successful social media for mortgage lenders: engage with your audience while maintaining compliance...
TRANSCRIPT
Successful social media for mortgage lenders: Engage
with your audience while maintaining compliance
obligations
What is Social Media?
• Interactive online communication, in which users can
generate and share content through text, images, audio,
and video.
• Different channels/formats:• Microblogging sites: Facebook, Twitter, Google Plus,
• Customer review websites and bulletin boards: Yelp, Google
Local, Citysearch
• Photo and video sites: YouTube, Flickr
• Forums
• Blogs
• Professional networking sites: LinkedIn
• Virtual worlds: Second Life
• Social games; Farmville
Social Media is
Ubiquitous
• As of January 2014, 74% of online adults use social
networking sites*
• Fully 40% of cell phone owners use a social
networking site on their phone, and 28% do so on a
typical day.*
• 33% of Facebook posts are done on mobile devices
according to HubSpot
• Social media has a 100% higher lead to close ratio
than outbound marketing
*Pew Internet Project’s research related to social networking
New Guidance for
Mortgage Professionals
According to the Federal Financial Institutions Examination Council:
“A financial institution should have a risk management program that allows it to
identify, measure, monitor, and control the risks related to social media.”
Social media: consumer compliance risk management guidance
Federal Financial Institutions Examination Council (FFIEC)
January 2014
• CFBP is clear in its guidance. Now lenders must comply.
You should be able to address questions or complaints in a timely and appropriate manner.
Reputation Risk
Even if you don’t maintain a corporate social media presence, you
still must be vigilant:
• Spoofing, phishing, “fraudsters masquerading as the institution”
• Employee’s communications via social media may be viewed by the
public as reflecting the financial institution’s official policies
• Privacy: members posting personal, sensitive, or confidential
information.
Critical Considerations
Oversight and Governance
• How to track and manage
• How to train
• When to say “NO”/Fight sales’ pushback
• Establish a code of conduct
• Train and re-train all employees, especially sales, servicing, marketing
• Have employees self-register their online presences through internal
company records
Step 1 – Create a Policy
• Define your social media objectives
• Set policies and procedures regarding the use and monitoring of social media
• Establish an employee training program that incorporates company policies and
procedures for official and unofficial use of social media
• Establish content guidelines
• Define a list of impermissible activities for employees
• Create a written plan that provides controls and ongoing assessment of risk in social
media activities
Best Practices: Policy
Creation
• Who’s doing the talking?
• Be listening
• Determine the rules
• Prepare for the worst
• Hold people accountable
• Make it a living document
Listening Channels
SET UP YOUR LISTENING CHANNEL
• GOOGLE ALERTS
• NEWSLE
• TWILERT
• MENTION
Step 2 – Monitoring &
Governance • Design a social media risk management program with participation from various
aspects of the business unit, including legal, sales, marketing, compliance, technology,
information security, and human resources.
• Create a governance structure with clear roles and responsibilities.
• Define oversight process for monitoring information posted to the internet.
• Set audit and compliance functions to ensure ongoing compliance with internal policies
and all applicable laws and regulations (CFPB, State Regs.).
• Establish reporting methodology for information to senior management on social media
risk issues
Considerations for
evaluating solutionsPre-Review vs. Post-Review
Multiple Content Types
Hosted vs. On-Premise
Admissibility of monitored data
Website monitoring
Replication of data
Contextual review (don’t flatten!)
Automated policy review
Dan Carroll /[email protected]
www.smarsh.com
facebook.com/SmarshInc
@SmarshInc
Linkedin.com/companies/smarsh
Contact Info
Q&A