Searching for the Best Archiving Solutions – Here are Three

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How social media is used determines the best archiving solution

Social media’s popularity, reach and place in the workplace is undeniable.

Fund companies that believe employees are only checking their email accounts should pay special attention to a Nielsen study released August 23, 2010.

According to the study, about 23% of employee’s time is spent on social media websites such as Facebook and Twitter, versus about 8.3% of their time is spent on email. Social media website usage is up significantly from last year’s study which revealed usage at 15.8% and email usage is down from 11.5%.

In the regulated world of mutual funds this increased popularity and activity means the need for a social media policy and an archiving solution has never been greater.

Once your social media policy is in place, examine the regulatory guidance that has been available since the beginning of the year. Regulatory guidance provided by FINRA Rule 10-06 and the SEC informs compliance and marketing professionals on how best to approach their social media options.

One key area for regulatory concern centers on how digital content is archived.

Is there a best-in-class universal archiving solution?

That depends on what you want your content to do.

Chad Bockius, CEO, of archiving firm Socialware, says that firms need to answer questions like these to find the best archiving fit for their needs:

  • Will you be developing content for social networks?
  • Will you require moderation of social media content?
  • What will be your monitoring needs for the user? For the supervisor?
  • Will you need to search the archive? Build reports?
  • Will you need an IT staff to manage the system?
  • Will you download the archive for security purposes?
  • Will you need to monitor what is said about your firm through keywords and keyword phrases?

Socialware scans, captures and routes content for pre-approval, helping to ensure inappropriate content doesn’t post to the social networks. The technology automatically and seamlessly captures and archives content for review and storage after it is posted.

Blane Warrenne, CEO, Arkovi, said that his firm “delivers a social media solution built for financial services with features for archiving, compliance surveillance, content moderation and reporting.”

Arkovi connects directly with social networks and social content sources, including blogs, Facebook, Foursquare, LinkedIn and Twitter.

Smarsh’s Ken Anderson, CMO, said his firm “provides hosted solutions for archiving electronic communications, including email, IM and social media platforms such as Facebook, LinkedIn and Twitter.”

With the increasing availability of cost-efficient compliance and archiving solutions, barriers to financial social media marketing will continue to tumble.

Republished with author's permission from original post.

Bruce Johnston
Over the course of 25 years serving as Chief Executive Officer and President of such firms as Gartmore Global Investments, Sentinel Funds and Old Mutual Investment Partners, D. Bruce Johnston is bringing his sales and marketing expertise to a wide range of companies both inside and outside of his financial industry roots. Named Fund Marketer of the year by Institutional Investor, Bruce has built some of the country's most successful marketing programs and sales teams.

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