It’s an exciting time to be mixing financial and social. While many in the financial industry have been carefully wading into the social waters (and with good reason), more solutions have emerged to help them weather the social storm in an effort to engage with their users online.

SocialVolt + DigitalMailer = Compliant Media & Engagement

Recently, SocialVolt, an enterprise social media management provider, partnered with DigitalMailer, a leader in providing digital communication solutions to the financial institution industry. The partnership gives DigitalMailer’s credit union and mid-size banking customers the ability to leverage SocialVolt’s social media management system (SMSS) to engage with their customers through social media channels without exposing themselves to excessive risk.

Using SocialVolt, communications on channels like Facebook and Twitter are monitored and archived, allowing users to manage risk and stay in compliance while monitoring what consumers are saying and responding in real time, which is important for any company.

Additonally, the platform provides DigitalMailer clients with a detailed audit trail, and allows staff to author social media content while ensuring that only trusted administrators retain control over passwords and account profiles.

Social Media is Still Risky Business

Such partnerships are making it easier for financial organizations to manage their online presence while giving them the appropriate controls to keep it within compliance. Lest you should think that social media’s risk have stabilized within the industry, consider the following stats released by Smarsh, known for its reliable email archiving and compliance solutions:

  • Requests to financial services firms for social media data during regulatory examinations in 2010 rose 65 percent over previous years
  • By the end of 2013, 50% of all companies will be asked to produce content from social media websites for e-discovery

Smarsh created an infographic containing these and other insightful statistics in an effort to help organizations to better understand and convey the risks associated with social media for organizations.
 

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Want to help shape the changing social media landscape with the financial services industry? Smarsh is currently conducting its second annual survey on electronic communications oversight and retention, which reveals challenges and insights associated with social media within the industry.