IoD Day 2 – How can banks use social media?

The fundamental question is how an enormous range of social media designed for the individual can be used safely by corporations.

Need Outbound pre-approval, respond to inbound need to be controlled.

Need to observe social media and to investigate social media for indications of fraud.

Individuals now expect to use social media to communicate with their bank

Banks are regulated by many agencies, such as FINRA, SEC and NASD, etc. (in the USA) or FCA in the UK, etc.

Often the postings on the corporate social media sites are compliance or even malicious, however, this requires controls on outbound messaging.

Also needs an understanding of inbound input without too much effort and resource.

The Solution?!

Four critical issues.

1) Supervise the output

2) e- discovery capability

3) Audit capability

4) Archive

Single ID and password leads to shared use and lack of audit of who was using the id at the time.

Inbound problems hidden in the 10,000 postings a day which is too much to manage.

SMC4 is a product that can help banks use social media. It uses the personal ID and password to log in but then manages the access to the corporate pages and monitors for regulatory issues.

It monitors inbound communications against many dictionaries from the regulators and others for profanity etc. Can delete inappropriate postings

Provides protection against social media abuse and brand damage.

Organisations could use SMC4 to analyse social media to identify sales opportunities and send appropriate communications with marketing / sales offers. Leading to efficiencies and better customer sentiment? Is this really true? Is it ethical?

SMC4 is also used as an anti-bullying engine with good impact.

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