Financial institutions seem to be keeping up well with consumer expectations for digital-minded business — at least on the customer-facing side of things.
In the American Bankers Association’s “Social Media in Banking 2019 Report,” 46% of banks surveyed agreed that social media will become the main avenue for communicating with customers within the next five years, and more institutions are creating mobile-friendly websites and apps for the 70% of Americans who use their smartphones to manage their bank accounts at least once a month.
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Topics:
archiving,
brand,
Reputation Management,
social media compliance
If you’re a banker, 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 that has stepped into the spotlight in the last few years: 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. The most recent breach occurred in July 2017 when Equifax was hit by a record-breaking hack that affected as many as 2.5 million people.
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Topics:
compliance,
Compliance,
Cybersecurity,
cybersecurity,
gremlin,
Reputation Management,
social media,
social media compliance,
social media for banking,
Social Media for Banking,
social media monitoring
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.
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Topics:
compliance,
Compliance,
Cybersecurity,
cybersecurity,
gremlin,
Reputation Management,
social media,
social media compliance,
social media for banking,
Social Media for Banking
Welcome to the age of the image, where everyone strives for video virality and photos reign supreme. The major social networks have put a strong emphasis on pictures and video. Twitter showcases them in the timeline, Facebook gives them more weight in their algorithm, Instagram gives you a plethora of filters and editing tools, and even LinkedIn has started flashing visually engaging mosaic layouts for its Author pages. As far as the networks, and therefore the users, are concerned, if your message doesn’t have a visual, it’s likely little more than static.
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Topics:
facebook,
instagram,
linkedin,
Reputation Management,
social media,
Social Media,
social media marketing,
Social Media Marketing,
twitter
In 2012 Gene Morphis, the former CFO of Francesca’s Collections, revealed sensitive company information on his Twitter account in advance of the company’s annual report to the SEC. It was later revealed that the CFO had often communicated inappropriate company information on social media, which led to his termination from the company.
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Topics:
compliance,
Compliance,
FFIEC,
Reputation Management,
social media,
Social Media,
social media compliance,
twitter
Have you Googled yourself lately? What comes up on search engine results pages (SERP’s) can make or break your online reputation. Harvard University research on Yelp shows that a 1-star difference in reviews on Yelp may result in 5% to 9% in business gained or lost. Review sites aren’t the only place customers can let you know their opinion. A study by Brandwatch found that customers of financial brands are more likely to use social media and online forums to air grievances . There is also the issue of poor reputation for the financial services industry overall. The 2014 Edelman Trust Barometer found banking and financial services to be the least trusted industries globally. Add to that the challenges of balancing personality and regulatory responsibility, and having an online presence might make you ask – why bother? Use these tips to change public perception and control the conversation about your financial brand.
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Topics:
facebook,
google+,
gremlin,
linkedin,
reputation management,
Reputation Management,
Social Media,
social media for banking,
Social Media for Banking,
twitter
