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Compliant Practices for Social Media in Financial Services

Learn how financial services professionals can leverage LinkedIn to develop new business opportunities, build relationships, and drive revenue in a compliant manner with Proofpoint.

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Compliant Practices for Social Media in Financial Services

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  1. Compliant Practices for Social Media in Financial Services

  2. •  Driving Business Through Relationships Using Social Compliant Social Media Practices Guardian Life Success Story Agenda •  • 

  3. SalesNavigator: Driving Business Through Relationships Craig Canton Relationship Manager, Financial Services LinkedIn Sales Solutions ©2016 LinkedIn Corporation. All Rights Reserved.

  4. Use of social media is #1 factor driving out performance Source: Sales Executive Council, featured in CEB’s “Getting in Early: Shaping Demand Through Pre-Funnel Engagement, 2012

  5. The buying process for major transactions has changed: 5.4 people are now involved in the average B2B buying decision 75 of B2B buyers now use social media to find information before making a purchase 90 of decision makers say they never respond to cold outreach % % Corporate Executive Board 2013 – Winning The Consensus Purchase Corporate Executive Board 2012 – New Decision Timeline Harvard Business Review 2012 – Tweet Me, Friend Me, Make Me Buy. Decision makers are C-level

  6. LinkedIn has a wealth of information on the people & companies with whom you want to build relationships 2B+ member updates per week Billions of professional relationships 430M+ members

  7. To tap into the power of LinkedIn for sales, you need to expand your access and tailor your experience All that LinkedIn has to offer Just what you need for sales Today: your personal network YOU

  8. Sales Navigator is your partner throughout every stage of relationship development Stay informed on key updates at your target accounts Focus on the right people and companies Build trust with referral partners and customers Find the right people quickly and easily Stay up-to-date on the people you’re interested in Engage with prospects and customers through your company Receive recommendations on leads to contact Be informed of what’s happening at your accounts Build your professional reputation Access more people at your accounts Research prospects wherever you work Reach prospects outside of your network

  9. Compliance and Security Considerations Ray Kruck Co-Founder, Nexgate VP, Marketing and Business Development - Proofpoint Inc.

  10. The Regulatory Landscape

  11. Advisor Considerations

  12. Regulatory and Reputational Risks Faced by Financial Brands Account Takeover Compliance Violations Fraudulent Accounts Monitor and remediate with click-to-comply policies including FINRA, FFIEC, SEC Detect and stop account hacks when they occur Find and tag all accounts associated with your brand Malicious Content Acceptable Use Immediately remove malware and phishing threats Automatically delete inappropriate content

  13. New Threat: AnglerPhishing In this more advanced phish, bad actors impersonate social media customer care accounts or leading brand advocates to steal customer’s social account credentials. For example … A customer (Charlee) tweets a question to a major bank’s customer care account or to an advisor account (e.g @AskBank, @AskDaveSmith) Actual tweet from a customer to a major bank

  14. Imposter Support Accounts, cont’d A bad actor sees Charlee’s tweet, and quickly intervenes from a imposter account (e.g. Ask_Bank , or the realDave_Smith) with a link to a bogus website. Imposter bank customer care Twitter account that is branded fraudulently using the actual bank’s logo, colors, naming, etc.

  15. Bad Actor Steals Information Charlee, expecting such a response from her bank, follows the link and logs in…credentials are stolen (game over). The link sent by Imposter Twitter account goes to a fake web page that is also branded fraudulently using the actual bank’s logo, colors, naming, etc.

  16. Addressing These Risks Directly Integrated into Social Networks Proofpoint Nexgate Suite •  Automatically find and inventory brand accounts •  Assess risks from fraudulent accounts and bad comments, posts, @s, messages, and more •  Detect and stop account hacks and profile non- compliance •  Automatically remove or hide spam, abuse, and other content risks •  Automatically detect, remediate, and archive compliance issues Proofpoint Stops the Bad Company Accounts & Employee Accounts Security & Compliance is Transparent for Users Proofpoint Admin(s)

  17. Centralized governance and digital oversight allows us to quickly respond to unexpected events. Casey Hall, Thomson Reuters

  18. Benefits of Social Media Governance Positive sentiment Faster response times User engagement Account security Higher productivity Spam Fraudulent accounts Unauthorized accounts Phishing links Social risk

  19. Nate Issacson Director of Social Media, Guardian Life

  20. About Guardian u 156 year mutual life insurance company u Based in New York City u 5,300 Home Office Employees u 3,500 Financial Professionals u 80+ General Agency locations in the US u 2,700 Financial Professionals using social media for business u 325+ Financial Professionals using LinkedIn Sales Navigator

  21. Evolution of First Contact Anticipating a wholesale shift in the way consumers were choosing to engage with insurance firms and individual advisors, the firm recognized the opportunity to help its advisors evolve their approach to the market.

  22. Make Friends with Legal/Compliance

  23. Size Doesn’t Matter 2,500+ 325+

  24. Evolution of Guardian’s Program Compliance 2011 Enablement 2013 2014 Engagement 2015 Culture 2016 2012 https://www.exchangewire.com/blog/2015/02/17/evolution-atd-means-holding-groups/

  25. Creating a Social Selling Culture u  Began using LinkedIn Sales Navigator in 2013 u  300+ Financial Professionals using Sales Navigator u  Average SSI Score for Guardian Sales Navigator Users = 59 u  Shifting from Individual FPs purchasing to Agency Model u  Creating local experts through LinkedIn Instructs

  26. Training Increased SSI Scores Only Sales Navigator users Before adoption Today As of 12/2015 42.3 54.2 Social Selling Index 13.8 14.0 Create a professional brand 9.6 11.0 Find the right people 5.0 7.1 Engage with insights 13.9 22.1 Build strong relationships SSI change since adoption +28.3% 27

  27. Social Selling Success u  John increased revenue 80% YoY, 2014 = $222,938 vs. 2015 = $396,000 u  Chuck generated $109k of premium from Sept – Dec 2015 via InMails u  Sean started 2016 off with a $52k premium case thanks to an InMail u  Adrian reached 103 members during 1st 30 days on Sales Navigator

  28. Q&A

  29. Thank you!

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