News Column

Temenos Launches Its Solution for Social Media Monitoring

July 11, 2013

Temenos (SIX: TEMN), the market leading provider of mission critical solutions to the financial services industry, today announces the global launch of SocialComply, its solution for social media monitoring and compliance. SocialComply enables financial services firms to monitor social media channels and to engage more actively with their social media audience whilst at the same time managing and mitigating the associated risks.

Research shows that customers want to interact with their financial services providers over social media networks with Forrester recently finding that 45% of online US adults who have a Twitter account are interested in interacting with financial services firms via Twitter [1] . However, social media is an underutilised channel for banks with a 2012 study [2] showing that nearly 60% of those working in financial services believe that the industry has not been effective in utilising social media so far with one in ten saying that their financial institution does not use social media at all.

Apart from interacting with customers over their preferred channels, engaging with customers over social media channels gives banks the opportunity to have a meaningful two-way dialogue with the customer; something which is becoming harder to achieve as customer interactions increasingly shift away from the branch to online channels.

If not monitored and controlled, the use of social media can impact a financial organisation's reputation and, it is this risk that many banks cite as the reason to not engage more fully with social media networks. However, there does not need to be a trade-off between the level of social media activity and the level of risk a financial institution bears.

SocialComply has a number of features and benefits that enable firms to monitor what is being said, in real-time, across social media networks, to engage actively with their audience in a way that is controlled and compliant with policies, and to manage and comply with regulations. These include:

Reporting: the cornerstone of any compliance solution, the reports generated by SocialComply produce the feedback to make business decisions and provide full disclosure for audit-tracking.

Sales & marketing: comprehensive sales and marketing functionality, enabling, as an example, messages to be created by multiple contributors across the organisation and checked, edited and posted by communications teams as well as the ability to post the same message with "one key stroke" across a variety of social sites and groups.

Internet & social archiving: capturing and permanently archiving of all internet and social networking data so as to achieve verifiable compliance and audit trails.

Intelligent monitoring: enabling the management and mitigation of reputation risk by monitoring relevant content and discussions posted via the internet and social networking sites.

Automated compliance oversight & resolution: allows compliance officers to efficiently supervise content flowing through sales and marketing channels onto public social networks, including complete internet searching in addition to social sites.

Analytics : detailed information about followers, such as location, length of time as follower, level of activity, which can help firms to manage follow-up actions and gauge the effectiveness of their social media activities

For further details please go to www.temenos.com/SocialComply

Mark Winterburn, Temenos Group Product Director, said: "Social media is ubiquitous with more than 1 billion active users and with more and more companies beginning to appreciate the power of social media. Whether we are listening or not, people are talking about our companies on social media every day. Failure to engage is a missed opportunity to share company messages and learn from customers how we can improve. Financial services firms are not embracing social media because of perceived risks and this is why we have launched SocialComply - to help financial firms engage as fully as they would like without taking risks with their brand and reputation and without exposing themselves to potential compliance breaches. "


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