I spoke last week at the first LetsTalkFX conference on social media for financial services. You can view my presentation at SlideShare. Two observations from the presenations I heard and the questions from the audience focused on two areas: What tools to use and dealing with compliance.
- There was a healthy debate and discussion on the tools to use. Is Facebook just for friends? How do I deal with so many anonymous Twitter accounts that want to talk with me? How do I find the time to manage all of these platforms? Is LinkedIn really a good platform to have discussions? Can I use just one? It was very clear that everyone was looking for the “sliver bullet” using social media rather than focusing on finding the right tool. That’s not an easy task and finding the right tools to use can make all the difference.
- The other focus was on the idea of dealing with internal compliance and and ensuring they are met. Everyone agrees that this is a key part of success, but the challenge remains getting legal and the risk teams on the same page.
The hard part in presenting at events is that everyone is looking to you for answers. While I can give ideas of what works and what hasn’t for us, the bottom line is that a lot of what happens is built on the content provided and the engagement and effort that goes into it. We do a lot in social and continue to experiment (e.g., we launched our Pinterest page this week). In addition, we benchmark against a number of other institutions and people who don’t necessarily work in our industry.
One of the reports I referenced in my presentation was from Cicero Consulting and their latest results on the financial services industry and social media. It’s worth reading if you are interested in knowing more about the opportunities that exist and the obstacles to get over.
It was a healthy debate and in the end I think everyone agreed that we can disagree. And that’s not a bad thing. While financial services can’t produce the beautiful images that car companies can in social media or sell products like coffee shops and clothing stores, we can develop the ideas and social currency that many people rely on to make informed decisions.
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