Alexandra Schalk, Marketing Compliance Manager
Greenlight Financial Technology, founded in 2014 and based in Atlanta, GA, is a debit card and money app that provides an all-in-one money management platform for families and parents. Millions of parents and kids use Greenlight to earn, save, spend wisely, give, and invest. Parents can set flexible spending controls, manage chores, automate allowances, and invest for their kids’ futures.
As the company grew, they struggled with their marketing compliance tools and the disparate communication channels. Recognizing the inefficiencies of disconnected systems, they began the search for a streamlined and modern solution that would unify their marketing compliance operations.
Greenlight operates a robust marketing program with a relatively small compliance team. Prior to Themis they leveraged a platform to evaluate their marketing materials that was not purpose built for audits. In an attempt to fit a square peg into a round hole, the compliance team was able to use this tool for marketing reviews and approvals, but they managed all other compliance communication through Slack, Sharedrive, emails and calls.
The legacy tool was slow, clunky, inefficient and outdated. While glitches were also very common, their tool did not notify team members of needed actions or next step ownership in the review process.
As a result of using this tool exclusively for marketing, and disparate channels for all other compliance functions, the Greenlight team struggled to easily find items such as reviews, approvals and comments.
If the Greenlight business was going to continue to scale at a rapid pace, while meeting their issuing bank’s strict requirements around audits, the team recognized that they needed to start working with a modern, real- time compliance SaaS solution to succeed.
Within month of using Themis, Greenlight’s entire compliance function, in particular the marketing compliance approval and review process has been radically streamlined. Multiple internal and external teams can now collaborate in a singular platform that provides easy access to all documents, reviews, approvals, and audit trails.
Greenlight leverages Themis’ marketing module to bring product, marketing, partnerships and compliance teams together for a truly collaborative experience that is exponentially more efficient and impactful than their previous process. The product team easily makes adjustments to creative or Themis' Figma, the Partnerships team can readily share information with their bank partners, and the Compliance and Marketing teams established a cadence of approval and distribution.
Outside of their internal teams, Greenlight also works closely with their issuing banks directly in Themis. All required documents are shared in a collaborative workspaces that each issuing bank can access in real-time to provide comments, and approvals, on any Greenlight material.
Greenlight experienced immediate gains upon adopting Themis. The company has tripled its volume of marketing reviews, an accomplishment made possible with the same resources and partner base. In 2022, approximately 300 marketing submissions underwent review; astonishingly, has increased by more than 150% with 800 reviewed year to date, with substantial initiatives still in the pipeline.
The company attributes this remarkable increase in output to Themis' intuitive design, smooth onboarding process, and the inherent simplicity of its platform.
Greenlight Financial Technology's collaboration with Themis exemplifies the transformational potential of adopting tailored compliance solutions. With an intuitive platform fostering collaboration and efficiency, Greenlight not only enhanced their marketing compliance but also modernized and strengthened their entire compliance program. The success of Greenlight's collaboration with Themis showcases the pivotal role of tailored compliance solutions in fostering growth and excellence in the fintech industry.