For consumer finance companies, protecting your brand’s reputation is crucial—especially across a channel as widely-used and powerful as social media. With endless discussions, mentions, and promotions happening online every day, your brand is vulnerable to risks and compliance issues.
Are you truly aware of what’s being said about your brand and product(s) on social media platforms? Are you equipped to combat misleading information and protect your consumers? Manual review alone can’t provide the comprehensive coverage needed to mitigate these risks effectively.
PerformLine’s Social Media Monitoring solution allows consumer finance companies to automatically monitor their brand across social media platforms—including unknown brand mentions—to identify potential compliance risk at scale.
The Importance of Monitoring Social Media for Compliance
The influence of social media knows no bounds. The fast-paced nature of online conversations, coupled with the sheer volume of content generated daily, makes it challenging to stay in control. Having comprehensive oversight of your brand is critical in today’s regulatory environment.
Monitoring social media for regulatory and brand compliance can help consumer finance companies:
- Ensure compliance with regulations such as Unfair, Deceptive, or Abusive Acts or Practices (UDAAP), fair lending laws, and industry-specific guidelines
- Discover unknown brand mentions to ensure accurate and compliant promotion of products and services across all social media platforms
- Mitigate risk by identifying and addressing potential compliance issues proactively, before they escalate into major problems
- Safeguard brand reputation by promptly identifying and rectifying any misleading or non-compliant content associated with your brand, thus protecting consumers
- Avoid enforcement actions and costly fines by ensuring that partners, affiliates, and third parties adhere to regulations and brand guidelines
- Build consumer trust by demonstrating adherence to consumer protection laws and fair treatment of consumers
Using PerformLine’s Social Media Monitoring for Compliance
With PerformLine’s Social Media Monitoring solution, consumer finance companies can automatically monitor social media platforms to discover, identify, and remediate potential compliance issues at scale.
PerformLine’s Social Media Monitoring provides consumer finance companies with:
- Automated discovery: Discover and monitor brand mentions across major social media platforms to ensure comprehensive coverage and compliance protection
- Daily monitoring and real-time alerts: Monitor and review social media platforms every day to get real-time alerts on high-impact potential compliance violations that require immediate review or remediation
- Regulatory compliance rulebooks: Utilize turn-key rulebooks built on regulatory expertise and required disclosures to monitor against to identify potential compliance issues
- Efficient remediation and progress tracking: Send templated remediation notices directly to the relevant individuals, facilitating prompt action and documentation of potential violations
- Centralized workflow: Seamlessly track activities across internal departments and external partners in a single location
- Documentation and archival for audits: Maintain a complete history of discovery and remediation actions, ensuring readiness for any audit scenario
- Business intelligence reporting: Access detailed reports to monitor compliance performance over time and pinpoint areas for improvement
- Regulatory expertise: Our team includes experts who stay up-to-date on the latest compliance requirements and can help consumer finance companies ensure compliance
PerformLine’s Social Media Monitoring covers a wide range of social media platforms, including:
- YouTube
- TikTok
How this company uses PerformLine to monitor 200+ partners and 92k+ social media posts
This client uses PerformLine’s Social Media Monitoring (and Web Monitoring) to monitor their large network of 200+ partners—and monitored over 92,000 social media posts within their first six months of signing with PerformLine.
With PerformLine, this client achieved:
- Complete coverage and visibility into brand mentions across social media, successfully monitoring 92k+ posts and counting
- Discovery of unapproved marketing materials that weren’t submitted for approval—and wouldn’t have made it through the approval process—that they were able to quickly address and remediate
- Scalability and efficiency through a streamlined and automated social media compliance monitoring process
Get started with PerformLine’s Social Media Monitoring for compliance
Learn how to streamline your social media compliance monitoring processes at scale to reduce risk, increase efficiency, and save time and money with PerformLine. Request a demo today.
Frequently Asked Questions
What are some regulations or guidelines that companies should be aware of when monitoring social media for compliance?
Companies should be mindful of regulations like GDPR and CCPA, as well as more industry-specific guidelines, which can dictate how consumer data is handled and what constitutes compliant communication.
How does social media compliance monitoring differ across various industries?
Compliance monitoring requirements vary by industry. Finance and healthcare face stringent rules around customer communication and data protection, while other sectors may have more leeway.
What challenges might organizations face in keeping up with the fast-paced evolution of social media platforms in terms of compliance monitoring?
The rapid evolution of social media platforms can present challenges in compliance monitoring due to the constant introduction of new features, varying user behaviors, and platform policies. This requires companies to update their monitoring strategies continuously.
