Last week we hosted a webinar on getting results with social media while staying 100% compliant – with a focus on the FFIEC’s Consumer Compliance Risk Management Guidance. Our webinar involved a creative spin for financial institutions; Strategy Director and Partner, Drew Schulthess, with Social Media Coordinator, Alaine Hansen, covered the strategy and approach in developing successful social media campaigns. Compliance plays an important role in social media for business. Social Assurance and SilverCloud presented as well on the topic, as they discussed the management processes and tools designed for financial services. For more information, please contact CatchFire Creative for Credit Unions at hello@catchfirecu.com.

5. Social Media in the Financial Markets
• According to the 2014 Social Media
Benchmark Study by J.D. Power:
• 36% of retail banking customers use social media
as a method of gathering information (on
products, promotions, etc.)
• 21% of credit card customers use social media to
gathering intelligence

6. Social Media in the Financial Markets

7. • Social Media Policy Established
• FFIEC – guidelines
• Response Plan – additional processes
• Goals
• Strategy

10. A goal-driven approach:
• Campaigns around products and services
• Branding – positioning your company
• Social media – ongoing schedules
• Social media management

17. • We track 1,947 Credit Unions on
Social Media (and 1,773 Banks)
• Median Asset Size of Credit Union on
Facebook – 93.5 million
• There are 995 Credit Unions on Twitter
• Exclusive Financial Services Partners

18. Marketing and Compliance
Most Elastic Roles in CUs

19. Content Scheduling
• Create Ongoing posts
• Organize Team (Permission-based Roles)

20. “Financial institutions should consider the
use of social media monitoring tools and
techniques to identify heightened risk,”
pg. 16
“An oversight process for monitoring
information posted to proprietary social
media sites administered by the financial
institution or a contracted third party;
pg. 7

21. Monitor
• Plan of Action
• Respond for positive/negative
• Outages

22. Respond / Archive
• Delegate
Responses
• Attach
Disclosures
• Report

23. About SilverCloud
• SilverCloud enables connections to your
members through simple self-service technology
solutions
• We work with hundreds of credit unions across
the US and have been in business for over 10
years.
• Our goals are to deliver one approach that will
allow CU’s to provide better member
experiences, streamline operations, open up
revenue opportunities and enhance compliance.

24. “A financial institution may establish one or more
specified channels that customers must use for
submitting communications directly to the institution.”
-FFIEC Consumer Compliance Risk Management
Guidance
CU’s still have a regulatory responsibility to manage
negative comments or complaints even if you choose
not to host a facebook page
When marketing new products or originating new
accounts you advertising needs to be 100% accurate,
consistent and compliant with consumer protection
and compliance laws

25. Where do consumers go to complain?
“Consumers just don’t think about going to the government for help” –
Internal CFPB survey
They go to their bank – then to social media….
• 26% will post a negative comment on Facebook after receiving poor
service
• 79% of those who complained about your customer service had their
complaint ignored
• 21% of those who complained about your customer service had their
complaint answered.
• 51% of those who did get a response had a positive reaction to your brand
• 22% of those who responded actually posted a positive comment
(Source: Kiss Metrics)

26. Social Media & CFPB Complaint Data
Comparison
(Source: Beyond the Arc, Inc. 2013)
Social Media
Comments
Complaints
Filed
$214M
Fine

27. Expectation: Be everywhere
Consumers are looking for:
• Employees – training, tools, consistency, accuracy
• Online – Instant access to accurate financial information from any channel
(online, social, branch, mobile)
• Social media – recent FFIEC ruling
Regulators are looking for you to:
• Provide consistent service and information across all channels
• Enable compliant and error submission across all channels
• Integrate information and complaint process with your vendors

28. CONSUMER COMPLIANCE
is complaint reduction & self-service
• Consistent, accurate information
in all places
• Educate customers to products,
services,
policies and processes.
• Higher utilization of existing self-
service channels
• 24x7 immediate service
REDUCE
COMPLAINTS
MANAGE
ISSUES

29. CONSUMER COMPLIANCE
is response management
Capture all consumer inquires
• From any channel (Website, Mobile, Facebook, Call center)
• From 3rd Parties (CPI, Insurance Tracking, Home Banking)
Manage
• Queue incoming complaints
• Categorize complaints (source, type, severity, product)
• Escalate & respond to complaints
Track
• Record submitted complaints
• Record notes, escalations and all service rep responses
Report / Analyze
• Audit
• Reports of responses and turnaround times
• Analyze for trends

31. Business Alignment
means analytics

32. Business Alignment
means higher loan growth
2008 2009 2010 2011 2012 2013
SilverCloud Clients
Non-clients
Average
Loan
Growth
1.08
1.06
1.04
1.02
1.00
0.98

33. Business Alignment
means cost reduction
• 20% reduction in call center costs
• More valuable conversations
• Lowered hold times and
abandonment rates
• 50% reduction in email
• Huge reductions in call volume