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Apr 14
2009
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Blogs and Tweets Can Land You In Compliance HellPosted by Steve Cocheo in Social Media Banks New Frontier   |
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In our April print edition, and earlier on the website, ABA Banking Journal Contributing Editor Nancy D. Castiglione warned, "Blogs and Tweets Can Land You In Compliance Hell."
She opened her article this way:
"Is that an iPod plugged into your customer’s ears? Or a time bomb waiting to blow up your bank’s compliance record?
"It all depends on what your bank has been up to, and how well your marketing and compliance functions control how the bank’s messages reach the public … and how well the bank controls independent-minded employees with a technical bent."
You can read Nancy's "Compliance Clinic" column in its entirety by clicking here.
Share your experiences as a compliance officer looking at social media and new media below. If you prefer, you may retain your anonymity.
She opened her article this way:
"Is that an iPod plugged into your customer’s ears? Or a time bomb waiting to blow up your bank’s compliance record?
"It all depends on what your bank has been up to, and how well your marketing and compliance functions control how the bank’s messages reach the public … and how well the bank controls independent-minded employees with a technical bent."
You can read Nancy's "Compliance Clinic" column in its entirety by clicking here.
Share your experiences as a compliance officer looking at social media and new media below. If you prefer, you may retain your anonymity.
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Brett King - Author Bank 2.0
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A recent survey from the Australian Bankers Association said that 75% of bankers who weren't participating in Social Media identified Compliance as the barrier/hurdle. The problem is, while we are waiting for compliance approval on simple issues related to a customer service issue, brand perception, etc - customers are talking freely about our bank and they don't have such constraints. Compliance departments need to train bankers to respond and provide them with guidelines, but sticking compliance in-between customer advocates in the bank and social media channels will never work, simply because our response rates drop to a point where the response is no longer effective. |
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