|By Business Wire||
|May 13, 2014 09:19 AM EDT||
The Independent Bankers Association of Texas (IBAT) has announced its endorsement of the WatchDOG® Social Compliance solution from Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end technology solutions that empower financial institutions to remain competitive, compliant and profitable. WatchDOG Social Compliance provides financial institutions with advanced compliance capabilities and protection for participating in social media across multiple online platforms.
CSI’s WatchDOG Social Compliance solution helps those institutions new to social media, as well as more experienced organizations, more accurately follow the processes outlined within their unique risk assessment strategy. By implementing the solution, financial institutions also can more efficiently manage social media compliance with the latest regulatory requirements, allowing them to leverage social media without the risk of violating the growing list of compliance regulations.
“Consumers turn to social media outlets to publically share their opinions and experiences, so the adoption of social media for banks provides a level of insight previously unheard of just a few years ago,” said Chris Williston, IBAT’s president and chief executive officer. “Although the risk of compliance violations and the added time required to engage in these outlets has many institutions hesitant to adopt, examiners nevertheless expect institutions to monitor and manage their social presence. WatchDOG Social Compliance allows institutions to eliminate these apprehensions and explore the benefits of social media with a resource in place to mitigate risk.”
In order to help better manage bank social media participation and strengthen brand awareness among customers, WatchDOG Social Compliance offers users a vast range of tools and services to further promote full regulatory compliance, including:
- Archiving all Facebook, Twitter, YouTube and LinkedIn posts for required timeframes;
- Creating an approval process to ensure posts meet regulatory requirements;
- Utilizing targeted search and reporting capabilities;
- Performing reputation and sentiment analysis; and
- Evaluating the institution’s competitive landscape.
Based on additional guidance from the Consumer Financial Protection Bureau (CFPB) surrounding unfair, deceptive or abusive acts and practices (UDAAP), WatchDOG Social Compliance also provides financial institutions with a social media monitoring tool for managing customer complaints, and gives federal regulators the necessary information to complete social compliance audits.
Since 1998, CSI Regulatory Compliance has provided organizations with software solutions and consulting services focused on risk management, watch list screening and fraud prevention. As a leader in regulatory compliance, CSI offers solutions and services that ensure customer success by leveraging the latest technology advancements to consistently deliver superior results.
“As regulatory pressure continues to build with the introduction of new compliance guidelines, a large portion of today’s financial institutions find themselves overwhelmed with managing compliance, which prevents them from exploring such valuable new arenas as social media,” said Paul Koziarz, president and general manager of CSI Regulatory Compliance. “By implementing our WatchDOG Social Compliance solution, banks can successfully capitalize on greater customer insight and communication capabilities available through social media without neglecting other compliance responsibilities.”
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, and regulatory compliance solutions to financial institutions and corporate customers across the nation. Exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.
About Independent Bankers Association of Texas
Formed in 1974, the Independent Bankers Association of Texas (IBAT) represents Texas community banks. The Austin-based group is the largest state community banking organization in the nation, with membership comprised of more than 2,000 banks and branches in 700 Texas communities. Providing safe and responsible financial services to all Texans, IBAT member bank assets range in size from $10 million to $20 billion with combined assets statewide of nearly $165 billion. IBAT member banks are committed to supporting and investing in their local communities. For more information, visit www.ibat.org.
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