An article entitled, "Thinking ahead: Your bank's 2016 road map," published recently on cbinsight.com struck my interest because it focuses not on the large projects you've probably already considered in your 2016 budget. Instead it outlines smaller, easier options that can result in “quick wins." The article points out that though these projects may be "smaller budgetary-wise when compared to, say, a core conversion or branch expansion, they can provide just as much (if not more) when it comes to growth. And often at a much lower price tag."
This got me thinking about some of the solutions BSG Financial Group offers, and how they too offer painless avenues to increased productivity and ROI.1. AUTOMATE YOUR SOCIAL MEDIA EFFORTS
In the financial services industry, you need to be where your account holders, prospects and competition are: on Social Media. But, diving in can seem daunting and unfamiliar for fear of compliance mishaps or other potential pitfalls. The key to social media success is using an automated platform created specifically for financial institutions.
Even if your institution has not yet begun sharing via social media, you can glean valuable insight about your institution, your competition and your vendors, not to mention existing and prospective customers’ wants and needs. Tracking ‘likes’, ‘dislikes,’ and other comments can, among other things, help shape product development, while responding to them puts your institution in a position of strength.
- An automated social media system helps your institution meet the compliance needs of financial institutions as outlined by the FFIEC.
- It also helps establish processes to ensure team efficiency and protection of your brand.
- It eases the burden of monitoring, tracking and even participating in social media activities.
The best part, this type of a system does not require large monetary investment, but can reap rewards in reputation and marketing potential. And because its automated, it streamlines your operation.
When considering an automated social media solution, look for: a single platform developed specifically for financial institutions that provides full archiving capabilities, reputation and sentiment analysis, robust reporting functions, and work flow system capabilities.
2. OUTSOURCE YOUR VENDOR MANAGEMENT PROCESS
Failure to manage risks posed by third-party relationships can expose your financial institution to supervisory action, financial loss, litigation and damage to your reputation. Improve your institution’s efficiency and compliance through the use of a vendor management service.
Your institution can outsource some or all of the management by using a vendor that offers both software and services to assess, monitor and manage third-party vendor risks. The result is a well-executed and efficient program that puts your institution in the best position for safety and soundness.
When selecting a vendor management service, look for one that:
- Addresses all regulatory requirements (FFIEC)
- Offers both software and services that can be customized to meet your needs; and allows you to buy what you need when you need it
- Is cloud-based (for more information on the advantages of moving to the cloud, see “Reasons to Move Your Financial Institution to the Cloud”).