Compliance has become one of the financial services industry’s most pressing challenges, largely because the stakes are so high. We all know the consequences; customer attrition, reputational damage and burdensome fines, to name a few. It wasn’t long ago that Goldman Sachs, Wells Fargo and JP Morgan Chase, for instance, collectively shelled out almost $12 billion in fines.

Let’s start with your brand. Just how important is it to protect? Well, what does your company spend on marketing? “Consider the fact that it is seven times more expensive to earn a customer than it is to keep one,” says Neal Reynolds, CEO of BankMarketingCenter.com, a provider of web-based tools that put banks in complete control of their marketing. “It’s easy to see that any damage to your brand can have a devastating effect on your bottom line.”

Chances are, your financial institution already has a system in place, but with multiple stakeholders across the organization and no centralized, formalized repository for assets, information such as legal disclaimers, product descriptions and brand standard updates can fall through the cracks and mistakes can be made … sometimes very costly ones.

“With thousands of dollars at stake, you want to be absolutely certain that your marketing messaging is developed in a cost efficient manner, that it is always on brand, and that any claims you make comply with brand standards and industry regulations.” — Neal Reynolds, BankMarketingCenter.com

The Cost-Effective Solution

A DAM (Digital Asset Management) system, with core compliance capabilities such as workflow approvals, creative templates and built-in adherence to brand guidelines makes it possible to manage marketing communication assets in a secure and systematic way; a way that eliminates the possibility of marketing or sales materials leaving the company with outdated, inaccurate and off-brand information. That’s the reasoning, according to Reynolds, behind the BankMarketingCenter.com asset management platform.

Safe, Secure and Easy Access to Files

The company’s web-based platform offers a range of capabilities and compliance safeguards based on a financial institution’s needs. The portal functions as a safe, secure and easy-to-access repository for multiple users to access the uploaded marketing materials, such as print ads, email campaigns, statement stuffers, brochures, posters, flyers, newsletters and more.

The portal’s editing system is designed in such a way that it allows users to edit only those elements that are designated as editable by the institution, such as branch addresses and job titles. Brand colors, fonts, images, legal disclaimers, product descriptions and logos for instance, are locked in place in order to eliminate any violation of brand standards or compliance requirements. Once the user has edited and previewed their layout — no design skill needed — the portal automates all review and approval process notifications and reminders in sequence. With the archiving of all changes and notes, there is no need to try to manage approvals outside the system by, for instance, passing around files via email. The portal notes every touch and logs it automatically with the result that you are instantly audit ready, with all assets stored digitally for as many years as needed.

“As a large community regional bank with a diversified suite of financial products and services, we knew that we needed a way to get branded, compliant, approved collateral into the hands of our bankers in a fast, efficient manner for local use. We were also looking for a system that would give our bankers the ability to personalize pre-approved materials. As soon as we met the BankMarketingCenter.com team and learned what their private label portal could do for us, the decision was an easy one.” — Sara Becker, First Interstate Bank’s SVP, director of Marketing & Communications

Professionally Designed, Customizable Creative

Developing communication materials for marketing is challenging enough in the best of times. With team members often working from different locations and resources stretched thin, having the ability to quickly access and customize these materials, in just minutes, is a huge benefit. With a digital asset management system, banks can benefit from:

• Shortened “to market” time so that you can respond quickly to marketing needs.
• Savings on costly man hours dedicated to customizing creative.
• Always on-brand creative, with all the proper logos, images, copy, fonts.
• An automatic routing process for approvals that virtually eliminates costly mistakes.
• An archive for all marketing assets, which makes regulatory audits fast and easy.

The Marketing Audit. Will You Be Ready?

With everything happening today in the financial services industry, it’s more important than ever that your advertising and marketing efforts are effective … and beyond reproach when it comes to examination by regulators. There are regulations that require compliance that can give your marketing and advertising departments reasons to worry. What can we say in our advertisements? What must we say? What can we not say?

“Without a system for brand and compliance management in place,” says Reynolds, “the risk of making costly mistakes is simply too high … and completely unnecessary.” To learn more about what BankMarketingCenter.com can do to supercharge your community bank marketing efforts while keeping you on‑brand and audit-ready, visit bankmarketingcenter.com.