Banks and financial institutions face a number of challenges when it comes to digital marketing, particularly with social media. Compliance and privacy issues pose unique challenges for financial marketers who recognize the benefits of having an online presence, but are beholden to guidance from the FFIEC, FINRA and SEC. Still, some banks and credit unions are successfully leveraging social media to further their brands. Susquehanna Bank is a Lancaster, Pennsylvania-based bank operating over 260 branches in four states including Pennsylvania, Maryland, New Jersey and West Virginia. The bank engages its more than 15,000 Facebook followers with weekly features such as “Where is it Wednesday?” and “Trivia Tuesday” — as well as social responsibility campaigns dedicated to helping those in need.
Topics: compliance, Compliance, facebook, FFIEC, social, social media, Social Media, social media compliance, Social Media Education, social media for banking, Social Media for Banking, social media marketing
Let’s talk about social media communication and record retention. That’s right -- archiving. Riveting stuff, we know. But really -- keeping strong archives could be the difference between happiness, sunshine, and lollipops or facing fines, lawsuits, & PR nightmares. Yikes.
If you’re in a regulated industry like finance, healthcare, or pharmaceuticals – archiving your social media activities is most likely mandatory. Even if it’s not a legal requirement, it’s certainly considered a good rule of thumb.
Topics: archiving, Business, compliance, Compliance, regulations, social media archive regulations, social media archiving, Social Media for Banking, Social Media for Healthcare, social media record retention, social media record storage, social media records, social media regulations
Certain industries such as healthcare have faced challenges implementing social media due to privacy compliance issues. The HIPAA Security Rule, on the books since 2005, establishes standards of protection for personal electronic health information that is created, received, used, or maintained by any health organization. This includes messaging transmitted via social media – which means it’s even more important for companies to ensure they acquire the right tools, create a social media policy, and train their team to be well-versed in social media best practices. Because what you might think is a minor piece of information – such as hinting at a patient’s identity or personal health information (PHI) -- can land hospitals and facilities in hot water.
Topics: compliance, Compliance, healthcare, healthcare compliance, HIPAA, regulated industry, social compliance, social media, social media compliance, Social Media for Healthcare, social media regulations
From mid-size community banks to multinational financial services firms -- we've seen fun and engaging social media campaigns pop up across the social networks, proving the financial industry is slowly - but surely - finding its place on social media.
If you've been itching to get your bank get started with social and are looking for inspiration, or if you're in a similarly regulated industry and want to see how others are faring, this post is for you. This collection of social media superstars knows what it takes to spark engagement, build and inform their audience, and connect with customers.
In early December, just before the holiday season went into full effect, Facebook announced yet another change to the News Feed algorithm.
According to Facebook's blog, survey results show that people are increasingly interested in reading articles and sourcing news from Facebook -- especially from mobile devices. Facebook has been sending traffic to news sources more and more over the past year, nearly tripling the amount of visitors sent from the social network to various news sources. As a result, the social network is putting more weight on high quality news stories and less on viral, meme-based posts.
Topics: Business, content, content engagement, engagement, facebook, facebook algorithm, facebook engagement, facebook news feed, facebook newsfeed, facebook story bumping, news feed, news feed algorithm, newsfeed, newsfeed algorithm, social media, Social Media, social media engagement, social media updates, story bumping
December 2013 – UPDATE:
Nearly one year after putting out a proposed guidance on social media use for financial institutions, the Federal Financial Institutions Examination Council (FFIEC) issued “Social Media: Consumer Compliance Risk Management Guidance.” This guidance has been adopted by FFIEC member organizations, including the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Federal Reserve Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB) (collectively, the Agencies), and the State Liaison Committee (SLC).
These regulatory bodies overseeing financial institutions recognize the importance social media plays in marketing, customer service and audience engagement – but stress the importance of banks, credit unions and savings institutions to remain compliant while participating.
Topics: Board, Business, CFPB, Compliance, compliance regulationss, consumer compliance, FDIC, FFIEC, NCUA, OCC, risk management, SLC, social media, social media banking, social media compliance, Social Media for Banking, social media regulations
Wow. That headline sure has a lot of buzzwords in it… Content. Marketing. Strategy. Put ‘em all together, and we’re talking about a Content Marketing Strategy. So the question of the moment is: do you have one? And more importantly, do you NEED one?
Topics: Business, content marketing, content marketing strategy, content strategy, digital marketing, marketing best practices, marketing tips, social marketing, Social Media, social media content, social media content strategy
Holiday shopping can be stressful. Finding the right unique, thoughtful gift isn’t always easy. Don’t worry; we know of one type of gift that everyone can appreciate: the tongue-in-cheek, slightly tacky, definitely ridiculous social media gag gift. Because let’s face it -- at this point, even Grandma is on Facebook. We've collected a few of our favorite items here, and we have plenty more silly suggestions on our Pinterest board.
Topics: Social Media, social media accessories, social media apparel, social media decorations, social media gifts, social media holidays, social media inspired, social media jewelry, social media presents, social media products, social media swag
Four letter words. Yuck. You know the ones we mean… that bad language that makes you cringe when you see it coming from the wrong source -- like a brand's Twitter handle. We all like to think that we would never be that social media manager who makes the mistake, but what can you do to really ensure it never happens on YOUR company's accounts?