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5 Reasons To Be Thankful For Social Media

Thanksgiving-Blog
At Gremln, we spend a lot of time talking about, thinking about, and enjoying all the wonders of social media. While we often celebrate it’s benefit as a marketing, customer service, and brand-building tool — there are lots of other ways to take advantage of it. So, in the spirit of the holiday season, we’ve put together a list of the top five reasons we’re thankful for social media.

Beyond the Breach: Cybersecurity and Social Media

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If you’re in a regulated industry, there’s a pretty good chance you’ve been there, done that, and gotten the t-shirt when it comes to understanding social media risk. Regulatory compliance – check. Reputation management –  check. But there is one more shadowy figure not often discussed: cybersecurity. Even though security breaches aren’t necessarily associated with social media use, adding any element that introduces a third party can be a potential threat. In the wake of large scale breaches at JP Morgan Chase and several big box retailers, an article in the Wall Street Journal reports that financial firms plan to increase cybersecurity budgets by $2 billion over the next two years.

While the risk (and the price tag to avoid it) might be scary, it’s much scarier to avoid social media out of fear. Forty-four percent of affluent consumers engage with financial institutions on social media, and 90 percent of people would recommend a brand after interacting with them online. Avoidance is not an option. Your best course of action? Prevention. Having a social media policy and risk management program in place is a great start, but you also want to mitigate human error through password protection, controlling social media account access, and brand monitoring.

Password Protection

In August, Russian hackers executed what is probably the largest scale breach to date, nabbing 1.2 billion username and password combinations, and 500 million email addresses from 420,000 web and FTP sites. It seems so simple, but maintaining a tight hold on passwords can make all the difference. Here are a few tips to avoid password problems:

  • “Password” is not a password. They should be 6 to 8 characters, include a mixture of numbers and letters, capitals and lowercase, and characters.
  • Passwords should change a minimum of every 3 months, and after an employee with access leaves the company.
  • Only grant access to your social media accounts through a secure social media management tool like Gremln.

Social Media Account Access

In January 2013, entertainment company HMV’s mass layoffs were chronicled on Twitter by an intern who had access to the company account. Messages detailing the layoffs were sent to the company’s 70,000 followers before the marketing director managed to regain control of the situation, but the damage had been done. Rule #1 to securing your social media accounts is – Don’t share your social media passwords with your employees. Only high level employees should have the keys to the social media castle. With Gremln you can register your social media accounts and assign access to your team. Set permission levels, filtering rules, and revoke access with the click of a button

Brand Monitoring

There is no better way to know if your brand has been compromised than keeping an eye on your social networks at all times. Using Gremln’s dashboard, you can easily search for your brand name, hashtags, and other relevant information to see who is saying what. The sooner you know your account has been compromised, the sooner you can implement your social media crisis plan and regain control of the conversation – and your reputation.

At the end of the day, a security breach can happen just by opening an email – it’s a sign ‘o the times. But you can make sure your data, and that of your customers, is protected with something as simple as unique passwords. And don’t forget – having a great tool to control social media access and monitor your brand name is a crucial part of your risk management program.

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Digital ER – How to Triage, Treat, and Discharge Social Media Crises
Your Bank is Social, Now What? 11 Ways to Protect Your Online Rep
Protect Your Brand from Bad Language

Update: What’s New In Social Media

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Social media moves at the speed of – oops, something new just came out. If you’re having trouble keeping up, here is a list of the most recent updates, apps, and features on your favorite social networks. (more…)

Engage & Convert: How Financial Services Can Build Relationships on Social Media

White Paper Blog

We’ve all heard the terms B2B and B2C – but when it comes to social media, isn’t it all about P2P? In other words, people communicating with other people. Of course, as a business, the end goal is sales, but you can’t lose sight of thought leadership and consumer needs to get there. In fact, studies show that 71% of consumers who experience a quick and effective brand response on social media are likely to recommend that brand to others, compared to just 19% of customers who do not receive a response. The net net – social media isn’t just about broadcasting your brands message, but responding and relating to people online. (more…)

Digital ER – How to Triage, Treat, and Discharge Social Media Crises

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If you break your leg, you know what to do – call 911 or head to the nearest Emergency Room. In the digital world, social media emergencies are more difficult to diagnose. What even constitutes a social media emergency? Who deals with it? What should response time be? Here are the most critical social media crises, and the 911 on how to handle them. (more…)

INFOGRAPHIC: How Consumers Use Social Media for Financial Services

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Financial regulatory bodies continue to encourage member institutions to build an active presence on social media, if only to monitor brand mentions and respond to customer questions, complaints, or compliments. But getting active on social media can do so much more for your bank than just keep you compliant! (more…)

Gremln On The Road: One Week, Two Conferences

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Andy Warhol might have said that everyone is famous for 15 minutes, but at this years Finovate Fall conference in New York City, companies had just 7 minutes to demo their latest innovations to the audience. This is the second year that Gremln has had the honor of presenting, and were accompanied on stage by Joe Nadreau, Managing Director Innovation and New Business Strategy at Wells Fargo Advisors. (more…)

Marketing to the Generations: 4 Tips for Getting – and Keeping – Gen Z’s Attention

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You’ve mastered marketing to Generations X and Y. Now it’s time to gear up for the next generation – Gen Z – the post-Millennials who grew up with the internet and will redefine the way you reach your future audience.

First, let’s get a better understanding of the people that make up Generation Z. Defined as those born between 1992-2010, Generation Z-ers are currently in their teens and early twenties. According to Mashable, “Nearly half of teens who use the Internet buy things online, more than four in five will use social networks this year, and 96% of U.S. teens ages 12 to 17 will use the Internet at least monthly.” (more…)

Mobile Banking and Social Media: What’s Next?

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A recent report shared that 173 million Americans own smart phones, and CNN reported that mobile apps overtook desktop usage for the first time ever in February 2014. While mobile adoption rates continue to grow amongst consumers, a recent study by Capgemini found that financial institutions are relatively slow to adopt mobile banking capabilities – much to the chagrin of their customer base. So what can banks do to increase customer satisfaction and expand on their mobile offerings? (more…)

Marketing to the Generations: 3 Ways To Close The Deal With Baby Boomers

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If you’re a fan of the AMC show Breaking Bad, you are familiar with the meth slinging antihero, Walter White. The day after his 50th birthday, Walt found out he had terminal cancer. And in an effort to leave savings for his family after his death, he turned to a life of crime and drug dealing. But what if Walt had a bank or financial advisor who could have given him options? He had a credit union, but how could they have reached out to Walt sooner so that he would have had a solid financial future in place, even before his diagnosis? More to the point, how would they have reached him? (more…)