected across all the bank's web pages. This manual process consumed extensive time and resources, taking over 100 work hours to complete for each rate change event.

The manual verification process required the team to:

• Visit each page that potentially displays rates across the website
• Take screenshots of entire pages to document changes
• Assemble these screenshots for internal review

The scope was significant. The bank has close to 300 owned and operated pages that needed to be reviewed.

Trying to identify pages with outdated rate information was like trying to find a needle in a haystack. Only a very small percentage of pages actually required updates, but the team still spent hours sifting through all of them.

The process, handled by a team of 14 people, would start early in the morning and go until late at night on the day of a rate change.

The goal was to ensure accuracy, but the labor-intensive nature of the task made it highly inefficient and prone to human error.

PerformLine Solutions

The bank sought a more efficient solution and implemented PerformLine’s Web Monitoring to streamline and automate its rate change validation process. 

PerformLine’s automated platform significantly reduced the manual effort while maintaining stringent oversight and compliance.

Here’s how the process was transformed:

• Once the bank rolled out its rate changes, it provided PerformLine with the updated rates and details for validation
• PerformLine configured the necessary rules for the crawler to check the updates
• Overnight, the crawler automatically captured screenshots of all relevant pages and evaluated them against the updated  rules
• The system flagged any discrepancies or pages requiring attention, providing a curated list for review the following morning—allowing the compliance team to start their work immediately on making those pages accurate

The Results

93% faster rate change review and verification process

Now, the tedious work is completed for them overnight. So, by the time they log in the next morning to begin their verification process, all of the pages have already been reviewed and documented by PerformLine, and alerts have been created in the platform for any pages requiring additional review.

This shift allowed the team to focus only on the few pages requiring attention, making the review and verification process 93% faster.

The bank no longer needed to dedicate 14 team members to a process that spanned over a full workday, freeing up resources for more strategic, high-value tasks.

By reducing the time spent on tedious, manual validation, PerformLine enhanced overall operational efficiency, enabling the team to respond quickly to rate changes without sacrificing accuracy or oversight.

Pinpointed accuracy across 300+ web pages

PerformLine’s automation ensures that every web page—across all 300 the bank operates—is validated for rate changes without missing any.

This comprehensive coverage is critical for ensuring regulatory compliance, as missing even a single error could result in penalties or reputational damage.

Additionally, with only 4 out of the 300 pages flagged for manual review for incorrect rate information, PerformLine helped save the team a significant amount of time and resources, allowing the team to focus only on the pages that needed attention.

This also eliminates the potential for human error that can happen with manual review. 

Eliminated manual documentation and review

One of the most tedious aspects of the manual rate change process was documenting updates through screenshots. PerformLine eliminated the manual task entirely by automatically capturing and organizing screenshots overnight, ensuring that all was documented in real time and ready for review the next morning.

This automation not only saved hours of repetitive work but also ensured a consistent and accurate method for record-keeping, further reducing the risk of oversight or errors in documentation.