#ResponsiveBanking: Compliant and Effective is more like Compliant versus Effective.
Last week I attended the Social Media Leadership Forum hosted by Schroders and hearsaysocial. The sessions topic was - effective and compliant Social Media in the Banking and Financial Services sector.
There were a few things that stood out for me:
- Unfortunately the FCA have not provided financial services institutions with appropriate guidelines for Social Media. This is causing a decrease in productivity, over cautious marketing and operational risk functions, and reducing the customers online experiences through poor social media interactions.
- In one example that was shared throughout the day, was that of a UK retail bank who have to approve every single tweet by 8 separate teams. Yes, 8 separate teams.
- Risks are not greater - they are just different. A careful balance of balancing effective and compliant social media as opposed to effective versus compliant needs to be struck.
How do we apply this to the Enterprise Social?
Guidelines and rules work. The Enterprise Social UX Research team have carried out experiments in the US that suggest that networks with clear do's & dont's see higher levels of user engagement compared to those networks where they have an 'open' policy. In the rules, they need to clearly state what is appropriate and what is not, this helps people make sense of the unfamiliar.
Having 8 departments approve a single tweet is just unbelievable! This is not an example of #ResponsiveBanking, I asked the team that manage the social department at the bank and they confirmed by biggest fear that yes... these tweets were sent via email.
Advice: Set up a Group post your tweets on your internal social media platform for review... I promise it will much quicker!!