Temenos Launches Platform for Social Media Monitoring and Compliance

Swiss group Temenos has launched 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 while simultaneously managing and mitigating the associated risks.

The group adds that research shows that customers want to interact with their financial services providers over social media networks. Forrester recently reported that 45% of online US adults who have a Twitter account are interested in interacting with financial services firms via Twitter.  However, social media is an underutilised channel for banks with a 2012 study 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.

Temenos said that the features and benefits of SocialComply 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 and 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 and 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 and 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.

“Social media is ubiquitous with more than one billion active users and with more and more companies beginning to appreciate the power of social media,” said Mark Winterburn, Temenos group product director.

“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.”