About the customer
Based in London, this leading digital bank has over 7 million customers across the U.K. The bank offers its customers a wide range of banking services, including personal and corporate banking accounts, debit and credit card services, bank transfers, and overdraft facilities.
The Challenge
In the face of changing banking regulations, the bank faced challenges in complying with its marketing regulations across its fast-expanding operations. Here are some of its leading challenges:
- Assessment of marketing proposals: The company’s marketing team needed to manually evaluate its content against the prevailing regulations and guidelines in the banking industry. The team also needed to assess their marketing proposals for adherence to the company’s internal regulatory standards.
- Time-consuming reviews of financial assets: The company had a time-consuming process of reviewing its financial promotional assets for compliance purposes, thus causing delays to its planned marketing campaigns.
- Repetitive tasks: The company also faced a host of challenges like process inefficiencies and operational costs in repetitively reviewing and approving other marketing assets.
The solution
By partnering with Onix, this digital bank successfully streamlined its marketing compliance review process with our AI-powered automation tool. This tool leveraged the capabilities of Generative AI and Vertex AI along with intelligent document processing.
Our solution provided the following capabilities to this bank:
- Automatic extraction of text and images: from a variety of regulatory documents, including the FCA handbook, Advertising Standards Authority (ASA) guidelines, and other internal advertising policies.
- “Chain of Thoughts” and “Tree of Thoughts” modules: to provide a consistent structure to manual reviews and improve decision-making capabilities.
- Integrated new review workflows into existing processes: which allowed external regulatory teams to easily analyze marketing images, audio, and videos for compliance requirements.
- Automated report generation: provides actionable insights to determine if every marketing asset meets both regulatory and brand standards. Additionally, the company could identify any compliance-related violations along with corrective recommendations.
Besides addressing the current challenges, Onix also provided a clear future roadmap to scale business solutions for additional functions (other than marketing). Additionally, Onix will enable multilingual checks for compliance functions. Going ahead, the technology company plans to leverage its Generative AI skills to enrich the bank’s product data through:
- Accurate and detailed product descriptions.
- Structured product attributes and values.
- Multi-turn audio (or chat) interactions to dynamically modify products & services.
Conclusion
Among the highly regulated industries, banks find it challenging to comply with ever-changing regulations and standards. Generative AI solutions can automate the process of updating any bank’s regulatory policies and standards.
