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Addressing Specific Challenges And E Media In Fs   Alpesh Doshi
 

Addressing Specific Challenges And E Media In Fs Alpesh Doshi

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  • Consumers across the demographic (part of the mainstream)
  • Key Characteristics of Web 2.0 I C C
  • Consumers across the demographic (part of the mainstream)
  • Types of Services: ntomanage your share portfolios
  • Types of Services: Portfolio Monkey to manage your share portfolios
  • Use and participate in social networkDevelop applications (widgets) that are embedded into social networksCreate a two way conversation between consumers and company IFA and Product ProvidersMonitor online presence – your company is already being commented upon on the web.
  • Where does the content come from? If it is from institution – compliance must approve any promotionIf it is User Generated Content – then explicit approval may not be requiredUltimately it’s the role of complaince to answer that question – and the social media application to enable this to happen
  • Not just the wording – but look at the design and structure of the application – embedding compliance processes in their use.Anticipate Future Uses – look at the possibilities of how the applications will change over time and anticipate this and also changing compliance
  • As an employer you are responsible for the actions of your employees during the course of their employmentDefamation – Libel – e.g. A corporate blog which is libelious to an individualInsider trading – giving a view on a
  • Use and take down policy -
  • Personal Data – anything that identifies an individual – name, address, bank number, nickname, login name that can link back to youProcessing – means any activity that you do with data
  • Who is the Data Controller – person who directs the purposes for which data is processedInformation to be provided – who has the data and what will they do with it?Security – obligation to keep data secure
  • Article 29 Working Party – EU Privacy Body (the article sets up the body under the directive)
  • Data Security is important not just from a legal compliance perspective, but

Addressing Specific Challenges And E Media In Fs   Alpesh Doshi Addressing Specific Challenges And E Media In Fs Alpesh Doshi Presentation Transcript

  • Addressing the Specific Challenges of social media in Financial Services
    Alpesh Doshi
    Fintricity
  • Agenda
    Introduction to the Social Media Landscape
    Regulatory and Legal Issues
    Managing Risk in the Social Media World
  • What is Social Media?
    Social Media is an attitude not a technology. It’s about enabling and encouraging participation through open applications and services.....
    Ian Davies (http://iandavis.com/blog/2005/07/talis-web-20-and-all-that )
    It’s about ........ Interaction
    It’s about ........ Collaboration
    It’s about ........ Content Sharing
  • Social Media Landscape
    Large and growing social media applications
    Consumers across the demographic (18-40)
    Social Networks are becoming a part of daily life
    Financial Applications starting to emerge......
  • Social Media Landscape
    P-to-P
    Lending
    PFM
    SOCIAL MEDIAWEB 2.0 - UGC
    Blogging
    Social
    Networking
    Virtual
    Worlds
    Customer
    Reviews
    Micro
    Blogging
    Widgets
    Predictive
    Markets
    Photo
    / Video
    Sharing
    RSS
    Podcasts
    Inspired by the McCann Social Media Tracker Wave .3
  • How is this relevant to Financial Services?
    Finance sites are sprouting everywhere....
    Really lead by US (although regulation is different)
    Social Media sites provide online tools and services to manage finances
  • Why use Social Media?
    Engage and Interact with Customer
    To help Marketing and Brand Development
    Build Trust in your Brand
    Understand needs and drivers of consumers
    Driver loyalty and advocacy
    Input to Product Development
    Social Networks
    Applications
    Blogs
    Monitor
    How?
  • Legal and Compliance Issues
    FSA Regulatory Issues
    Liability Issues
    Privacy Issues
  • Regulatory Overview
    Financial Services and Markets Act 2000
    Regulates Advertising of financial products
    Conduct of Business Source Book (COB) 4
    Clear, fair and not misleading
    Warnings on Past & Future Performance
    Specific Information when a direct offer is communicated
  • FSA Remedies - recap
    FSA can require amendment of a promotion
    Require an Advertiser to contact customers
    Fine and publicly name offenders
  • Risk Assessment and Management
    When is the use of Social Media considered to be promotion?
    Case by Case basis
    Where does the content come from? UGC or not?
    Role of Compliance to answer
  • Legal Protection
    It’s a new business world, but same legal principles
    Involve compliance at design stage
    Not just the wording but design and structure
    Anticipate future uses
  • Liability Issues
    Employers’ vicarious liability
    Offences
    Defamation
    Discrimination
    Insider Trading
    Tipping Off
  • Legal Risk Management
    Anticipate potential risks
    Use and take down policy
    Role of Community Managers
    Employee use Policy
  • Overview of Privacy Legislation
    Data Protection Act 1998
    Regulates processing of personal data
    Meaning of Personal Data?
    Meaning of Processing?
  • Overview of Privacy Legislation
    Who is the Data Controller?
    What are its legal obligations?
    Obtaining Consent (from the data subject)
    Information to be provided to subjects
    Security
  • New Privacy Guidance
    Article 29 Working Party
    Specific Guidance on Social Network Providers
    Best Policy Recommendations
    Warning to Users regarding privacy risks when uploading information
    Reminder to users if uploading other individuals’ data, they need consent
  • What should you do about Privacy?
    Need for specialist privacy guidance
    Role of consent and privacy policy
    Importance of Security (protecting user data from other sites)
    A security model must be put around services
  • Conclusions
    Social Media is already here!
    Brands are keen to reach their customers and learn more about them
    Conversations and Interactions are common outside financial services
    Driven by brand, transparency, interaction
    New business world same legal principles
    Need to involve legal and compliance from design stage
    Monitor use of social media and social networks
    Use of terms and user policies
  • Thank you
    web: www.fintricity.com
    mobile: +44 7973 822820
    email: alpesh.doshi@fintricity.com
    blog: www.alpeshdoshi.com
    twitter: www.twitter.com/alpeshdoshi
    skype: alpeshd
    linkedin: www.linkedin.com/in/alpeshdoshi