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

    • 1. Addressing the Specific Challenges of social media in Financial Services
      Alpesh Doshi
      Fintricity
    • 2. Agenda
      Introduction to the Social Media Landscape
      Regulatory and Legal Issues
      Managing Risk in the Social Media World
    • 3. 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
    • 4. 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......
    • 5. 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
    • 6. 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
    • 7. 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?
    • 8. Legal and Compliance Issues
      FSA Regulatory Issues
      Liability Issues
      Privacy Issues
    • 9. 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
    • 10. FSA Remedies - recap
      FSA can require amendment of a promotion
      Require an Advertiser to contact customers
      Fine and publicly name offenders
    • 11. 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
    • 12. 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
    • 13. Liability Issues
      Employers’ vicarious liability
      Offences
      Defamation
      Discrimination
      Insider Trading
      Tipping Off
    • 14. Legal Risk Management
      Anticipate potential risks
      Use and take down policy
      Role of Community Managers
      Employee use Policy
    • 15. Overview of Privacy Legislation
      Data Protection Act 1998
      Regulates processing of personal data
      Meaning of Personal Data?
      Meaning of Processing?
    • 16. 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
    • 17. 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
    • 18. 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
    • 19. 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
    • 20. 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

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