Temenos launches social media monitoring and compliance tool. Swiss fintech vendor Temenos has unveiled SocialComply, a social media monitoring and compliance tool designed to help financial institutions engage with customers while managing the associated risks. Customers are increasingly willing to use social media to communicate with their banks; according to a recent Forrester survey, 45% of US Twitter users are interested in tweeting with their provider. However, many banks are still reluctant to tap into the likes of Twitter, Facebook, Google+, both out of inherent conservatism and regulatory concerns. Research from Efma and Wipro suggests that bank spending on social media has already plateaued. Temenos says that its new tool will help banks improve their relationship with customers on social networks while mitigating the reputational and regulatory risks associated with the new communications channel.
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