Your Bank is Social, Now What? 11 Ways to Protect Your Online Rep

Posted by Mikki Ware on July 14, 2014

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

How to Drive Engagement: 10 Twitter Tips for Financial Services

Posted by Mikki Ware on June 5, 2014

In the first installment of this series, How to Create Engagement - Facebook for Financial Services, we discussed 6 ways to leverage Facebook to build relationships with your customers. Next we’ll tackle Twitter and unveil 10 tips to tweet safely and compliantly in 140 characters or less. That’s right – while Facebook lets users to be as verbose as time and attention spans allow, tweets must get the job done in 140 characters. In fact, best practice is to leave 20 or 30 characters of space for followers to retweet and add comments. Therefore, a tweet is reduced to a brief 110-120 characters, including links.

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Topics: FINRA, gremlin, social media, Social Media, social media compliance, social media for banking, Social Media for Banking, twitter, twitter business, twitter business tools, twitter marketing

Gremln Get Started Guide For Banks: 3 Key Steps For Social Media Strategy

Posted by Emily Lange Rodecker on May 28, 2014


So you have decided your bank needs a social media presence – great – now what? Before creating your social media accounts, the Gremln Get Started Guide outlines 3 key steps for a successful social media strategy:

1)     Determine Your Purpose & Voice – Decide how you plan to use social media to further your organization. Is it for brand awareness? Building relationships within your community, customer service, or all of the above? The goals you set for your brand on social media will determine the direction of your strategy. Additionally, you will need to define the “voice” of your social media to ensure your messages have the same tone across the board. Are you casual and fun, friendly, or more professional? Know your audience and choose the voice most representative of your brand.

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Topics: compliance, Compliance, facebook, FFIEC, gremlin, linkedin, social media, Social Media, Social Media Education, social media for banking, Social Media for Banking, strategy, twitter, twitter business, twitter marketing

FINRA: 5 Guidelines and Hacks For Compliant Social Media

Posted by Mikki Ware on May 6, 2014


In 2011, FINRA (Financial Industry Regulatory Authority) issued two notices and a new rule geared specifically to electronic communications with social media. Generally speaking, financial services organizations can assume that social media falls under the rules of any other business-related electronic communications in terms of recordkeeping, suitability, supervision, and content. However, certain aspects of social media, such as third-party posts and data feeds, require further oversight.

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Topics: compliance, Compliance, FINRA, social media, Social Media, social media compliance, Social Media Education, social media for banking, Social Media for Banking

How to Drive Engagement – Facebook for Financial Services

Posted by Mikki Ware on April 24, 2014

 

This series will provide tips on how financial services organizations, like banks and credit unions, can reach their target audience and start useful conversations on social media. First up, Facebook. With 1 billion users worldwide, Facebook is the 800-pound gorilla in social media; well worth having in your financial marketing plan. In this post, find out how to create compelling material that is both valuable and sharable to your audience.


How can banks and credit unions create engagement on Facebook? First, define “engagement.” Is it a like, a share or a comment? Or is it someone taking the next step past a Facebook post, becoming a lead and, ultimately, a client or customer? Second, create a content marketing strategy.  A recent study shows that bank customers are bored by their bank's content on social media. So the challenge for banks isn’t just to engage customers, but to be compelling enough to keep their attention and provide some value to the bank's bottom line.

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Topics: Social Media, Social Media Education, Social Media for Banking

SEC Update: 6 Ways For FinServ To Safely Use Social Media

Posted by Emily Lange Rodecker on April 17, 2014

 

The Securities Exchange Commission (SEC) updated its regulatory guidelines for social media last week, providing clarification on its policies regarding testimonials and advertisements.

In an effort to keep advisers from promoting any material that could be seen as manipulative, fraudulent, or deceptive, the SEC previously prohibited advisers and investment advisory representatives (IARs) from the following:

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Topics: Compliance, compliant social media, financial social compliance, financial social media, social banking, social media compliance, Social Media for Banking, social media regulations

Banks, Don't Bore Your Customers: 3 Ways To Succeed At Social

Posted by Mikki Ware on April 8, 2014

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.

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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

Social Media Archiving for Regulated & Non-Regulated Industries

Posted by Emily Lange Rodecker on March 13, 2014

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.

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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

It's In the Bank: Social Media Success Stories from the Financial Industry

Posted by Emily Lange Rodecker on February 7, 2014

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.

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Topics: banking, Business, customer service, financial industry, financial social media, social care, social media, social media banking, Social Media for Banking

Updated Social Media Guidance from the FFIEC: Is Your Bank Still Compliant?

Posted by Emily Lange Rodecker on December 19, 2013

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.

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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

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