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Financial institutions slow to grasp social media threat

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When Barclays installed new software to monitor employees’ computer use earlier this year, it was hoping for insights into their behaviour. Weeks later, the bank scaled back use of the system as staff annoyance over monitoring spilled into the press, and was then amplified further in public by social media.

Like other banks, insurers and asset managers, Barclays is having to adapt as social media plays a bigger role in creating, and shaping, its public image.

“Control of reputation has been dragged out of the boardroom and press releases, and into the pockets of the smartphone generation,” says George Beattie, a director at insurance broker Willis Towers Watson. “It is a very volatile situation.”

Companies in all sectors face similar concerns, but Sven Klingemann of the Reputation Institute, which assesses corporate reputations, says the banks are starting from a challenging position.

“Banking has historically been at the lower end of the 12 to 15 industries we cover,” says Mr Klingemann. “The large banks struggle most with reputation, while the smaller regional or online banks tend to do better.”

Threats from social media come in several forms. One is internal — as Barclays discovered, employee dissatisfaction with a new system or policy can easily leak into the public sphere.

Improper behaviour that spills out into the open is a similar risk. “The biggest risk for the banking industry is unethical behaviour,” says Mr Klingemann. “[This can include] deceptive sales practices and inappropriate behaviour such as harassment, bullying or discrimination. And if you fire or punish whistleblowers, it’s not going to look good.”

Even banks’ own social media and marketing teams can get it wrong if they misread the public mood. Chase Bank in the US discovered this to its cost last April. Its Twitter team used the #MondayMotivation hashtag on a tweet that suggested people should eat out less and walk rather than taking cabs.

The reaction was swift and widespread. Chase was accused of shaming poor people and insulting its customers, with politicians, including former presidential candidate Elizabeth Warren, weighing in against the bank and Jamie Dimon, chief executive of its parent company JPMorgan Chase.

Chase ended the day with a tweet: “Our #MondayMotivation is to get better at #MondayMotivation tweets. Thanks for the feedback Twitter world.”

TD Bank faced a similar storm last year when social media users accused it of coded racism in an advert referring to an ethnically diverse Boston neighbourhood. The bank later apologised.

Mr Beattie says banks must be mindful of these pitfalls when planning campaigns or posts. “Companies are not ready to deal with crises fuelled by social media,” he says. “A poorly thought-through social media campaign can be more damaging than not doing anything at all. Testing an idea in social media in real time can be quite risky. You need to look at what demographic you are targeting and what virality might look like,” he adds.

Not all social media crises are internally generated. Financial services companies face an array of outside voices that could have a reason to attack their reputation.

“There is state-driven manipulation of social media to undermine economic strength. The idea of sowing dissent in democracies and their brands might be quite attractive,” says Mr Beattie.

Even pressure groups of more straightforward kinds can exploit social media to build support, and financial services companies need to be ready to respond appropriately.

Campaigns on climate change are one example. Banks, insurers and asset managers are under pressure from action groups to dissociate themselves from companies accused of responsibility for global warming, by refusing to lend to them, insure them or invest in them. Groups such as Unfriend Coal, which campaigns to end insurance industry involvement in coal mining, are enthusiastic users of social media.

Yasmin Crowther, a vice-president at Polecat, which analyses social media data, says financial services companies have lagged behind consumer brands such as Nike and Nestlé.

“[Consumer] organisations are sophisticated in their understanding of social media,” she says. Financial services companies, however, “have not been at the cutting edge of understanding it”, she says.

According to Mr Beattie, the first step for companies is to understand what information they can access on what is being said about them, when and where.

Although this data has only been around for a couple of years, he adds, it can generate “astounding insights”.

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Media Beat: January 21, 2021 – FYI Music News

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TPX now representing AdLarge Media’s cabana portfolio in Canada

The Podcast Exchange (TPX), Canadian’s top podcast ad agency, expanded its brand dominance this week with an exclusive agreement to represent US-based AdLarge Media’s cabana portfolio for exclusive Canadian ad sales representation.

“We are simply delighted to be cabana podcasts’ strategic partner in Canada,” said TPX’s President and Chief Executive Officer Jean-Marie Heimrath. “cabana is our latest international signing and supports our business strategy to work with global publishers in partnership with advertisers to harness the full potential of the Canadian podcast audience.”

TPX was co-founded by Jean-Marie Heimrath and Jeff Ulster to offer consulting and co-production to ad sales and IP licensing to media and in particular the fast-growing podcast industry here in Canada. The privately held company took a quantum leap in Q1 2020 when Montreal music and media tech firm Stingray acquired a 30% interest in the firm.

The 50 most powerful Canadians

For the purposes of the 2021 Maclean’s Power List (below), we canvassed the landscape for Canadians with qualities we think represent power in a time of transformative change. By dint of their actions, words or character, they force us to watch, listen and learn. They are moving the needle in their chosen fields, and in many cases the wider world. Importantly, they are good-faith actors. History may judge them wrong, but they act in the belief that doing so will result in a better world.

You may notice therefore a shortage of power brokers in the conventional mould—bank CEOs, cabinet ministers, scions, high-powered lobbyists. For this list, warming a seat in the establishment doesn’t cut it. Nor does preserving the status quo. Nor, certainly, does exercising power for the mere sake of disruption. (Peddlers of conspiracy and disinformation could be thought of as influential; you will not find them in this ranking.)

Friends of Canadian Broadcasting square off at CRTC hearing

Executive Director Daniel Bernhard, Chair of the Board Aritha van Herk, and Vice-Chair Raymonde Lavoie present at the CRTC Hearings regarding the CBC license renewal, January 18, 2021.

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Fed continues to invest heavily in tax-free Facebook, Google advertising

Google and Facebook received a growing share of the federal government’s advertising budget after the Trudeau Liberals took power, as Ottawa quadrupled how much it spent each year on ads from the American web giants between 2015 and 2019.

Responding to the figures, New Democrat MP Charlie Angus said that, “at the very least,” Ottawa should ensure sales tax is charged on advertisements purchased from Google and Facebook. – Alex Balllingall, The Star

What President Biden means for telecom in Canada

Canada is ushering in some new blood too with François-Philippe Champagne replacing Navdeep Bains as minister of Innovation, Science and Economic Development (ISED), thanks to a recent cabinet shuffle by Prime Minister Justin Trudeau. As the new minister responsible for the telecom file, Champagne may bring a difference in tone and possibly direction.

We canvassed some Canadian telecom industry watchers we like about these developments. Here’s a summary of what they expect on both sides of the border over the next few years. – Peter Nowak, TekSavvy blog

Netflix subscriber base soars to forecast break even status

Netflix reported that its paid streaming subscribers rose to 203.7 million at the end of the fourth quarter, up 23% from a year ago.

The streamer said the new season of The Crown drew more than 100 million households in its first 28 days, exceeding the total for its prior seasons. 

The Midnight Sky, starring and directed by George Clooney was Netflix’s biggest movie in the quarter with 72 million households watching in its first four weeks. The film Over the Moon attracted 43-million-member households and Netflix projected that We Can Be Heroes will reach 53 million households in its first four weeks. – Jon Lafayette, Broadcast + Cable

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Lingo Media's ELL Technologies to Present at the LAAA, LATAM Accreditation Association Conference – Canada NewsWire

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TORONTO, Jan. 20, 2021 /CNW/ – Lingo Media Corporation (TSXV: LM) (OTC: LMDCF) (FSE: LIMA) (“Lingo Media“) subsidiary, ELL Technologies (“ELL Technologies”), a global provider of digital and print-based English language learning solutions, will be presenting at the LAAAA, LATAM Accreditation Association www.latam-aa.org virtual conference event on January 23rd and 24th, 2021.

This virtual event offers teachers, coordinators, and directors involved in language teaching an opportunity to engage in professional development by way of a unique and highly relevant international conference, focusing on the latest research, practical insights for the face to face and virtual classroom, and a vision for the future of language education. 

ELL Technology will present as part of the keynote speaker event “Building Community and Connection in Our Online Learning Spaces”

About ELL Technologies

ELL Technologies Ltd. is a digital language learning and assessment company that creates innovative SaaS eLearning solutions. The Toronto-based company offers more than 2,000 hours of English learning content and also has courses in Spanish, Mandarin, French and Portuguese.

ELL Technologies’ products and programs are marketed through established sales channels to key education, government and business organizations in Latin America, Asia, Europe and the U.S.

Follow ELL Technologies On:

Facebook: https://www.facebook.com/ELLTechnologies/
LinkedIn:   https://ca.linkedin.com/company/elltechnologies 
Twitter: https://twitter.com/ELLTechnologiez

About Lingo Media (TSX-V:LM) (OTC:LMDCF) (FSE:LIMA)

Lingo Media is a global EdTech company that is ‘Changing the way the world learns languages‘, developing and marketing products for learners of new languages through various life stages, from classroom to boardroom. By integrating education and technology, the company empowers language educators to easily transition from traditional teaching methods to digital learning.

Lingo Media provides both online and print-based solutions through two distinct business units: ELL Technologies and Lingo Learning.  ELL Technologies provides online training and assessment for language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.

Lingo Media has established successful relationships with key government and industry organizations internationally, with a presence in Latin America, China and the U.S., and continues to both extend its global reach and expand its product offerings.

Follow Lingo Media On:                                                                      

Facebook: https://www.facebook.com/LingoMedia
Twitter:      https://twitter.com/LingoMediaCorp
YouTube:  https://www.youtube.com/lingomedialm 
LinkedIn:   https://www.linkedin.com/company/lingo-media-corporation
RSS:         http://feeds.feedburner.com/LingoMedia

Portions of this press release may include “forward-looking statements” within the meaning of securities laws.  These statements are made in reliance upon Sections 21E and 27A of the Securities Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. These statements are based on management’s current expectations and involve certain risks and uncertainties.  Actual results may vary materially from management’s expectations and projections and thus readers should not place undue reliance on forward-looking statementsLingo Media has tried to identify these forward-looking statements by using words such as “may,” “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. Lingo Media’s expectations, among other things, are dependent upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital as well as other uncontrollable or unknown factors. No assurance can be given that the actual results will be consistent with the forward-looking statements. Except as otherwise required by US Federal securities laws, Lingo Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.  Certain factors that can affect the Company’s ability to achieve projected results are described in the Company’s filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE Lingo Media Corporation

For further information: Lingo Media, Khurram Qureshi, Chief Financial Officer, Tel: (647) 831-1462, Email: [email protected]; To learn more, visit us at lingomedia.com

Related Links

http://www.lingomedia.com

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Lingo Media's ELL Technologies to Present at the LAAA, LATAM Accreditation Association Conference – Canada NewsWire

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TORONTO, Jan. 20, 2021 /CNW/ – Lingo Media Corporation (TSXV: LM) (OTC: LMDCF) (FSE: LIMA) (“Lingo Media“) subsidiary, ELL Technologies (“ELL Technologies”), a global provider of digital and print-based English language learning solutions, will be presenting at the LAAAA, LATAM Accreditation Association www.latam-aa.org virtual conference event on January 23rd and 24th, 2021.

This virtual event offers teachers, coordinators, and directors involved in language teaching an opportunity to engage in professional development by way of a unique and highly relevant international conference, focusing on the latest research, practical insights for the face to face and virtual classroom, and a vision for the future of language education. 

ELL Technology will present as part of the keynote speaker event “Building Community and Connection in Our Online Learning Spaces”

About ELL Technologies

ELL Technologies Ltd. is a digital language learning and assessment company that creates innovative SaaS eLearning solutions. The Toronto-based company offers more than 2,000 hours of English learning content and also has courses in Spanish, Mandarin, French and Portuguese.

ELL Technologies’ products and programs are marketed through established sales channels to key education, government and business organizations in Latin America, Asia, Europe and the U.S.

Follow ELL Technologies On:

Facebook: https://www.facebook.com/ELLTechnologies/
LinkedIn:   https://ca.linkedin.com/company/elltechnologies 
Twitter: https://twitter.com/ELLTechnologiez

About Lingo Media (TSX-V:LM) (OTC:LMDCF) (FSE:LIMA)

Lingo Media is a global EdTech company that is ‘Changing the way the world learns languages‘, developing and marketing products for learners of new languages through various life stages, from classroom to boardroom. By integrating education and technology, the company empowers language educators to easily transition from traditional teaching methods to digital learning.

Lingo Media provides both online and print-based solutions through two distinct business units: ELL Technologies and Lingo Learning.  ELL Technologies provides online training and assessment for language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.

Lingo Media has established successful relationships with key government and industry organizations internationally, with a presence in Latin America, China and the U.S., and continues to both extend its global reach and expand its product offerings.

Follow Lingo Media On:                                                                      

Facebook: https://www.facebook.com/LingoMedia
Twitter:      https://twitter.com/LingoMediaCorp
YouTube:  https://www.youtube.com/lingomedialm 
LinkedIn:   https://www.linkedin.com/company/lingo-media-corporation
RSS:         http://feeds.feedburner.com/LingoMedia

Portions of this press release may include “forward-looking statements” within the meaning of securities laws.  These statements are made in reliance upon Sections 21E and 27A of the Securities Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. These statements are based on management’s current expectations and involve certain risks and uncertainties.  Actual results may vary materially from management’s expectations and projections and thus readers should not place undue reliance on forward-looking statementsLingo Media has tried to identify these forward-looking statements by using words such as “may,” “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. Lingo Media’s expectations, among other things, are dependent upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital as well as other uncontrollable or unknown factors. No assurance can be given that the actual results will be consistent with the forward-looking statements. Except as otherwise required by US Federal securities laws, Lingo Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.  Certain factors that can affect the Company’s ability to achieve projected results are described in the Company’s filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE Lingo Media Corporation

For further information: Lingo Media, Khurram Qureshi, Chief Financial Officer, Tel: (647) 831-1462, Email: [email protected]; To learn more, visit us at lingomedia.com

Related Links

http://www.lingomedia.com

Let’s block ads! (Why?)



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