About Us | Contact Us
View Cart

Management Talking Points for Social Media

By Dan Hadaway | Monday, May 31, 2010 - Leave a Comment

Consider forwarding this to your Management Team!

Since I’m on vacation, I’m posting material that some of you already have (if you attended the Mega Conference).   Because smaller, community-based banks are slow to adopt social media, the following talking points could be shared with your management team to help them get on the same page about some facts of Social Media.

Talking Points for Social Media:

  • Bank of America is closing 10% of its branches in 2010.  That’s because they have experienced 30-50% fewer transactions inside the bank in the last four years.  In fact, 70% of all banking transactions happen outside of the branch.  Thus, the cost of an in-branch transaction is 40% higher than it was four years ago.
  • OLB (On-line Banking) is the dominant communication channel.  The fastest growing on-line channel is social media.
  • If your bank-wide business strategy is to reinforce “we are a Community Bank”, know that social networks are about community.  You can’t show up for one Chamber event expecting to be considered a part of the community.  Regular and persistent participation creates your position in the community.
  • See sidebar (below).  It is critical that we use social media (and mobile banking and any other communication channels) to help our customers cut through Information Overload.  Answers to questions, apologies, and actionable information all have meaning.
  • Community is about conversation.  Listen first, comment second.  Meanwhile, use social media to listen in on the conversation about your bank.  Become a party to that dialog.
  • Assign ownership to each social media channel.  One “voice” should be responsible for your Facebook account, one for your YouTube account, your LinkedIn account, your Twitter account, your blog, etc.
  • Give customers a reason to follow you in social media
  • Don’t be afraid to allow your community to see criticisms addressed.  Loyalty is increased when problems are repaired, rather than when problems are non-existent.
  • Right now rebuilding trust is essential, and social media is the greatest place to do that.
  • Yes, there are risks with social media, and thus we need access controls, real time moderation, proper disclosures, staff usage guidelines, staff site usage guidelines, record retention controls, compliance controls, responsiveness controls, etc.
  • See mega2010.infotex.com for “management guidelines” as well as other social media controls, including a user-level policy that has undergone legal review.

Sidebar!  Meaning in Information

  • One of the reasons Mobile Banking and Social Media are both in such high demand from Millennials and everybody else is that these two communication channels offer a solution to the problem of Information Overload.
  • Examples of Meaning:  How am I doing?  What should I do next?  How do I compare to my peers?  What should I do?  When should I act?  Who should I contact?
  • Examples of Meaning:  How am I doing?  What should I do next?  How do I compare to my peers.
  • Mobile Banking offers the ability to cut through “information overload” by adding “meaning” to information
  • User defined limits and prohibitions:  A feature of mobile banking apps where threshold parameters are user-defined and whenever thresholds are exceeded, the user is alerted via text messaging, and the text message links to a response mechanism.
  • Information that requires action is meaningful information.  A link in a text alert back to an interface that allows balance transfers makes that alert more meaningful.
  • Text alerting offers meaning by sending specific, actionable information to customers that they want in real time, with links to the action which must be taken.
  • Just last week Chase released a new mobile banking alert:  Real Time overdraft alert in text message.  It’s a two-way message in that the recipient can click on a link to the interface that allows the recipient to choose from balance transfer options.
  • What ISO would not be interested in an ability to deliver security alerts (such as phishing response messages) in real time?

Next Week:  Talking Points to help move the Management Team closer to the immediate adoption of Mobile Banking.


This has been a Dan’s New Leaf posting . . . . a weekly post about whatever happens to be on Dan’s mind at the time, related of course to IT Governance in banking.


Latest News
    As the investigation of the SolarWinds Hack was ongoing, another hack stole some of the limelight… This is the final update on the SolarWinds hack unless a major development comes to light. You can see the previous article here: “Autopsy of the SolarWinds Hack Update“. One of the largest cyber-espionage campaigns in the history of […]
    Employees working from home may find it more difficult to follow security policies… An article review. The surge in employees working from home during the pandemic created many headaches for IT departments around the world, many of whom had no telecommuting policies or procedures before the start… but what about the employees who had to […]
    A Webinar-Movie infotex presents the 2021 update of a previously released webinar presented by our Lead Non-Technical Auditor, Adam Reynolds. This movie-short is intended for those who are planning to participate in an infotex Incident Response Test. Not sure about the importance of an Incident Response Test? Check out onetest.infotex.com for more information! Please let […]
    PRESS RELEASE – FOR IMMEDIATE RELEASE BUSINESS NEWS INFOTEX PROMOTES BRYAN BONNELL TO DIGITAL MEDIA MANAGER infotex, the Managed Security Service Provider, announced Bryan Bonnell’s promotion from Senior Data Security Analyst to Digital Media Manager.  “He will continue his normal DSA duties on a limited basis, because we want everybody to stay in touch with […]
    PRESS RELEASE – FOR IMMEDIATE RELEASE BUSINESS NEWS RYAN HENSLER OF INFOTEX, EARNS CISSP CERTIFICATE Ryan Hensler, Senior NOC Associate of infotex, Inc., recently received the CISSP certification. “Ryan has proven himself to be a seasoned security professional both in his work for infotex and now through achieving this certification.” said Sean Waugh, Information Security Officer. […]
    Dubious app store subscriptions bring in hundreds of millions of dollars in revenue… An article review. When it comes to malicious applications you’re probably familiar with things like malware and ransomware, and you have ways to avoid them.  Modern desktop and smartphone operating systems have built-in malware detection tools, and some web browsers even automatically […]
    Another Manifesto A supply-chain manifesto by the author of Never Say Never: A Password Manifesto! Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . [Sssshh.  Turn out the lights.  Let’s lower our inner voices, as I have something to propose that might be a bit […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around your office.  
    While malware and security exploits continue to make headlines, the majority of reported security incidents involve phishing… An article review. With all the attention given recently to security incidents involving software exploits and high-profile malware attacks, it would be easy to believe that they represented the most likely incidents you may encounter in the wild.  […]
    Implementing Protective DNS could help your organization avoid attack… An article review. Noting the risks still associated with the Domain Name System (DNS), the National Security Agency and the Cybersecurity and Infrastructure Security Agency (CISA) have recently released new guidance on the selection and use of a Protective DNS service (PDNS). The guidance, released in […]