The FFIEC announced proposed guidance on policies concerning social media usage by banks, savings associations and credit unions. For a better write up than I’ll ever do here, see the article on The Financial Brand.
My take: Some of the proposed guidance is so preposterous that it makes me wonder what they’re smoking over there at the FFIEC.
Here are some of the more unrealistic specifications:
A social media strategy is required. The guidelines specify that FIs establish a governance structure that defines SM roles and responsibilities, and to indicate how social media contributes to the strategic goals of the institution.
My take: Are FIs required to indicate how their TV advertising contributes to the strategic goals of the institution? Or how the investments they make in call center productivity impact strategic goals?
Regular Reporting of ROI – The FFIEC is calling for regular reports to the financial institution’s board of directors and/or senior management, “enabling a periodic evaluation of the effectiveness of the social media program and whether the program is achieving its stated objectives.” Sounds like financial marketers will have to start tracking social media’s ROI. Gulp…
Monitoring of Social Channels Mandated – The FFIEC is calling for all financial institutions to have an oversight process for monitoring information posted to social media sites administered by the financial institution or a contracted third party.