What do industry experts identify as the top 5 challenges of incorporating social technologies into Financial Services? As a result of moderating a recent interactive round-table discussion, we can now find what the top challenges are! Read on to learn more…

I recently attended a Business Development Institute (’BDI’) conference on “Social Convergence & the Enterprise” and moderated a roundtable attended by financial services industry experts as well as consultants, digital marketers and software/technology solution providers. The interactive round-table discussion focused on identifying what are the “Top 5 Challenges incorporating social technologies into Financial Services“. The discussion was lively and the attendees all had unique perspectives to share.

Across the attendees, the following key challenges were identified:

• Turning IT and Legal & Compliance into advocates instead of obstructionists: Key idea was getting Information Technology (’IT’) and Legal & Compliance staff members involved early enough in social media efforts by the Sales and Marketing departments to proactively address any potential issues.

• Enforcing Compliance Regulations on Non-research and Research department communications: Continuing to enforce the so-called “Chinese Wall”, per NASD 2711(b)9#)A) and NYSE 472 (b)(3), as social communication technologies take hold across the organization was was a challenge for participants.

• Taking “social communications” off the enterprise network: As Financial Services respond slowly and deliberately to the new web 2.0 and social communications trend, employees are increasingly turning to commercial/consumer social media platforms like Yammer and even Wikipedia as a means of communicating what used to be exclusively inside the enterprise network.

• Most effectively handling the retention, supervision and approval requirements of FINRA 10-06: Many participants continue to look for what their industry peers are doing in social media and how they are handling FINRA’s 10-06 guidelines. Of particular interest is how 3rd party technology providers have begun to help Financial Services with social media compliance and supervision solutions. You can read more about some of those solutions at this recent article (“Summary of Social Media Compliance and Supervision Solutions”).

• Extending internal collaboration and social technologies to external partners: Opening up platforms that are common inside Financial Services firms, such as Sharepoint, beyond just the purview of only internal employees to include external partners. Attendees noted potential benefits if certain areas or content could be made available on a secure basis to external parties.

Do you believe these are the top challenges Financial Services firms are facing with social technologies?

What about proving an ROI? Does that raise to the level of a top 5 challenge?

Let me know what you think by leaving a comment below!