How PerformLine helped a major credit card issuer increase their card offerings 8x

About the Client

The client is a multinational bank that offers personal banking, corporate banking, wealth management, and investment management services. Founded centuries ago, this client has consistently provided world-class financial services to millions of clients.

The client’s purpose is to share capital to support people and businesses transparently with the highest level of expertise. The client believes its success marches in full lockstep with the success of the communities it serves and takes pride in leveraging new technologies and ideas to unlock unforeseen opportunities.

Today, this client offers over 20 different credit cards through affiliates, partnering with some of the strongest and most recognizable brands in the world. These partnerships allow its customers to get lines of credit tailored to their specific needs—additional travel miles, retail benefits, cash back, and more. 

Business Challenges

In 2014, this client only had a fraction of the cards it offers now but was highly interested in expanding the number and types of benefits that it was able to offer with these customizable cards.

These benefits, however, come with more responsibility. The client needed a centralized place to ensure that marketing materials generated on its behalf were not only compliant with relevant laws but also with their own internal high brand standards. Failing to do so would have real consequences. If an affiliate mistakenly offers a customer an inaccurate rate or rewards package, the responsibility—financially and reputationally—ultimately resides with the client.

The nature of these deal packages is also often in flux. The rates the client is able to offer change with the interest rates offered by the Federal Reserve, which can change frequently depending on the state of the economy. A client of this size, with this many affiliates, can scarcely afford to pursue a “set it and forget it” marketing strategy. Instead, they required a solution that actively crawls the web to find their benefit offers, has a centralized platform to identify and remediate issues, and provides transparency to all key stakeholders.

In short, they needed PerformLine.

PerformLine Solutions

• Web Monitoring To manage and scale the oversight of their marketing materials efficiently, the client uses PerformLine to monitor more than 10,000 different web pages used by themselves or their dozens of partner affiliates to unearth previously unknown URLs where their brand is mentioned. 
  The client has also worked with PerformLine to create custom rulebooks to monitor marketing materials against, allowing them to identify and remediate potential problems to a consistent standard quickly. This constant oversight allows the client to quickly and readily adapt to changes in the marketplace and ensure that all marketing done on its behalf is accurate, current, and transparent.
• Pro Services The client also capitalizes on PerformLine’s Pro Services, working with our expert QA team to ensure they see curated, actionable alerts based on a customized ruleset. The client has a custom program that ensures they are getting the most out of the time they have available to remediate issues.

The Results

An 8x growth in credit card offerings with compliance oversight

By adding in the appropriate compliance controls and oversight with PerformLine, this client has increased its credit card offerings eightfold since the beginning of the partnership over 10 years ago and allowed for new and expanded affiliate partnerships. 

By automating compliance marketing, the client has increased its bandwidth and, therefore, the number of cards it is able to market compliantly. The client can now offer a much wider range of credit cards that are more tailored to their customers’ unique credit needs and desires.

Ability to move quickly and adapt to market changes at scale

When economic changes occur, the nature of their credit card offers—such as APRs—changes with them. With PerformLine, this client is able to quickly adapt by automatically reviewing marketing content for their 20+ cards across more than 10,000 different web pages to identify outdated rates. 

Instead of spending countless hours manually searching and reviewing for outdated information, this client can identify all assets that need to be updated in just a fraction of that time.

90% increase in compliance monitoring efficiency 

Keeping track of over 10,000 web assets manually would be a massive task. By automating compliance monitoring and centralizing remediations within a single platform, PerformLine allows the client to find and address concerns 90% more efficiently, saving valuable time and money.

In addition, by partnering with PerformLine, the client can feel increased security that they won’t be subject to a surprise regulatory infraction that would be costly to both its bottom line and the global reputation it has built over 300 years.