The most successful multinational banks make the same mistakes over and over.
That's right – marketing compliance infractions are one of the biggest and most costly mistakes that globally recognized banks make every single day. Unfortunately, local compliance mistakes cost financial institutions millions of dollars per year.
The good news is that your bank can institute a few expert strategies to successfully circumvent local marketing compliance errors. In most cases, simplifying the local marketing strategy – systems, processes, campaigns – is the easiest thing you can do to ensure regulatory compliance in the field.
4 Bank Marketing Strategies to Simplify Local Compliance
The savviest financial corporate leaders and brand managers know that distributed marketing automation tools help to solve an increasingly complex series of challenges including brand consistency, campaign activation, compliance, and more.
Here are four other bank marketing strategies to simplify local compliance:
1. "Lock" Federal Deposit Insurance Corporation Requirements
The regulations enacted under the Federal Deposit Insurance Corporate (FDIC) are the first things financial institutions should take into consideration when building a localized marketing plan. With few exceptions, banks are required to include "Member FDIC" and the logo on all brand creative.
Some brand management solutions allow system administrators to "lock" design features within the brand creative. As a best practice, consider restricting the manipulation of FDIC requirements. This helps to ensure FDIC compliance in all local print and digital marketing campaigns.
2. Reiterate the Importance of Truthfulness
The Federal Trade Commission's (FTC) Truth in Advertising statute says that no advertisement may be misleading or deceptive. The FTC looks especially closely at advertising that claims to affect consumers' pocketbooks. In 2012, Capital One was fined for deceptive tactics used by sales agents who pressured new customers into services like credit monitoring and payment protection without fully explaining the terms. Capital One agreed to pay $210 million in fines and restitution, including $150 million to more than 2.5 million customers who opted for these services.
Be sure to reiterate the importance of truthfulness to your local marketers. What does truthful advertising and marketing look like? Sending out a simple alert or bulletin can go a long way towards keeping affiliates on track. Additionally, these simple notifications will help to keep your brand out of the limelight.
3. Create an Internal Resource for State and Produce Requirements
As you know, regulatory compliance requirements vary from state to state. Try creating an internal resource to help local marketers easily reference state and product-specific regulations. Better yet – local marketers can leverage the power of a brand management tool that "bakes in" state and local requirements automatically.
4. Automate Compliance to the Extent Possible
That's right – most brand management tools offer convenient automation capabilities. For example, state-specific disclosure statements can be easily be loaded into CampaignDrive. As such, all print and digital assets will automatically incorporate state and local messaging. It's the easiest and simplest way to make sure that your regional and local affiliates are using the right of messaging – every time.
CampaignDrive Powers Bank Marketing Compliance
CampaignDrive is a cloud-based tool purpose-built for distributed enterprises. Our software serves as the brand's single source of truth. By storing all of the brand's creative assets in a central repository, key stakeholders can upload brand and regulatory compliant templates and messaging for national and local teams to utilize.
We've helped hundreds of brands to create, deliver, and manage on-brand and on-time campaigns across the distributed network. To get started, we recommend taking our product out for a free test drive. In this interactive demo, experience first-hand how system administrators, designers, and local marketers use CampaignDrive to power value-driven customer experiences and deliver compliant creative across the distributed network.