Social media is no longer considered a passing fad -- it’s now an integral part of the overall marketing strategy for most companies. It’s one of the most cost effective ways to disperse information, engage with audiences and build brand awareness.
Topics: risk management
According to an article on Social Media Today, social care (customer service using social media) has become one of the most popular methods for customers to air their compliments or grievances, and be reached by the companies they are discussing. In fact, approximately "67% of consumers now use social media networks like Twitter and Facebook to seek resolution for issues."
When it comes to a bank getting on social media, banks and financial services companies have to consider and weigh the risks. While the Federal Financial Institutions Examination Council (FFIEC) has no regulations specifically about social media use (the FFIEC considers it another form of electronic communication, so those rules apply in a broad sense), they did outline guidance for handling social media use. It’s important to note that regulators do not oppose financial institutions using social media.
Part 3 of our 3-part series
When you started down your content marketing strategy path, you hopefully included some metrics to gauge your success. How well is your content resonating with your audience? Are you reaching the goals you set out to achieve? There are numerous ways to measure your campaign’s impact, and there is a veritable buffet of measurement tool options. You can get lost in too much data, so which measurements should you focus on?
Part 2 of our 3-part series
Hurray! Your bank has successfully created a content marketing strategy. You’ve defined your objectives, identified your audience, determined the types of content that will resonate with your audience, outlined an editorial calendar, developed a distribution strategy and established metrics to measure your results. Whew! Now it’s time to implement that strategy to get you to your goal.
Part 1 of our 3-part series
You’ve probably heard the mantra, “Content is king.” With great content and strategy, banks can reach their customers in engaging ways. Social media can be a great way to reach your audience, but a study from the American Bankers Association shows that use of social media in the banking industry is still in its formative stages. Only one-fourth of survey respondents indicated their bank had been using social media for five or more years; 12 percent for less than a year; and nine percent didn’t use social media at all. It can seem like a daunting task, but developing a content strategy is critical to your success. Before you can begin to build a content marketing strategy, you should understand the definition of content marketing. According to the Content Marketing Institute,
This weekend, we celebrate the women who have given birth and nurtured us our entire lives. But believe it or not, figuring out what will make mom feel special can be tricky business. Doing nothing obviously isn’t an option, but doing the wrong thing is risky as well. You know you have to do something, but where do you start? Social media for the financial services industry is equally perplexing, so here are three ways to mitigate your social media fears.
Are you using social media to connect with your customers and your community? How important is social media to your bank? It’s safe to say that social media usage among banks is still in its formative stages, even though 76 percent of banks polled in a recent survey either agree or strongly agree that social media is important to their bank. In that same study from the American Bankers Association (ABA), roughly one-fourth of respondents said their banks had been using social media for five or more years, while just 12 percent had been using social media for less than a year. Nine percent of banks surveyed indicated they didn’t use social media at all to reach their customers. If social media is recognized as such an important marketing tool, why are banks slow to embrace it?
If you’re in a regulated industry, there’s a pretty good chance you’ve been there, done that, and gotten the t-shirt when it comes to understanding social media risk. Regulatory compliance – check. Reputation management – check. But there is one more shadowy figure not often discussed: cybersecurity. Even though security breaches aren’t necessarily associated with social media use, adding any element that introduces a third party can be a potential threat. In 2014, large-scale breaches at JP Morgan Chase and several big box retailers resulted in financial firms pledging to increase cybersecurity budgets by $2 billion. In 2015, FINRA released its Report on Cyber-Security Practices, which offered risk management practices for financial firms.