NEW YORK, NY (12/10/2013)(readMedia)-- As consumer adoption of social media continues to rise, financial institutions across the country are recognizing the necessity of incorporating social media into their business efforts. Financial services professionals are actively embracing social media, with 75% of financial advisors using at least one social network for business purposes (LinkedIn/FTI Consulting). According to industry regulations put forth by the FFIEC and FINRA, financial institutions are held accountable for employees' business communications made via social media. Regulators' strong encouragement of careful brand monitoring, social media moderation, and archival practices, means banks must be careful to monitor and protect themselves, their employees, and their customers against non-compliant behavior. As such, the New York Bankers Association (NYBA), through its wholly owned subsidiary, the New York Bankers Service Corporation (NYBSCO), identified and endorsed GREMLN's social media management software and compliance toolkit as an essential method for member banks to compliantly and securely participate in social media. "We know that the use of social media for marketing and engagement is crucial for our members. In our search for a solution to help eliminate the risks of violations and fines, GREMLN's social media dashboard and compliance toolkit stood out as one that would make it possible – and easy – for our members to get involved. GREMLN allows banks to moderate their social media posts, filter non-compliant keywords, and archive their social media activities as outlined by industry regulations. We look forward to working with them," said Michael P. Smith, NYBA's President and CEO. A recent study by Forrester found that 70% of consumers trust brand recommendations from their friends when making purchasing decisions, and Forbes reported that 82% of consumers trust a company more if they are involved on social media. Financial services are no different – 83% of consumers believing it is important to read user-generated content before making a decision about banking or other financial services (Bazaar Voice). Organizations like NYBA recognize the inherent value of meeting consumers where they are, and are eager to encourage their member banks to embrace a social media presence. To meet this growing industry need, GREMLN's web-based platform offers compliance tools designed to regulate all social media activity. GREMLN's software includes team management, approval, filtration, and archiving capabilities – along with marketing and ROI tracking tools – making it an ideal fit for financial services and other regulated industries. "GREMLN is committed to supporting all NYBA members in securely participating in social media," said GREMLN's CEO Ryan Bell. "We're passionate about helping regulated industries get started, and work to strip away those fears that so often go hand-in-hand with financial services and social media." NYBA will be partnering with GREMLN on a special program designed specifically for its members beginning in 2014, providing access to tools and resources to help them securely manage their social media efforts. ### For more information about the New York Bankers Association go to www.nyba.com, or contact Gus Kananis by phone, (518) 434-3556, or by email, gkananis@nyba.com. For more information about GREMLN, please visit GREMLN.com, or contact David Bell by phone, (314) 915-8738, or by email, david.bell@GREMLN.com.

Posted Tuesday December 10, 2013 at 04:04 pm by New York Bankers Association