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Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Fast Facts: Student Loans

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The Top 10 Trends in the Digital Banking Industry

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Industry Perception, Optical Delusion

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Social Banking: Blessing or Curse?

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/   Insights

While the topic of Facebook and banking has generated plenty of heat (though not necessarily a lot of light), the debate seems mostly focused on two broad issues: The much-maligned IPO, and the notion...

Few banks and credit unions today will disagree that consumers, and consumer behavior, have changed with the advent of social media.

Where the divide begins to widen is between institutions that respond to that awareness with prescriptive action vs. those that idle aimlessly — hoping the answer will somehow fall into their laps.

Having received guidance from the FFIEC in December 2013, market participants can no longer hide behind the veil of ignorance regarding establishing their own social media practices.

Notwithstanding the establishment of their internal policies, the single most important move decision-makers in these organizations must make today is identifying a technology partner that can enable their stakeholders to compliantly engage in social media.

The New Paradigm: Consumers in Control

Social media has made the world a much smaller place, creating endless opportunities for consumers and brands to engage in 1:1 dialogue. Unfortunately, being 1:1 isn’t always possible when you’re dealing with thousands of daily conversations.

In order to support bidirectional conversation at scale, institutions need to be equipped with a social infrastructure.

Having the appropriate infrastructure in place — one that is built from a single, native architecture; one that can connect to your legacy systems; and one that can meet for the needs of your entire organization — is paramount to surviving social disruption.

While control may have shifted to consumers, organizations that respond thoughtfully now can — and will — level the playing field.

Are You Compliant?

Many institutions fear that by taking the first step into social media, they will be increasing their risk — quite the contrary.

Regardless of the day of the week, another crisis bubbles up to the top of the headlines.

Whether its rogue posting, account hacks or even just human error, preventative governance and enterprise controls are a must in any environment. This is especially true in regulated industry.

Nowhere to Run

The good news is many leading banks and credit unions aren’t looking to run away from the problem.

Early leaders in leveraging social media like Navy Federal Credit Union and Citi, have proven that the rewards outweigh the risks in leveraging social.

Brands can survive and thrive in this brave new world, but to do so, they’ll require the awareness, vision and desire to execute in this challenging new environment.

The first step in graduating to that level is by ensuring the needs of their entire enterprise are accounted for by their social technology partner.

If not, they will stampeded by the herd of consumers seeking to engage with their brand 1:1 in social media.

 

Tim O'Connor, Global Account Manager, Sprinklr

Tim O’Connor is a Global Account Manager at Sprinklr.  In his role, he builds partnerships with many of the leading global financial services organizations helping to enable their success in social media.  Prior to joining Sprinklr in 2012, Tim spent the previous 11 years as a sales executive in the financial services industry with his tenure including Merrill Lynch and two boutique investment banks in Manhattan.

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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.