The relationship between social media and the banking industry has grown cozier over the last several years. However, while social media is proven to be a powerful marketing tool, the strict boundaries of compliance in banking present a potential roadblock. A financial institution’s social media marketing success largely depends on how easy it is to define “compliant” — and how difficult it is for loan officers and other employees to consistently adhere to those rules.
Topics: Compliance, social media compliance, Social Media for Banking, social media for mortgage, Social Media for Mortgage Banks, social media regulations, strategy, social media risk management, social media management and compliance, bank marketing, Social Selling
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.
Topics: archiving, brand, Reputation Management, social media compliance
Any brand with an online presence should be conducting regular social media audits. Evaluating the performance of your content in terms of reach and engagement is the only way to know what works and what doesn’t.
Topics: Compliance, marketing best practices, policy, posts, social media compliance
This article was originally published to ABA Banking Journal.
By now, most financial institutions understand that social media is a powerful channel for reaching audiences directly and building trust with consumers. The fear of losing control and damaging their reputation, however, often limits banks’ confidence in their ability to market socially.
Topics: archiving, marketing best practices, social media compliance, social media policy, Employee Advocacy
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
Earlier this year, BB&T and SunTrust Banks announced that they would be merging. Combined, they created the sixth-largest bank in the United States. With big banks growing more powerful by the day, regional banks have started to realize that if they hope to compete, they need to consider their own M&A options.
Topics: social media strategy, social media compliance, Employee Advocacy
This article was originally published to National Mortgage Professional Magazine.
In today’s digital landscape, social media should be a key element for any mortgage lender’s marketing strategy. After all, social media is now a major part of the homebuyer’s journey.
Topics: Compliance, mortgage, policy, social media compliance, social media monitoring
This article was originally posted to ABA Banking Journal.
As more and more people rely solely on digital channels to meet their banking needs, the importance of social media as a two-way communication channel grows. Facebook, Twitter, LinkedIn, and other platforms offer unique opportunities for candid, trackable feedback from customers, and social listening is becoming a more valuable marketing and customer service tool for banks.
Topics: customer service, social media compliance, strategy, Social Listening
This article was originally posted to BAI Banking Strategies.
Most people would sooner talk about politics, religion and romance than start a conversation on income levels or credit scores. Perhaps that even describes the person sitting in the cubicle next to you. Or you.
So how can your bank expect to stand out in a world where conversations about money remain so taboo? The answer is simple: Build trust.
Topics: social media compliance, social media ROI, Social Selling, Employee Advocacy
Social media marketing compliance is no small task. Here’s how financial organizations can avoid running afoul of advertising and customer communication regulations while still delivering compelling brand messaging through social media.
Topics: social media compliance