SocialComply aims to help financial services firms use analytics to monitor social media channels and to engage more actively with their audience on Twitter, Facebook and other channels while at the same time managing and mitigating the associated risks.

The firm said that banks had traditionally shied away from social media because of the potential impact on a financial organisation’s reputation if it is not monitored or controlled and added that SocialComply allowed firms to engage as fully as they would like without taking risks with their brand and reputation and without exposing themselves to potential compliance breaches.

Temenos group product director Mark Winterburn said: “Whether we are listening or not, people are talking about our companies on social media every day. Failure to engage is a missed opportunity to share company messages and learn from customers how we can improve.”