FFIEC social media guidance briefing for UK financial services firms from Danielle Sheerin
Social media for private banking, wealth management and financial services is a fascinating subject, for the simple reason that an industry based on the ability to build relationships remains so resistant and scared out of its wits with this “new” thing called social media, which is in fact all about building relationships.
The problem of course is at the top. When companies are being managed by old fogies who have trouble sending email or text messages, how can they possibly comprehend this world wide intermenetty thing? And anyway, wasn’t it invented by some nasty tax raising, big government spending Democrat? No thanks! When’s lunch? Do we have time for an aperitif? What about golf afterwards?
Well then, my dear readers. Above you have it. A great slide show from the consulting firm Nixon McInnes. These slides are produced by Danielle Sheerin and tackle the big scary monster that is social media from a financial services company’s perspective.
My argument for a very long time has been that there is no real legal impediment for financial services firms to say pretty much whatever they like on social media. It’s just that nowadays we have a growing monster in the middle-office called compliance who sees everything as a risk. If there’s one thing that gets the pulse of a compliance officer to do the quick step and send the blood down south it is the subject of risks. Risks arouse a compliance officer like a Louis Vuitton shop arouses a Russian oligarch’s 18-year-old mistress.
If compliance departments could have their way a bank would have no logos, no phones, no internet access and no staff (apart from the compliance department and a management to report to).
Be that as it may, the so called “risks” need to be discussed and addressed. There will be umpteenth hours spent in meetings and gallons of bad coffee imbibed while discussing if it’s okay for Walter Worminson (client advisor) to tweet a picture of Mrs. Worminson enjoying a glass of Merlot on their holiday in France.
Is Walter promoting drinking?
What if someone under the age of 18 sees the tweet?
What if someone in the US where the drinking age is over 21 sees the tweet?
What if someone in Saudi Arabia sees the tweet?
What if Walter could be seen as an alcoholic?
What will Health and Safety say?
Walter is tweeting while on his holiday. What will the union say?
Are we infringing on the wine producers copyright by showing the tweet?
Are we promoting the French by allowing the tweet? I hate the French.
Mrs. Worminson is a babe, are we exploiting women by allowing the tweet?
How did Walter ever manage to pull Mrs. Worminson?
Maybe I should get Mrs. Worminson’s approval for the picture?
I wonder if there are anymore pictures of Mrs. Worminson?
Was there a beach where they were holidaying?
Anyone got Mrs. Worminson’s number?
If you work in financial services it’s worth going through the slides twice. Because as sure as a banker likes big German cars and expensive Swiss watches you can be sure that industry wide social media guidelines are coming to a jurisdiction near you very soon (if for no other reason than to generate substantial revenue for consultant firms).
Now be time social media is too fastest growing services so its necessary to have all knowledge about it you have given such a informative tips about social media.