Late last month, Financial Technologies Forum hosted SMAC, a conference for Social Media and Compliance in financial services. Over the years, the industry has been very hesitant to adopt social networks due to the regulations imposed on electronic communication. This year, the discussions at the conference did not revolve around whether firms should or should not embrace social media, but instead what platforms are the most effective.
The times are a-changing.
The wirehouses have become less apprehensive about social media. Just this past July, trailblazers for social media adoption, Morgan Stanley, gave the okay for advisors to post their own tweets. Of course, it goes without saying that the content must follow company guidelines and receive the green light from the compliance team.
Luckily for a highly regulated industry like financial services, there are tech companies that have devoted their entire existence to help keep industry professionals within bounds. If you’re a compliance officer (or happen to know one) and need to implement an effective tool for approval and archiving, have a look at this handy list of social media compliance tools:
Arkovi is one of the premier social media archiving firms in the industry that records and files content posted from Facebook, Twitter, LinkedIn and other social media platforms for use. Specially created by finserv professionals for finserv professionals, Arkovi allows regulated companies to archive content, monitor the content to learn from audience and then analyze the stored content to help develop understandings that can be applied to new social media marketing plans.
Actiance is used by a number of different industries, but it is especially popular in the financial services sector. This California-based company has a number of solutions based on specific business needs – security, compliance, eDiscovery, archiving and governance. For instance, the company’s Socialite product allows for the effective use of social networks to be made available wherever with 24/7 access to employees in a way that satisfies compliance, legal and security requirements.
With over 20,000 customers like ING, Guggenhiem and KPMG, Smarsh is another big name in the social media compliance sector. They concentrate on their archiving solutions and even have a running ticker on their site of how many messages the company has archived to date!
Named after a little green monster, Gremln, has some distinctive features within their platform like the scheduler feature in Gremln. It allows you to schedule posts at the best time for each market in order to amplify audience engagement. They also have a filter that prevents a list of words and phrases in corporate posts that violate regulations
One of the leading social media platforms and my favorite social media management tool, HootSuite, has entered the realm of social media compliance and security for financial services professionals. HootSuite’s Social Compliance is a separate tool from the platform’s actual product. With Social Compliance, you’re able to join multiple social media accounts under a single platform. It even simulates social media emergency situations to develop policy guidelines for those annoying, no good trolls. It’s a powerful collaboration tools for social media teams!
Many of these platforms offer unique advantages, so it’s essential to try them out and choose the right service for your institution. Doing so will save your company time, money and possibly a huge regulatory headache!
Which social media compliance tool does your firm use? And would you recommend it?
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