Today’s financial institutions are faced with a dilemma.
They can’t afford to not empower their employees to engage customers via a social selling strategy, but their electronic communication is heavily regulated by the FFIEC and FINRA, and failure to comply doesn’t come cheap. In 2017 alone, financial institutions racked up $8.3 million in electronic communication fines from FINRA.
Topics: Compliance, FFIEC, social media compliance, social media policy
Have you seen Wendy's cheeky tweets? What about cruelty-free fashion brand Wholesome Culture's meme-filled Instagram? These days, companies throw everything they've got at social media because attention means eyeballs — and eyeballs mean money. For every $2.50 spent on social media, businesses can reach 1,000 people, and 9 out of every 10 consumers say they'd recommend a brand after a positive interaction on social platforms.
Topics: social media strategy, brand, FFIEC, regulated industry, saving time, social media presents, team management, social media management and compliance, bank marketing, Social Selling
Credit unions have a unique position when it comes to social media. Unlike banks, which are opened to everyone, credit unions have a specific customer base. Members have to be affiliated with certain groups, such as an employer, community, or school. With the smaller, more targeted pool of members and potential members, social media can be viewed as a natural extension of strategic community engagement. The challenge is getting buy-in from credit union decision makers, as well as tracking ROI of social media participation. However, the tide seems to be turning, as research from CUNA Mutual shows that 60 percent of credit unions have been using social media for about 2 years.
Topics: credit unions, facebook, FFIEC, financial services, gremln, ROI, social media, Social Media for Credit Unions, strategy
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.
Topics: compliance, Compliance, FFIEC, Reputation Management, social media, Social Media, social media compliance, twitter
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
In our first two articles in this series, we discussed how financial advisors can leverage LinkedIn and Facebook for lead generation. Now it’s time to talk Twitter. Twitter is a fantastic resource for prospecting. A study by Putnam Investments reports that 66% of financial advisors saw an uptick in new business using social media in 2014 – a 17% increase from last year. The study also showed that Twitter use is on the rise, with 26% of financial advisors using Twitter for business.
Topics: Business, facebook, FFIEC, financial services, gremlin, linkedin, social media, Social Media, social media for business, Social Media for Financial Advisors, social media marketing, Social Media Marketing, twitter, twitter business
It’s December, which means it’s time for the obligatory year in review post! What a year it has been. From Facebook’s seemingly constant newsfeed changes to the financial industry attempting to make its peace with social media through new compliance regulations, it has been an exciting time in digital marketing. Here are our picks for what was hot and happening in 2014:
Topics: compliance, Cybersecurity, facebook, FFIEC, social media, Social Media, social media compliance, Social Media Education, Social Media Marketing, Social Media Updates, Year In Review
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: compliance, FFIEC, gremlin, mobile app, Mobile Banking, mobile banking, social media, social media compliance
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.
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
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.
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
