So you’re a bank, and you’ve given a name to your pain – and it is social media management. Of COURSE you need a presence online, and bank execs are finally on board. You have gotten the green light from compliance to move forward, implemented a social media policy, and created a shiny new Facebook business page. All systems are go except one – how do you manage all of this without causing a headache for your compliance department? Time to start researching social media management and compliance software to automate some processes.
It’s not as simple as a Google search. There are dozens of solutions out there, but the trick is finding the one that addresses the unique needs of a financial services company. Software is a long-term relationship, and you want to make sure your vendor of choice will be able to implement, train, scale, and provide support for your growing business. Here are five suggestions for choosing your next software partner:
Figure out what you want vs. what you need
Software ranges from the very inexpensive ($0 per month), to the very high-ticket, on-premise platforms in the $60-$70k a year range, and all points in between. Generally, software companies will charge an annual subscription, plus monthly user fees. So, before you start researching, make decisions about what features are must-haves versus “nice-to-haves.” At a minimum, bank must-haves are:
- Approval processes
- Team management
- Web and social media monitoring
- Multi-network publishing
- Web-based/in the cloud
- Content management
- Professional services
Schedule a demo
It goes without saying that you want to see the product in action before deciding. Once you’ve whittled down your list of contenders, schedule a demonstration. Invite all stakeholders from marketing, compliance, and IT if necessary, and come armed with plenty of questions. Don’t be afraid to request a second call for a deeper dive if your team wants to see more.
Request due diligence
According to the American Bankers Association, financial institutions must evaluate, obtain due diligence, and measure the performance of third-party service providers "in order to meet compliance standards put forth in CFPB Bulletin 2012-03 Third Party Service Provider Risk Management Policy, OCC Bulletin 2013-29 Third-Party Relationships, FDIC FIL 44-2008 Guidance for Managing Third Party Risk, and FRB SR 13-19 Guidance on Managing Outsourcing Risk."
This can be as simple as a customer testimonial or case study, or you can request to reach out to a customer directly. If a software vendor can’t – or won’t – produce at least one customer willing to say good things, you probably want to scratch them off your list. But, don’t be afraid of constructive feedback – you want to evaluate a solution based on full disclosure.
Ask about training & support
Remember that thing about software being a long-term relationship? The vendor you choose should be considered an extension of your in-house team, and therefore be available after implementation and onboarding. Will there be training available? How long does it take customer support to respond to questions? Are there regular check-ins or are you cut loose after onboarding? A software vendor’s job is not only to provide technical assistance, but also to make sure your business succeeds using their product.
So, which social media management platform is the best choice for you to grow your bank’s online presence? We've got eight questions to help you decide.
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