Thinking Social / Value

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Financial Institutions and Social Media

 

Like other industries, financial firms have been eager to leverage the popularity of social media to service their business. However, the financial industry, like other governed entities, such as alcohol or tobacco, is subject to strict communications rules and regulations from state regulators, the SEC and FINRA. These rules require all activity related to the business to be recorded and archived, and requires the firm to create defined policies and procedures. All of this is done in an effort to protect investors from false or misleading claims and representations.

In the POV below, we have broken down the rules and regulations that financial firms must follow in order to activate in social media. We’ve also analyzed the sector to identify those who are doing it right, as well as archival and compliance vendors that are helping them. Being part of our customers’ lives will only grow in importance in the coming years, and social media enables that connectivity. Therefore, we believe there is great opportunity for financial institutions to grow their business in this way, and have included some key steps to help them get started.

Financial Institutions and Social Media from Social@Ogilvy