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Hearsay Social and SIFMA join forces to empower financial organizations on social media

February 3, 2012

Today Hearsay Social announced a strategic partnership with the Securities Industry and Financial Markets Association (SIFMA), a leading voice for the financial industry.

Representing hundreds of the most prominent securities firms, banks, and asset managers, including Bank of America Merrill Lynch, Wells Fargo Advisors, and Goldman Sachs, SIFMA has strived to develop policies and practices that empower nearly 800,000 people nationwide working in the industry. 

In this new era, it cannot be denied that one policy in particular has dominated the conversation: the broker-dealer’s “social media policy.”

While in prior years many banks and other financial organizations typically defaulted their policy to blocking employee use of social media, our increasingly social and mobile era has proven that blocking business use of social media is no longer a viable option. In the wake of FINRA issuing its first social media fine in March last year, SIFMA hosted two events–featuring thought leadership keynotes from Hearsay Social–that spotlighted social media as a growing force in the financial industry and what firms must do to address regulatory compliance.

At the SIFMA Annual Operations Conference and Exhibit in May, Hearsay Social CEO Clara Shih, Dr. Robert Ellis (former SVP of Technology Innovation at Bank of America), and I co-presented a session entitled Compliance Hurdles and Business Value for Financial Firms. The next month, social media once again took center stage at the SIFMA Tech Leaders Forum, where our Director of Sales Kristin Shevis joined Brian Tietje (SAE, Financial Services at LinkedIn) and Dr. Ellis in a conversation around compliance and social media ROI.

As you can see, we’ve worked with SIFMA for some time, but are now excited to formalize our relationship through a strategic partnership.

Empowering the financial services industry

Hearsay Social will continue to offer our customers trustworthy technology solutions that promote sound supervision, recordkeeping, and reporting while allowing reps to embrace the immense business value of social media. As the only compliance solution provider that integrates with all four major social networks–LinkedIn, Facebook, Google+, and Twitter–we are the only truly comprehensive enterprise social marketing platform for financial services organizations.

Our platform offers five main components:

  • Hearsay Social Content Publisher for scheduling posts and campaigns across firm, business unit, and individual employee profiles
  • Hearsay Social CRM for deepening customer relationships
  • Hearsay Social Analytics to roll-up metrics across all firm and employee profiles
  • Hearsay Social Compliance Module for FINRA/SEC compliance and infraction monitoring, brand protection, and Rogue Page Finder
  • Hearsay Social Enterprise Architecture including enterprise scale and single sign-on

What makes our Compliance Module so robust, of course, is our keen attention to evolving FINRA guidance. Because we live and work in The Facebook Era, social media is still evolving. How regulators interpret rep use of social media to fit to existing regulations, or rather revise these regulations to fit new modes of communication, will continue to develop. Similarly, industry norms on data retention will continue to evolve.

Hearsay Social plans to stay at the forefront of innovation by closely following industry developments with SIFMA as a close ally. Representatives from our company will continue to appear at SIFMA events in New York and Washington, DC, as well as other industry conferences. We’ll work towards training SIFMA members on the lessons we’ve learned from our customers while maintaining an active dialogue with regulators, so that we aren’t just responding to Regulatory Notices, but also informing and shaping them. And, perhaps most importantly, we will use what we learn from our extensive research and discussions to iterate upon the best possible compliance solutions for our customers.

As a SIFMA Strategic Partner, we hope to serve our customers even better and delight compliance officers across the enterprise.

Ally Basak Russell

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