#SMBank

Tips for PR and Compliance in Social

Media

#SMBank

#SMBank

Introduction

Ben PankoninSocial Assurance

Ann ChenICBA

#SMBank

About Social Assurance

Social Assurance provides software and services to help community banks

manage social media and provide visibility in a marketing dashboard.

Monitor, Post, Respond, Report.

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AGENDAIntroductionSetting Up for Success

  Messaging – what to say  Workflow – who says it Policies and Procedures Reporting

Bringing the Team TogetherCommon Questions during AuditsTips and Tricks From Community Bank Examples

support@socialassurance.com

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INTRODUCTION:

This is not legal adviceBut…It is designed to be helpful.

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SETTING UP FOR SUCCESS

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WHAT DOES SUCCESS LOOK LIKE?

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SUCCESS ACROSS MANY CHANNELS?

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SUCCESS IS UNIQUE TO YOUR BANK

• Set your bars of success based on your customer base and community.

• Create specific metrics to make reporting easier.

• Common measurements: likes, engagement, number of media placements, virality, clicks to your website, contest submissions

• Be realistic.

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MESSAGING

•Who Are You? •Brand discussion•How do customers view you?

•Why should I follow you on social?

•Compliance around promoting products?•All advertising requirements that apply to all other communications applies to social•Be wise on how you do it.

BE YOURSELF!

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RESPONDING TO NEGATIVE POSTS

•If……defamatory, derogatory, excessive cursing, inappropriate:•Then….Clearly state these posts/comments will be deleted on the bank’s social media “About” section. Then delete.

•If……honest frustrations, complaints, criticism:•Then….Thank them for their candid feedback and address appropriately. Most people just want to be heard and acknowledged. These situations can turn into positives.

•If……untrue, false statements about the bank:•Then….Respond and correct gently.

•Any negative situation can be taken offline for further discussion.

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A NOTE ABOUT SECURITY

•Limit access •Utilize 2-step verification process •Use strong passwords

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WORKFLOW

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Setting Up

• Social Site Settings• Determine Roles• Determine

Workflow• Setup Monitoring– Keywords (Lite)– Mentions

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Why a Workflow?

• Workflow increases reporting

• Approvals improve accuracy

• Reduce rogue posting

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Monitoring

Web Keywords Direct Mentions

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“An oversight process for monitoring information posted to proprietary social media sites administered by the financial institution or a contracted third party;”

-FFIEC

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Approval Process

• New Post policies– Who approves– What is criteria

• Responses– Preapprove– Allow for creativity

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Photo Release Forms

• Photo Releases• Employees• Customers/

Community• COPA

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Disclosures

• Be Prepared• Keep Out of Way• Clear, Concise

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FIVE COMPONENTS OF A SOCIAL MEDIA POLICY

1. Employee usage• Training program

2. The In’s and Out’s• Who’s posting? What is being posted? What strategies

are employed?

3. Workflow• Monitoring and responding to posts

4. Compliance with existing applicable consumer protection laws and regulations

5. Periodic evaluations of effectiveness to report to the board

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REPORTING

•Look back at your notes on “defining success” metrics

•What’s working and what’s not working

•Consistency•Charting growth/decline and understanding why

•May be useful to have two reports•One for board members (high level)•One for internal team (detailed)

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BRINGING THE TEAM TOGETHER

Oversight

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Governance Structure

“A governance structure with clear roles and responsibilities whereby the board of directors or senior management direct how using social media contributes to the strategic goals of the institution.”

-FFIEC Guidance

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Customer Service, Not New

Phone System Social Responses

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Gaining Buy-In

• Keep it tangible• “Don’t sell unicorns”• Think of your

metrics for other channels

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Educate: Market

Engagement:Interactions, new leads (retail/commercial)

Customer Service:Channel for improved customer experience, engagement.

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Educate: Comply

Set Expectations for approvalsDevelop brand / compliance guidelines

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Social Media Goals

Goal Measurability

Customer Service Response Times, Requests

Community / Brand Awareness

Impressions / Engagement

Customer / Member Acquisition

New Customers / Members

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Sample Oversight Agenda

• Reach(15 min)

– Effectiveness at reaching audience

• Complaints (10 min)– How long to respond? Success?

• Business Goals (15 min)– Did we improve business? How?

• Next Up(20 min)– Advertising? Delegation? More People?

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COMMON Q’S DURING AUDITS

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“…consider whether and how to respond to communications disparaging the financial institution on other parties’ social media sites.”

-FFIEC

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Audits:

• Did you address X negative post?• Can I see an archive of posts?• Mention Archive?• How do you respond to negative

posts? How many?

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Audits, Policy:

• Evaluate your social media policies.• Employee policy?• Procedures in place?

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OTHER COMMUNITY BANK EXAMPLES

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Create Approved Responses

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During Downtime

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COMMON MISTAKES

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Don’t:

• Trust it to just work out• Forget to plan for content• Be paralyzed by compliance• Doing it alone

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HOW DO I HANDLE ALL OF THIS WITH LIMITED

RESOURCES?

•Employ Free/Cheap Tools when applicable

•Keep social manageable with resources you have

•Re-tool content across all channels•But don’t just copy and paste or auto-post the exact same thing to every channel.

•Utilize staff advocates to look out for content

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Contact

Ann ChenAnn.Chen@icba.org

202-821-4346@annj_chen

LinkedIn.com/in/annjchen

Ben Pankoninben@socialassurance.comoffice 402-875-5636 x1001@benpankoninLinkedIn.com/in/benpankonin