Addressing the Specific Challenges of social media in Financial Services<br />Alpesh Doshi <br />Fintricity<br />
Agenda<br />Introduction to the Social Media Landscape<br />Regulatory and Legal Issues<br />Managing Risk in the Social M...
What is Social Media?<br />Social Media is an attitude not a technology.  It’s about enabling and encouraging participatio...
Social Media Landscape<br />Large and growing social media applications<br />Consumers across the demographic (18-40)<br /...
Social Media Landscape<br />P-to-P<br />Lending<br />PFM<br />SOCIAL MEDIAWEB 2.0 - UGC<br />Blogging<br />Social<br />Net...
How is this relevant to Financial Services? <br />Finance sites are sprouting everywhere....<br />Really lead by US (altho...
Why use Social Media?<br />Engage and Interact with Customer<br />To help Marketing and Brand Development<br />Build Trust...
Legal and Compliance Issues<br />FSA Regulatory Issues<br />Liability Issues<br />Privacy Issues<br />
Regulatory Overview<br />Financial Services and Markets Act 2000<br />Regulates Advertising of financial products<br />Con...
FSA Remedies - recap<br />FSA can require amendment of a promotion<br />Require an Advertiser to contact customers<br />Fi...
Risk Assessment and Management<br />When is the use of Social Media considered to be promotion?<br />Case by Case basis<br...
Legal Protection<br />It’s a new business world, but same legal principles<br />Involve compliance at design stage<br />No...
Liability Issues<br />Employers’ vicarious liability<br />Offences <br />Defamation<br />Discrimination<br />Insider Tradi...
Legal Risk Management<br />Anticipate potential risks<br />Use and take down policy <br />Role of Community Managers<br />...
Overview of Privacy Legislation<br />Data Protection Act 1998<br />Regulates processing of personal data<br />Meaning of P...
Overview of Privacy Legislation<br />Who is the Data Controller?<br />What are its legal obligations?<br />Obtaining Conse...
New Privacy Guidance<br />Article 29 Working Party<br />Specific Guidance on Social Network Providers<br />Best Policy Rec...
What should you do about Privacy?<br />Need for specialist privacy guidance<br />Role of consent and privacy policy<br />I...
Conclusions<br />Social Media is already here!<br />Brands are keen to reach their customers and learn more about them<br ...
Thank you<br />web: www.fintricity.com<br />mobile: +44 7973 822820<br />email: alpesh.doshi@fintricity.com<br />blog: www...
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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
  • Addressing Specific Challenges And E Media In Fs Alpesh Doshi

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