Social networking is serious business within regulated industries. Posts pertaining to finance, insurance and healthcare, in particular, require adherence to strict government and industry regulations. However, even with the rule-a-palooza, some companies in these industries have not only found ways to keep regulators happy, but have also made social networking a productive and key part of doing business.
That said, the phenomenon is still in fairly early stages. Only around 10% of the companies in regulated industries have a "truly social" enterprise where multiple social media tools have been integrated into general content consumption, according to Toby Ward, founder of Toronto-based Prescient Digital Media, a consulting firm for Fortune 500 companies.
"It depends on the organization and their level of savviness," he says. Companies where executives start their own blogs, for example, are more likely to use social media effectively and adopt it widely, according to a recent study by Prescient. "Almost all major banks have been in social media for at least a few years," Ward says.
Some healthcare providers, financial services firms and other companies in highly regulated industries are taking full advantage of social media, even though they're awash in rules. Here's how they do it.
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