Independent Banker - March 2021 - 51

to ask for a second look. "
The Federal Financial Institutions
Examination Council (FFIEC) is one
resource for consumer compliance
risk management guidance.
Your bank may also want to consult
with a software company, such as
Hearsay in San Francisco or Social
Assurance, with platforms that
monitor, supervise and allow you to
comply with policies and industry
regulations. Some banks do this
themselves, and others hire agencies
to do the monitoring for them.
" It's all about risk management, "
Pankonin says. " You need great
processes in place to help you manage
that risk, and a third-party can
monitor, archive, read comments and
flag them. You don't want to create a
scenario that's difficult to audit. "
If your bank doesn't have a social
media policy in place, it's time to
make that happen. It should detail
things like how comments will be
addressed, how quickly and by whom.
" You'll want to establish who is
responsible for what and to set up
your own agreed-upon best practices, "
says Katelin Cwieka, assistant vice
president and communications
manager at $1.9 billion-asset Avidia
Bank in Hudson, Mass. " It's a good
idea to provide examples of dos
and don'ts, which is helpful when
explaining your policy to employees. "
3
Engage your employees
Managing social media can
be a daunting task, so it's
smart to enlist help from
your staff. At Grand Savings
Bank, for example, a group called the
Grand Ambassadors takes photos
Can you measure ROI with social media?
It's not surprising those in the financial
services industry are often looking for a
nice return on investment to accompany
their quarterly marketing report. When it
comes to an often-upstream marketing
effort like social media, that can be
challenging to accomplish. Part of the
job of a social media manager is to
manage those expectations, says Tim
Martinson, marketing manager at North
American Banking Company in Roseville,
Minn. They can even set up systems that
connect social to results.
" ROI gets asked about every year, and
it's a challenge to measure, " he says.
" Our focus is on brand awareness, which
uses different metrics than ones which
measure ROI. However, we're working
on processes where we can determine
how seeing a particular post might have
led to someone opening an account, for
example, and we're getting better at it. "
Natalie Bartholomew, chief
administrative officer at Grand
Savings Bank in Bentonville, Ark., says
community bank leaders are better off
ditching the idea of ROI when it comes
with social media.
" I'm lucky that my team at Grand
Savings Bank has empowered me to do
my job, and they trust the resources,
knowledge and skill sets I have. It takes
time and consistency to see results, " she
says. " The biggest thing for us is that we
used to be unknown and now people
know us, because they've seen us on
social. There's a definite buzz about our
bank, and you can't put a price on that. "
independentbanker.org Q 51
http://www.independentbanker.org
Independent Banker - March 2021

Table of Contents for the Digital Edition of Independent Banker - March 2021
