Social Media ‘Traffic Cops’ Can Keep Banks’ Compliance People Happy

SocialComply helps financial marketers juggle the risks of social media marketing with a suite of tools designed to monitor, manage and moderate their banks’ online activities.

Temenos, a provider of banking software systems, is pushing out its new SocialComply solution, a toolbox to help social media admins monitor, manage and moderate their banks’ online activities. SocialComply has a number of features that help financial institutions monitor what is being said about them — in real-time — across social media networks, so they can respond in a way that is controlled and compliant with policies, both internal and regulatory.

social_media_complianceSocialComply is comprised of two modules. The monitoring module examines internet and social media sites, alerting the institution of an occurrence of a mention of the name of the institution, product name, employee mention, board member name, or other key identifiers on the internet and social media sites. The second module of SocialComply is the compliance module, giving the compliance officer and the marketing officer a tool they can utilize to work together. The marketing team can submit suggested content for social sites and the compliance team can immediately approve and post content, or provide alternative messaging if necessary.

“SocialComply is like a traffic cop,” explains Ben Robinson, Director of Strategy and Marketing at Temenos. “It helps banks detect and eliminate both fraud risks and reputational risks by monitoring and archiving activity across social networks.”

“How are you feasibly supposed to manage the world of Facebook, LinkedIn, Twitter, Blogger, Google+ and whatever the next latest and greatest communication tools are?” asks Robinson. “Just thinking about, much less managing, all the places where your brand could be mentioned by customers or employees is overwhelming.”

( Read More: The FFIEC’s Social Media Guidelines in Plain English )

That’s where Temenos hopes the suite of features built into SocialComply will help:

Monitoring & Moderating – Managing and mitigating reputation risks by monitoring relevant discussions posted online.

“Financial services firms are not embracing social media because of perceived risks.”
— Mark Winterburn, Temenos

Sales & Marketing – Messages can be created by multiple contributors across the organization, then checked, edited and posted by communications teams. There’s also a feature that allows admins to post the same message with one key stroke across multiple social sites and groups.

Policy Definition – SocialComply includes a complete Internet and Social Media Policy for use by your financial institution

Automated Compliance Oversight & Resolution – Allows compliance officers to efficiently supervise content flowing through sales and marketing channels onto public social networks, including complete internet searching in addition to social sites.

Social Archiving – Capturing and permanently archiving of all internet and social networking data to achieve verifiable compliance and audit trails.

Analytics – Detailed information about followers, such as location, length of time as follower, level of activity, etc.

Reporting – Feedback that can be used to make business decisions and provide full disclosure for audit-tracking.

“If not monitored and controlled, the use of social media can impact a financial organisation’s reputation and, it is this risk that many banks cite as the reason to not engage more fully with social media networks,” Robinson explains. “However, there does not need to be a trade-off between the level of social media activity and the level of risk a financial institution bears.”

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