Consumer social media platforms change constantly, and as an innovation partner and technology provider to our customers, we make it our job to keep up with these changes to ensure our customers are able to best utilize these social networks to engage clients and build deeper relationships.
What This Change Means for Financial Services and Our Customers
Each time any one of the social networks, search engines, or other internet properties changes APIs, policies, or algorithms, we strive to understand what that will mean for the financial services industry and our customers in particular. In addition to sharing this analysis privately with our customers, we wanted to make it available more broadly in the hope that it would be helpful.
Given that financial services companies and their advisors are regulated on how they use social media for business purposes around the world, the first question many of our clients have is, “What impact does this have on our ability to monitor, supervise, and archive social media activity on Facebook?”
Facebook Pages — the primary vehicle for commercial activity on Facebook — aren’t impacted by this change. The publishing of posts, replies to posts and private messaging with an individual can still be supervised, monitored, and archived, and are not impacted by this change.
Facebook Profiles, while primarily used for personal reasons, can also be used incidentally for business. With this change, Facebook has restricted the ability to archive Messenger conversations, which for many of our customers will require actively prohibiting any business activity at all on Facebook Profiles. We recommend that firms update their written compliance policies to state that advisors must direct inbound, business-related private messages from Facebook Friends to the advisor’s Facebook Page, which can be monitored and archived.
For any Hearsay Social customer that has advisors on Facebook Profiles, our Customer Success team is happy to help with the one-time migration plan from Profiles to Pages to ensure the above activities from the Facebook Page can be managed compliantly.
To align with the new Facebook API changes, we are also updating Social Signals to leverage our same predictive algorithms while allowing contacts to maintain control over what information they share with an advisor over Facebook.
All About our Customers
As with any growing technology company, there are always technical and business changes to navigate. With our exclusive focus on financial services, Hearsay Social is committed to helping our clients meet technology changes just as we are committed to helping our clients meet changing federal regulations and company governance requirements.
What doesn’t change is our commitment to our clients, our partners, and our employees. At Hearsay Social, we hire, develop, and operate against our three core values which serve as our guiding principles:
- Commit to each customer’s success
- Win together as a team
- …and GSD (get ‘stuff’ done)
To that end, we don’t view ourselves as a technology vendor, but rather our clients’ trusted innovation partner. So when things change with external regulations or social networks or anything in-between, we do what we do best — innovate and GSD as one team to drive each and every customer’s growth. We look forward to your success.
For best practices on how to use social networks to engage with clients and build deeper relationships, visit www.HearsaySocial.com.