If you work in marketing or public relations for a financial services company, chances are you’ve come across some pretty discouraging roadblocks while trying to put together a social media strategy for your organization.

The regulations around social communication in the financial industry have been a deterrent for many companies, but they don’t need to be. It is possible to be active in social media and compliant.

From attending conferences and engaging actively in the finance community within the social space, I’ve had the opportunity to talk to many lovely PR and marketing folks in the financial services industry. These are ambitious, smart and forward-thinking men and women that understand the benefits of social media. However, making a case for social media within their organizations has proven to be challenging on account of the hefty regulations.

Here’s a few reasons why financial services companies are hesitant to get social. And here’s how they can get over their fears of compliance and jump in – carefully.

”We can’t control the conversation.”  

But you can control what you say. Create a strong, clear social media policy and build a roster of social media rockstars that are fully trained on your policy and guidelines, and dive in. If your employees are fully trained in your policies and aware of what they can and cannot share, then they’re equipped with the right tools to start engaging in your community. Your customers are already out there discussing your company, your products and your competitors, so get out there and use these social platforms to build brand advocates through efficient customer service and engagement.

 “We can’t measure social media.”

Okay, measuring the ROI in social media for any industry is tough, but if you have a clear strategy and objective in place, you’ll empower your company with the right tools to measure your success and connect the dots back to your organization’s bottom line. Concentrate on measuring the development of new relationships, customer service volume, and don’t forget that just simply listening to your community will give you insight into your community’s needs and wants just as much as your expensive market research program.

“We’re waiting for the regulators to adapt to social media.”

I don’t know about you, but I’ve been doing all my banking online for years now. Online and mobile banking has become a way of life, and customers are actively seeking out customer service from their banks, credit card companies and insurance companies through social media channels. Your competitors are already out there fostering long-lasting relationships with their customers by listening to their community and proactively engaging, so build your share of voice and gain a competitive edge by tapping in to the social web. Wells Fargo has been effectively and efficiently using their twitter feed as a channel for customer service and financial tips, and by doing so has generated an impressive amount of exposure within the financial services industry.

Of course, financial services marketers are always going to have less creative freedom to institute innovative new social media driven marketing, public relations and customer service initiatives. But how about taking on a new perspective? Think about what you can do with social media instead of focusing on what you can’t do. The glass is half full.

What are your financial institutions reasons for not being active in social media? Do you have any suggestions for other financial services marketers to make a case for social media in their organization?

Tags: #finserv, compliance, engagement, Financial Services, measurement