As we all know, money is one of the most important things in peoples lives. Money allows us to survive on a daily basis. It allows us to pay for our necessities such as shelter, clothing and food, but it also allows us to enjoy our lives with entertainment and travel. Because money is so important, we want to be able to keep that money in a safe place. Many people would agree that their safe place is the bank. (We have finally realized that “under the mattress” is not really the safest place for our money.) We all want a sense of reassurance to know that our hard earned money is going to be safe, and most banks assure their customers that it is safe.
Banks know how important safety is for their customers, which is one of the reasons why banks are so far behind in the technology and social media areas. With social media accounts, there is a certain amount of risk associated with each account and this can become a problem for banks; especially knowing that they have assured their customers of their safety. Steve Culp tells us about some of the risks associated with social media in his blog: Is Social Media a Risk For Financial Institutions? He gives us a more in depth idea of all the risks such as: strategic, business, regulatory, legal, and market risks. Although social media is an easy marketing tool for all companies including banks, banks and financial institutions have to be especially careful to keep their customers most prized possession (their money) safe.
So now that we know how many different kinds of risks the banking industry faces when using social media, so let’s look at some examples of things NOT to post or do on social media.
- Posting financial advice. The last thing anyone wants to do is post financial advice all over the internet, when it could potentially be misleading. Something as simple as posting “Now is a great time to refinance” can be misleading.
- Retweeting or reposting information without verifying its source. How many times have we heard, “Don’t believe everything you read on the internet”. The last thing a bank wants to do is post false information on their social media account without verifying that the information is true and correct.
- Having a social media account and not using it. That’s right! If you are going to have a social media account, you better believe that you must keep it updated with the most current information. It is also a good idea to respond to customer inquiries through each social media account. The last thing the bank wants is for their customers to feel as though they are being ignored.
To see some other things NOT to do on social media check out 10 Things Banks Should Not Do on Social Media
The complexity of what to post and what not to post on social media can be quite overwhelming. Even though it is social media, and we think this is a place we were can be a little more laid back with the things we post and say, banks have to be sure they are still following all of their rules and regulations; otherwise they can put themselves in the limelight for banking regulators. (Cringe!) That is the last thing banks want! If you are a banker and you are thinking about posting on your social media account, just think twice about what you are about to put out there for EVERYONE to see!
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