- U.S. based leading lender
2 Business Situation
- Challenges faced:
- Less Turn Around Time & resources to monitor the Originator’s Social Media Usage.
- Rising Cost & Risk of Non Compliance.
- Civil penalties for violating consumer protection laws are as high as $1.09 Million per day (UDAAP -CFPB)
- Reputation Risk.
- Systematic examination & audit of social media profiles & digital footprint of employees that represent their company on social media platforms. Especially loan oﬃcers who are using social media and online marketing to generate client leads.
- Audit trail of compliance reviews, Narrative explanations for violations or exceptions
- Analysis of the social chatter about the organization from customers while also providing sentiment analysis.
5 Value Delivered
- Help develop a clear understanding by WHO, WHAT, WHEN, WHY & WHERE Social Media violations transpire
- Help establish social media governance
- Help Identify unauthorized profiles, Dispose unnecessary profiles
- Monitor & Manage Brand Awareness & Image
- Examine the interaction between viewers and posted content
- Branch/ Demographic-wise trend analysis, identify influencers, emotion detection, improve campaign performance
- Analysis can help gather competitive intelligence
I ‘ve heard this feedback from several customers creating SM orders- they speak to their MLOs and the MLOs tell them they are not on social media or have any accounts- WRONG! Our awesome team ends up finding several social media accounts that belonged to the MLOs! One lender said we found 7 social media pages!