Social media gives businesses a way to connect with their target audiences. Companies, such as banks, need to include a sense of humanity in their brand or risk losing their credibility. Social media compliance for banks presents challenges, opportunities, and – unfortunately – social media risks.
Benefits
A social media presence can grow a bank’s brand footprint through relevant and engaging posts. These can be a great opportunity to add another layer to customer service, with rapid response and real-time solutions, such as answers to bank holiday hours and which savings account is right for their lifestyle. It is also a platform to display thought leadership on banking topics. It can be challenging to develop a community, but the rewards of word of mouth referrals, marketing insights and consumer confidence are well worth any effort. Consider using a social media attorney to keep the momentum going and understand social media federal regulations.
Challenges
Social media influencers can pitch products 24/7 on their feeds because they are not beholden to extensive social media law requirements. A bank cannot take a single liberty with social media law. Overt product promotions are perceived by the greater public as gauche. They can also garner the attention of the federal government, leading to lawsuits, fines and regulatory scrutiny. Anti-discrimination laws, such as the Fair Housing Act, making throwaway captions and jokes a near impossibility. A bank has a much larger responsibility to the public and has to post accordingly.
Solutions
The Social Media Law Firm can connect banks to their target audiences with minimal risk. As a primary and intuitive step, the Social Media Law Firm conducts a detailed social media risk assessment. This allows for a thorough review of policies and procedures to identify the current level of risk. The next step is to craft a management program for social media risks Upon review, banking clients should understand the scope and implications of their social media strategy. The final step is implementation. The SMLF will continue to support and review your bank’s social media presence to be in-step social media federal regulations.
The Social Media Law Firm helps banks get and stay on track, developing a brand identity that engages target audiences and adheres to the strict social media compliance for banks.
