A recent report shared that 173 million Americans own smart phones, and CNN reported that mobile apps overtook desktop usage for the first time ever in February 2014. While mobile adoption rates continue to grow amongst consumers, a recent study by Capgemini found that financial institutions are relatively slow to adopt mobile banking capabilities – much to the chagrin of their customer base. So what can banks do to increase customer satisfaction and expand on their mobile offerings?
Topics: facebook, Mobile Banking, mobile banking, regulation, social media, social media for banking
In February 2011, the Canadian government was attacked by foreign hackers using IP addresses from China. The hackers infiltrated Defense Research and Development Canada, a move that forced the Finance Department and Treasury Board to shut down internet access - but not before the hackers accessed highly classified federal information. While we may cheer the lovable anti-hero hackers in the movies, cyber attacks on the financial industry pose real-world threats. With that in mind, the OSFI (Office of the Superintendent of Financial institutions) released the Cyber Security Self-Assessment Guidance for federally regulated financial institutions (FRFI’s) in November, 2013.
Topics: banks, Canada, compliance, ofsi, regulation, Social Media for Banking
By now it’s no secret that financial services companies need to adhere to the Federal Financial Institutions Examination Council (FFIEC) guidance regarding social media use. Gremlin Social customers are not only looking for social media compliance tools, but also guidance on how the tools specifically address their compliance needs. Here we’ve broken down the FFIEC rules into frequently asked questions, and shed some light how the rules apply to your social media and risk management programs.
Topics: compliance, Compliance, facebook, FFIEC, financial services, linkedin, regulation, social media, social media compliance, twitter
December 2013 – UPDATE:
Topics: Business, business, compliance, Compliance, facebook, google+, regulation, regulatory, social media, Social Media for Banking, social media for business
Does your company have a social media policy? Maybe you’ve determined your business needs one, or perhaps you’re on the fence about the value of such a policy. Maybe the one you have needs a little finesse. In any case, you need to know where to start, what to include, and why it matters. We have some tips to get you on your way toward compliant, secure, and engaging social media success.
Topics: 101, Business, business, compliance, gremln, Marketing, policy, regulation, social media, social media policy, strategy, tips, twitter business tools
Pharmaceutical companies have a fairly unique problem when it comes to social media. Like financial services companies (insurance agencies, banks, investment firms, etc.), pharmaceutical firms have to follow strict compliance guidelines in their social messages, or else risk punishment from regulatory bodies. Unlike the financial services industry, though, Big Pharmaceutical doesn’t have a set list of guidelines to follow. The Food and Drug Administration (FDA) can fine pharmaceutical companies if they misuse social media, yet they haven’t really set forth any clear social media guidelines for those companies to follow.
Sure is a tricky situation.
And on second thought, maybe it’s not so unique after all. If you manage the social media for a shoe store, or a delivery service, or a bakery, or a design firm, or a theater, or any number of companies, you don’t have government agencies telling you what you can and can’t post to Facebook, but you also don’t have free license to just post whatever the heck you want. You don’t need a regulatory agency to tell you that posting curse words, tasteless jokes, insensitive posts, misspelled words, and poor grammar to your company’s social networks is a bad idea. All of these can all land you in hot water with your boss, and maybe even the company’s Board of Directors.
But fear not! Whether you work in pharmaceuticals or for a company that has internal, self-imposed social media guidelines, there are steps you can take to make sure your (and your team’s) social media posts are always compliant.
Topics: 101, analytics, Business, business, campaign, compliance, dashboard, education, facebook, filter, google+, google plus, gremlin, gremln, keyword, Marketing, media, post, regulation, regulatory, ROI, social, strategy, twitter
Earlier this year, the CFO for Francesca’s Holdings, a retail clothing company, tweeted, “Board meeting.Good numbers=Happy Board,” and in doing so violated SEC regulations regarding fair disclosure. He was fired on the next business day.
In March of 2011, a social media representative at New Media Strategies, a social media marketing agency, who was handling Chrysler’s Twitter account accidentally posted a tweet to @ChryslerAutos that was actually meant for his own, personal account. The tweet read, “I find it ironic that Detroit is known as the #motorcity and yet no one here knows how to [expletive deleted] drive.” The representative was fired from New Media Strategies, NMS was taken off the Chrysler account, and Chrysler found itself scrambling to engage in damage control.
And in July of this year, Celeb Boutique, a fashion company, saw that #Aurora was trending on Twitter and decided to take advantage of the trend by tweeting, “#Aurora is trending, clearly about our Kim K inspired #Aurora dress ;)” with a link to the company’s online store. What they didn’t realize, of course, is that the reason #Aurora was trending was because of the tragic incident that occurred at the Aurora Century movie theater during the midnight showing of The Dark Knight Rises. Understandably, the backlash was instantaneous and extremely damaging.
These are just a few examples of companies and representatives that have suffered the potential pitfalls of social media. They are by no means alone. In the past few years, we’ve seen similar stories from American Red Cross, McDonald’s, former Representative Anthony Weiner, Gilbert Gottfried, and many, many more. Social media snafus happen every day. They’re usually embarrassing, and although they sometimes go by unnoticed, they can also be incredibly damaging, to corporate brands and personal careers alike.
There’s just no way around it; social media can be scary.
Topics: analytics, Business, business, campaign, compliance, dashboard, education, facebook, fear, gremlin, gremln, linkedin, Marketing, regulation, regulatory, ROI, social media, strategy, twitter
The International Olympic Committee has a problem. Their problem is, practically everyone in the world is going to be tweeting about their product.
Sounds like a good problem to have, right? Everyone in your office would probably do back flips if your company started simultaneously trending in 200 different countries around the world. A lot of marketing directors spend their entire careers trying to get even 1% of that kind of popularity for their brands.
But social media success is a double-edged sword. It brings a wealth of marketing strength, sure, but it also represents a huge loss of control. You control what you say about yourself, of course, but you can’t control what other people will say about you. The good, the bad, the hopelessly neutral; it all flows freely from your fans and followers, and the more people who post about you company, the less you can respond to a huge influx of negative tweets. If one person takes to Twitter to complain about your product, you can respond and attempt to correct the situation. If 1,000 people start complaining, the situation is way beyond your management. Now consider; the number of Olympic athletes alone is about 17,000. That doesn’t include managers or trainers or sponsors, and it certainly doesn’t include the masses of people who will be watching (and Facebooking, and tweeting, and Google Plusing) around the world.
In short, the potential for Olympic brand negativity is astronomical.
Topics: brand, Business, business, dashboard, facebook, google+, google plus, gremlin, gremln, guideline, IOC, London 2012, Marketing, networks, policy, regulation, social, social media, strategy, twitter
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.
Topics: agnecy, Business, business, compliance, education, facebook, FDA, financial services, FINRA, gremlin, gremln, Gremln News, healthcare, HIPPA, lender, Marketing, media, pharmaceutical, regulation, regulatory, ROI, SEC, social media, Social Media for Small Business, strategy, twitter
