LinkedIn for the Financial Set; Social Media Gets Compliant
Several interesting developments emerged from LinkedIn's FinanceConnect event last week.
The social network for business professionals recently enhanced its APIs to address the financial industry's strict regulatory and compliance requirements.
Social media profiles are considered "advertising" for financial professionals and as such, all content must be reviewed before being published or changed. Compliance is arguably the number one barrier to leveraging (and making the most of) social media for financial institutions so any products that help overcome the obvious challenges will likely be quite well received.
New products from Hearsay Social and Socialware have been released in connection that LinkedIn's FinanceConnect event that take advantage of the improved API's, so what can the financial and investment communities expect?
Social business platform Hearsay Social's new solution capabilities are designed to enable financial firms (and their advisers and wholesalers) to use social media to more fully engage clients in a compliant - and, of course, effective - manner. Hearsay Social's integration with LinkedIn's API aim to streamline profile "pre-approval" for compliance field supervisors.
“Through LinkedIn Company Pages, financial adviser profiles, and LinkedIn Groups, Sun Life has been able to amplify our voice and reach while growing relationships with customers and prospects," said Sun Life CMO Mary De Paoli, a Hearsay Social client. "Hearsay Social’s easy-to-use platform helps us to use LinkedIn and other social networks to expand our network and grow our business.”
Hearsay Social certainly isn't the vendor looking to capitalize on LinkedIn's newly enhanced APIs. Socialware, another well-respected social business solution provider for regulated industries, also announced a collaboration with LinkedIn to extend their programming interfaces to accommodate the needs of the financial services industry.
Socialware has a long digital history of providing features and capabilities for the financial vertical. Socialware, for example, was the first (according to the company's own account) to introduce profile management capabilities to the market, and was first to market with capabilities like Campaigns, Account Delegation and Multi-step Review (requirements for regulated industries like financial services) as well.
"Like Socialware, LinkedIn continually works to improve and enhance the user experience, particularly for customers like financial services firms that have a specific set of requirements due to industry regulations," continues Milne. "This new API demonstrates that LinkedIn is dedicated to this industry and will continue to work with partners like Socialware to meet their needs and to help them use LinkedIn to develop relationships and grow their business."