Pub. 4 2014-2015 Issue 6

16 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S FEATURE ARTICLE ALYSSAMIDDLETON SOFTWARE SUPPORT SPECIALIST CONETRIX Social media is an integral part of the company/customer relationship and the key to a successful strategy is to tap into the “me” part of social media, making yourself as relevant and authentic as possible. Making a Genuine Connection Through Social Media I n December 2013, the FFIEC released new guidance called “Social Media: Consumer Compliance Risk Management Guidance.” The focus of the document is to encourage financial institutions to think about the chal- lenges and risks of social media engagement. Until recently, involvement in social media was optional and its risks were insignificant. However, with the number of social media users increasing into the billions, companies (financial institutions, included) are compelled to be involved with social media, if not by choice, then by their customers’ expectations. According to re- search bymarketing groupHubSpot, 95%of Millennials, 87% of Generation X, and 70% of people ages 45 to 60 “expect brands to have a Facebook presence.” 1 Based on these numbers, social media involvement is less an option and more an obligation… Or is it? Other research companies show differ- ent numbers. Gallup found that when they “asked more than 18,000 consumers about the influence of social media on their buying decisions, 62% said they had no influence at all.” 2 That’s strong feedback coming from the same majority that expects companies to be on social media. Nevertheless, it’s true. As an average American consumer, I enjoy it when one of “my companies” is