Regulatory conferences aren’t for everybody, but at Hearsay Social, we live and breathe compliance and regulatory measures. This week we made the trek to Washington D.C. for the FINRA Annual Conference and set up shop on the show floor to meet and greet our regulatory brethren. We were bright and early for the keynote, eagerly attended panels, ate a few (tasty!) conference boxed lunches, and spoke with countless compliance executives. Here’s what we learned about social media, financial services, and regulation:
- Social media is on the mind of every financial services institution
- Not only do firms want to be on social networks, but they want to empower their customer-facing representatives to use these channels to engage in business communications
- A lot of firms are still trying to figure out their social media strategy
- FINRA is still refining their policies
- There are numerous “social media compliance” vendors cropping up, but most firms need more than just compliance
And while there have been great strides toward embracing social media in the financial services world, we couldn’t help but notice a lingering feeling of confusion. There’s confusion around how financial institutions can engage in social media in a compliant manner, how to manage it, and how to get started. We’re glad we had the opportunity to talk the the many individuals and companies struggling with these issues, and excited about the fact it’s clear that the services and features Hearsay Social provides help enable financial services organizations cut through the confusion and be successful through social media channels.
Thanks for the turkey sandwich, FINRA conference, and we’ll see you next year!