This article was originally published to The Financial Brand.
Digital mortgage lenders are putting the squeeze on traditional financial institutions. Human connections, however, still provide an edge. Empower your loan officers and other employees to use social media as a way to be human across a wider footprint. Their success can give your institution a little breathing room in the mortgage wars.
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Social media has taken the world by storm over the last several years, but when it comes to corporate usage, there are some industries that have been a little reluctant to embrace networks like Facebook and Twitter. Chief among them are the financial services providers. The reluctance of investment brokers, lenders, insurance companies, and credit unions to tackle social media head-on is due largely to the need for industry compliance. Regulatory agencies like the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) hold brokers responsible for following strict communications regulations and hand out severe penalties for non-compliance, so it’s not hard to see why many of these companies have deemed social media more trouble than they’re worth.
But with the growing importance of social networks, financial services institutions can’t afford to avoid Facebook and Twitter and still hope to thrive in an ever more digital marketplace. So the question is, how can companies like Gremln help brokers navigate the compliance minefield of social networks?
First, let’s examine what exactly is it about social networking that poses a potential threat to financial services.
Social Media for Small Business,