This weekend, we celebrate the women who have given birth and nurtured us our entire lives. But believe it or not, figuring out what will make mom feel special can be tricky business. Doing nothing obviously isn’t an option, but doing the wrong thing is risky as well. You know you have to do something, but where do you start? Social media for the financial services industry is equally perplexing, so here are three ways to mitigate your social media fears.
Are you using social media to connect with your customers and your community? How important is social media to your bank? It’s safe to say that social media usage among banks is still in its formative stages, even though 76 percent of banks polled in a recent survey either agree or strongly agree that social media is important to their bank. In that same study from the American Bankers Association (ABA), roughly one-fourth of respondents said their banks had been using social media for five or more years, while just 12 percent had been using social media for less than a year. Nine percent of banks surveyed indicated they didn’t use social media at all to reach their customers. If social media is recognized as such an important marketing tool, why are banks slow to embrace it?
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.
OK, you’re ready to start using social media, so now what? First, you need to decide what you’re trying to accomplish. What do you want people to know? Are you hosting an event within the community? Do you have a new product? You can use social media platforms for these reasons and more.
Do you know your credit score? Why does it even matter? Is your personal information safe? What should you look for when making big purchases like a car or a house? How can you identify online frauds and scams? There’s no better time than during National Consumer Protection Week, March 5-11, to educate yourself about these topics and more.
Topics: Social Media for Banking
You’ve gotten the okay from senior management and compliance to move forward with social media for your bank. Facebook pages have been created, teams assembled, and now comes the fateful moment of truth – the first post. Now what?
Tax season brings with it a feeling of dread for most people. There’s plenty of references in popular culture to reiterate this negative connotation, from George Harrison’s Taxman lyrics to Jerry Seinfeld’s thoughts on the audit process.
Topics: Social Media for Banking
It’s easy. It’s effective. And it helps you master social media.
If you’re looking for a way to make your social media management easier – or are just getting started and need some help diving in – Gremlin Social Guardian is the solution. Need to convince your boss? We’ve got you covered. This list of talking points will make it clear that when it comes to social media management, Gremlin Social Guardian is the tool to use.
The new year is always a chance to wipe your slate clean and start fresh. Championing new ideas that will take you a bit out of your comfort zone seems much easier at the beginning of the year, when you are at your most optimistic and energized for what’s to come.