It's 10 p.m. Do you know who's using your company’s Twitter account?
That thought is enough to keep any CEO up at night. Even with a competent team of folks at the helm of social media, mistakes happen. An employee slips out a salacious tweet at the bar from the company’s Twitter handle, thinking it was his personal feed. A marketing team member vocalizes her political views onto — whoops — the company’s Facebook page. Whatever the problem, the potential damage can be significant. When your institution's reputation is tarnished under the heat of social media, many customers (especially media-savvy Millennials) are quick to take their money elsewhere.
But the consequences go beyond reputation for those in highly regulated industries, like finance. If a reliable employee posts a piece of content that violates key regulations, you could end up paying a hefty monetary fine. And while some directives provide straightforward definitions — clarifying that all tweets and text messages are written material that must be preserved, for example — staying compliant isn’t always instinctual. Other directives lay out the minimum time frame for preserving such material. Still others expand the boundaries of what can be considered business communication to include content on personal employee devices.
One way you could manage this risk is to give your chief compliance officer the sole keys to the social media kingdom. But compliance officers probably don’t want this responsibility, nor is it likely that they are the best people for the job. Truth be told, it's usually a job better suited for a team. Still, with more hands comes more risk. If you want your team to put the bank's best foot forward online, you need a good social media compliance strategy — and part of that strategy involves managed access.
A Method for Curating Content
Managed access takes the guesswork out of who is posting and what each user is able to post. With the right software, users can be assigned various levels of access and abilities, from freedom to tweet at will to the limited ability to submit posts for review.
At Gremlin Social, we use categories such as account owners (top-tier control), various levels of admins (middle tier — can post and moderate content), and basic user or guest levels (posts subject to review and approval).
A typical structure for a bank might look like this:
· Head of marketing or social media: Account owner
· Compliance team: Admin access
· Marketing team: Admin/user access
· Interns, loan officers, etc.: User/guest access
How it takes shape at your bank is up to you. What's most important is that you know the goals of your managed access strategy and that you have the means to manage your access well. That's where Gremlin Social comes in.
The tools we offer equip compliance teams for social media engagement well beyond mere user access management. Our subscriptions for American Bankers Association members are designed not merely to meet regulations, but to surpass them.
We break our services into three key areas:
1. Keep tabs on your social media postings.
In addition to the access and proactive moderation features, Gremlin Social helps you build a pre-approved content library with folders of content that can be granted on a user-specific basis. Accounts come equipped with a dashboard designed for early detection of any unsanctioned posts. All of these features are meant to prevent your firm from functioning reactively: Instead of spending your time and money doing damage control, you can stop egregious posts from ever hitting your followers' feeds.
2. Stay compliant with your archives.
Account owners can export archive reports for any social profiles they own and for any social profiles their team members have linked to and authorized within the Gremlin Social platform. This is essential for basic compliance, and it’s very difficult without managed access software of some kind. Would you prefer to pay someone to scour all these accounts every day, copying content to archives, or let Gremlin do that for you?
3. Extend your watchful eye.
The above features are a must for any content management strategy aligned with Federal Financial Institutions Examination Council regulations, but it's our Brand Guardian service that will catapult your firm beyond mere compliance. While these regulations only focus on social media, Brand Guardian boosts the radar to encompass the entire web, including third-party review sites, such as Yelp, the Better Business Bureau, and mortgage and banking compliance blogs and sites. These sites are a source of bad press for many brands and should be included in any comprehensive strategy.
It is increasingly important to stay ahead of the blinding speed of social media. But in a regulation-heavy industry like finance, that’s easier said than done. You shouldn’t have to lose sleep over social media — nor sacrifice the creative energy of your social media team (or the sanity of your compliance team, for that matter). Carefully planned access management, bolstered by robust software, can help you and your whole firm rest easy.