White paper: What do social media archiving trends mean for financial institutions?

Introduction

It’s often tempting to view social media as simply an extension of email correspondence or newsletters. In the early days of social networking, that may have held some truth, but today, social media has become a juggernaut in its own right. Social media has grown at a rate no-one could have predicted and is quickly evolving into a new beast of legal responsibilities.

For financial institutions, social media platforms are fast becoming places of liability. Incidents that trigger lawsuits are occurring online, and they require just as much investigation and documentation as any incident that occurs on-site at your institution.

Posting on social media may seem in the moment, but these sorts of scenarios demand rigor around archiving your engagements.

This paper looks to highlight some overarching issues around social media engagement for financial institutions.

What happens if…

• Someone has been bullied or defamed on your social media page, resulting in legal action? Could you be held liable for comments posted by third-parties to your page?
• Someone has complained via social media? Are you obliged to respond?
• You encounter non-financial risk? Should this be treated as seriously as financial risk?

‘To continue creating economic profit for shareholders, banks need to become simpler and smaller, but more deeply connected to customers than they have been in the past.’

PWC, Escaping the Commodity Trap – The Future of Banking in Australia, 2016

The evidence is in: it’s time to invest in serious social media archiving

As social media management and moderation policies grow stricter and broader in their scope, a traditional manual approach to archiving online content will no longer cut it. If your institution hasn’t already implemented policies around digital recordkeeping, it’s very likely that archiving social media will be law within the next decade. As such, a comprehensive, searchable social media archiving tool is the easiest way to ensure compliance.

Brolly’s social media archiving service is ready to help your organisation meet these demands. We use intelligent software to automatically archive your social media 24/7, so you don’t miss a thing. With the ability to search and retrieve records by date, platform and keyword, we ensure your business is ready to quickly respond to any crisis or incident that occurs online. All data captured by Brolly is processed and stored locally, using Australian data centres, so your clients privacy is protected. Contact us to learn more about how we can help your institution tackle the 21st-century hurdles of social media archiving.

*2018 Sensis social media report