By now, you’ve probably heard a lot of people (including Gremlin Social), talk about monitoring your brand across the web and on social media. What does it mean, and how the heck do you do it? Is it even necessary? Who invented liquid soap, and why?
According to Elizabeth Kahlil, a senior policy analyst within the FDIC's Supervisory Policy Branch of Depositor and Consumer Protection, the FFIEC guidance on social media is just that – guidance. There are no new regulations banks need to consider. So, while monitoring isn’t mandatory, banks should still consider the brand risk involved in a social media presence – or lack of presence.
"We wanted to call financial institutions' attention to that, to say that even if the financial institution thinks it's not involved in social media, in the sense that it doesn't have a Facebook page or a Twitter account or so forth, people may still be using social media to talk about the financial institution," said Kahlil.
For example, Bank of America was “brand-jacked” on Google Plus in 2011. Angry customers created a Google Plus page that looked like Bank of America, but used it to post negative comments about the CEO and the bank itself. The page was up for at least a week before BofA noticed and responded, causing a public relations nightmare. BofA not only had to address the negative feedback, but also criticism for an apparent lack of oversight on their part.
Feedback isn’t limited to social media. The Internet of Things is a deep ocean of review sites, forums (Reddit is one of the big ones), blogs, online newspapers and magazines, news feeds, articles, and Wiki’s. Taking the temperature of customers across multiple platforms, and getting out in front a problem before it escalates, creates a great user experience for customers – and positive PR for your brand.
Don’t be intimidated by the idea of adding monitoring to your growing list of social media tasks. If you have the right tool, the information can be served up to you at your convenience. Enter Brand Guardian — Gremlin Social’s newest feature!
Gremlin Social is excited to announce Brand Guardian — a web and social media monitoring tool for banks. Brand Guardian helps banks stay aware of their brand mentions happening online (including social networks!).
Protect your reputation
Gremlin Brand Guardian monitors your brand mentions by searching the web and social media, helping you keep track of what’s being said about your bank, your products, and your community. Brand Guardian does this through searching brand mentions, and documenting results.
With Gremlin Brand Guardian, you’ll be able to sit back and relax while our software gets to work searching news sites, blogs, and social media for any mention of your brand. You can determine the keywords and phrases used to search, and we will keep you up to date! Gremlin’s Brand Guardian will send alerts through daily, weekly, or monthly email notifications. Don’t worry — the results are filtered, so you’ll only see what’s relevant to your bank.
Keep your edge
Gremlin Brand Guardian is also helpful for keeping on top of the competition — you can use keywords to learn what your audience is saying about other banks, or what new services other financial institutions in your region are offering.
It’s critical to stay compliant with the FFIEC — Brand Guardian will archive and capture mentions and consumer comments on third-party websites. You can then export reports to be able to regularly access them as needed, and store them for the appropriate amount of time as required by the various regulatory bodies.
Gremlin Social’s Brand Guardian is a new way to stay safe and informed while incorporating social media into your bank’s marketing mix. As part of the suite of tools Gremlin Social offers to keep you safe, Brand Guardian is always working for you — so you can focus on improving your marketing, promoting your bank, and engaging with your customers.
Headed to New Orleans for the ABA Bank Marketing Conference in a few days? Schedule a 5-minute demo to see Brand Guardian while you're at the conference!