For heavily regulated industries, such as financial services, social media is an attractive communications tool, but it needs to be managed carefully. According to a social business survey conducted last year by IDC, 51 percent of companies use consumer social media tools for communicating with customers, 43 percent are creating awareness about a company product or service, and 42 percent are acquiring knowledge/asking questions.
Today, Facebook, LinkedIn and Twitter have become household names; not only to communicate with friends and relatives, but also as viable marketing and communication channels for conducting business,” says Michael Fauscette, group vice president, Software Business Solutions, IDC. “While the use of consumer social tools can provide good business benefits to companies, there are concerns over security, IP protection and compliance, particularly in highly regulated industries like energy and financial services.”
Earlier this year, Actiance announced the availability of Socialite Engage, specifically with those industries in mind. “We made a commitment to our customers to provide a solution that met their requirements to enable faster and more effective adoption of social within their business, leveraging content management, distribution and analytics tools for their social engagement,” explains Kailash Ambwani, CEO at Actiance.
Using Consumer Social Media Compliantly
According to Actiance, Socialite Engage provides organizations with “the ability to empower users in their usage of social media, from the provisioning of appropriate content to the measurement of resulting effects from that content. Through the tracking of key connections, users can focus on those friends or followers who are of particular importance to them. Users can utilize a pre-populated content library to share with their network, or distribute their own content knowing that this is run through a compliance workflow to protect the individual and the organization.”
Continues Fauscette, “The Actiance Socialite Engage solution is designed to help financial advisors along with their marketing and compliance teams distribute approved content over LinkedIn, Facebook and Twitter to drive new business opportunities, customer loyalty and brand awareness while minimizing risk.”
With the widening of regulatory requirements to include social media, such as recent SEC alerts and Financial Industry Regulatory Advisory (FINRA) notices 10-06 and 11-39 organizations need to consider additional tools to help reduce risks, while reaping the benefits of social media in business.