FCA Guidelines: How to Switch between Social Media and Email Effectively

We enjoyed reading this recent blog from eConsultancy, where they discussed the recent guidance provided by the Financial Conduct Authority (FCA) on how financial services should use social media.

The most pertinent part for us was where they outline the major challenges on social and specifically on how to deliver effective social customer service, whilst complying with the banking regulations.

This paragraph sums it up well:

“When it comes to customer service, banking or credit card companies cannot ask for account information on social, not even via private or direct messages. So customers have to be directed to a secure email channel. This is of course not inherently social, but it does mean that a customer can safely provide information that will give an advisor access to their account.”

So, the need to respond to customers in the public domain… but, with the ability to move seamlessly from public to private (or social to email) channels? This shouldn’t be a big problem. But, unfortunately, this often means redirecting social customers to a completely separate email team that has very different SLAs (Service Level Agreements).

Currently, what we’re seeing time and again is a pro-active social team, responding to social enquiries within minutes. But, then passing that customer to an email team that may have an SLA of 24 hours. This may be acceptable for a pure email channel, but it is definitely NOT acceptable for social customers to wait 24 hours for responses within that channel!

The solution is to equip your social agents with the means to quickly identify enquiries on social and then to enable that transition to email (or web chat) through the same platform, from within the same team. Immediately, you get a social team that can manage the conversation across all digital channels and resolve enquiries more quickly and more effectively.

In addition, you have the opportunity to keep track of the customer journey and maintain consistency for your social customers, across channel. An audit trail will provide complete accountability for ‘threaded conversations’, where an enquiry that started on social, moved to email and back to social can be tracked, with associated KPIs (Key Performance Indicators).

If you’re in the financial services sector and looking for the best way to comply with the new FCA Guidelines for Social Media, then please take a closer look at DigiDesk. Use the contact form below to arrange a quick demo and we look forward to discussing best practice in (financial) social customer service with you!