3 Key Benefits of Scaling Financial Promotions Reviews with AI
The world of financial promotions is evolving rapidly.
Already more than 19% of Generation Z rely on finfluencers on platforms like YouTube and blogs for financial insights. This surge in activity has led to a rapid increase in the volume and complexity in financial promotions.
Compliance teams must ensure all promotional content adheres to stringent guidelines, a task that's become tougher as content production increases. Traditional compliance methods often lag, causing bottlenecks, higher non-compliance risk, and inefficiencies.
However with the help of AI compliance teams now have a powerful solution to effectively scale financial promotions compliance.
1. Efficiently Manage More Content
AI's ability to process large volumes of content quickly makes it an ideal solution for managing the growing amount of digital promotions. Compliance teams can use a customised AI-reviewer to scan and analyse content in seconds, spotting compliance issues much faster than human reviewers.
This efficiency allows teams to manage more content without compromising quality. By automating tasks like checking disclaimers, verifying facts, and ensuring proper formatting, AI reduces bottlenecks and frees compliance officers to focus on more complex and nuanced reviews.
A great example of AI's effectiveness in compliance efficiency is JP Morgan's 2023 introduction of the ClearTrade Compliance module. This tool automates the identification of high-risk characteristics in transactions, significantly enhancing their regulatory compliance efforts. The tool has achieved over 90% accuracy in document handling, reducing the need for manual processes and improving the overall accuracy of compliance checks.
2. Swiftly Adapt to New Regulations
Perhaps one of the most significant wins for compliance teams is that AI tools can continuous update and adapt to new regulations and market conditions, ensuring that compliance processes remain relevant and effective, without the need for compliance managers to constantly (and manually) review and repurpose promotions in line with the latest literature.
Customisable AI models can be tailored to meet the specific needs of compliance teams, providing flexibility and scalability. This adaptability helps compliance teams stay informed and adjust their strategies promptly.
For instance, FrostCargo Pharmaceuticals implemented an AI-driven compliance monitoring system that improved regulatory adherence by 30%, showcasing the effectiveness of AI in both streamlining compliance processes and improving overall regulatory adherence.
3. Streamline Collaboration and Communication
Thirdly, integrated AI solutions make for better communication and collaboration between marketing and compliance teams. By having shared platforms and dashboards marketing and compliance managers get a unified view of the review process, making it easier to manage large-scale promotional campaigns. Here, compliance and marketing teams can track the status of content, provide feedback to each other, and manage approvals together.
Finspector is an AI-powered financial promotions solution designed to help small and medium-sized companies scale their compliance processes. Our AI reviews text, video, and audio content for compliance risks, ensuring your promotional content meets regulatory standards.
✔ Save Time Reviewing Content
✔ Reduce Social Media Risk
✔ Streamline Workflow
✔ Know Your Compliance Journey
✔ Secure AI for Financial Promotions
