Addressing Specific Challenges And E Media In Fs Alpesh Doshi
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 Media World<br />
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 />
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 />
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 />
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 />
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 />
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 />
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 />
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 />
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 />
Legal Risk Management<br />Anticipate potential risks<br />Use and take down policy <br />Role of Community Managers<br />Employee use Policy<br />
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 />
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 />
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 />
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 />
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
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