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Monitoring Loan Officer Facebook Posts is Necessary (& Easy)

Posted by Jeff Harper, President, BSG Financial Group on Mar 23, 2018 9:10:30 AM

One of the questions we receive most often regarding social media management is:

Do I need to monitor my Loan Officer’s Facebook posts?
And how do I do that?

twit-happens.jpgThe answer is a resounding YES!

To understand why, consider the Facebook post image (an actual post), which inappropriately mixes a business name with personal content, causing reputational damage to the company, requiring an immediate "disaster-recovery" response.

For loan officers in particular, posts that contain misleading or misdirected information (publishing a ‘best rate’ for a certain group of individuals, for instance) can invite scrutiny from regulators.

The bottom line: your institution's social media team is responsible for maintaining the integrity of your collateral and your name related to all social channels, and failing to do so puts your institution at unnecessary risk.

In order to mitigate and easily manage this risk we recommend that financial institution social media teams:

  1. Create a clear social media policy
    1. Outline who can establish accounts under the umbrella of the financial institution
    2. Determine what they can and cannot say
    3. Communicate this information in multiple ways, including a published set of guidelines; training sessions; and ongoing discussions about policies and procedures that are established to keep the institution completely compliant
  2. Utilize an automated social media management tool that allows you to integrate and/or monitor loan officer accounts. There are two ways you can achieve this using an automated platform (such as BSG Financial Group's Social IQ):
    1. INTEGRATE the loan officer's Facebook page
      1. OWN the profile—Create a business page for the loan officer under the institution’s Facebook profile. In this instance, the institution owns the profile, but gives rights to the loan officer to create content, which the institution can then monitor and approve prior to publication. This method gives the institution the most control and security in maintaining the institution’s presence on Facebook. It also ensures that the account does not go away even if the loan officer leaves the institution. (Social IQ monitors only those posts that appear on the loan officer’s business page, NOT those on personal accounts).
      2. MANAGE the profile—Integrate the business page established under the loan officer’s personal account into your social media management tool. This does require the individual loan officer to provide log-in credentials (although the institution is not privy to them).  This strategy allows the FI and loan officer to work in conjunction in creating and approving messaging. If the loan officer leaves the FI, the FI has no control over the business facing account, so there is risk of brand control.
    2. MONITOR the loan officer’s own Facebook business page. In this case, the social media management tool monitors this officer’s business Facebook posts, much like “following” the page. The institution is able to see the entire stream, including comments and replies, and can set up alerts on the accounts it follows so it can correct inappropriate posts, if necessary. Monitoring accounts in this way does not require the individual loan officer to share log-in credentials; however, it gives the institution less control over the content that the loan officer posts.

Obviously, monitoring social media posts is not exclusive to loan officer Facebook pages, and these recommendations apply to all team members at your institution. (Our Social IQ software is priced exclusive of the number of users, so there is no limit to the accounts your institution can integrate in either of the ways mentioned above.)

BSG Financial Group can answer any questions you may have about how to effectively monitor team member posts to Facebook (and other social channels as well).

Social IQ demo


To learn more, watch the on-demand webinar below:

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Topics: Social Media Compliance, Social IQ, Social Media

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