Swiss fintech vendor Temenos has unveiled SocialComply, a social media monitoring and compliance tool designed to help financial institutions engage with customers while managing the associated risks.
Customers are increasingly willing to use social media to communicate with their banks; according to a recent Forrester survey, 45% of US Twitter users are interested in tweeting with their provider.
However, many banks are still reluctant to tap into the likes of Twitter, Facebook, Google+, both out of inherent conservatism and regulatory concerns. Research from Efma and Wipro suggests that bank spending on social media has already plateaued.
Temenos says that its new tool will help banks improve their relationship with customers on social networks while mitigating the reputational and regulatory risks associated with the new communications channel.
SocialComply generates reports for audit-tracking, captures and archives all company social network data, and monitors the Web for content about the firm for reputational management.
The technology also offers sales and marketing functionality, enabling, for example, messages to be created by multiple contributors and checked, edited and posted by communications teams. Meanwhile, banks can gather detailed information about followers, such as location, length of time as follower and level of activity.
Mark Winterburn, group product director, Temenos, says: "Financial services firms are not embracing social media because of perceived risks and this is why we have launched SocialComply - to help financial firms engage as fully as they would like without taking risks with their brand and reputation and without exposing themselves to potential compliance breaches."