Financial software provider Temenos has launched a platform for banks to monitor their social media sites.
The tool, SocialComply, has been developed specifically for retail banks and allows them to monitor what is being said in real-time across social media platforms
Temenos says the software has already rolled out to undisclosed financial service providers in the US.
The Swiss firm says SocialComply will help banks overcome concerns to keep within company regulations, which it says is a barrier to banks using social media. The tool can monitor what employees say when interacting with customers, and automatically moderate comments posted on social networking sites.
The platform also works as a marketing tool by enabling offers and updates to be posted on a range of sites and groups.
Mark Winterburn, a product director at Temenos, said the platform would limit the possible risks of social media engagement. "We have launched SocialComply to help financial firms engage as fully as they would like without taking risks with their brand and reputation and without exposing themselves to potential compliance breaches," he said.
"Failure to engage is a missed opportunity to share company messages and learn from customers how we can improve," Winterburn added.
Research shows customers are keen communicate with their bank via social media. 45% of US Twitter users are interested in using the site to talk to their bank, according to a study by Forrester.