Financial Services Needs a “Compliant YouTube”
Viacom today sued YouTube and its owner, Google, for $1,000,000,000 over copyright infringement. In the complaint YouTube and Google are accused of “massive intentional copyright infringement.” With YouTube streaming more than three-billion videos each month, “massive” seems an apt description. I guess YouTube doesn’t fit Viacom’s definition of “compliant.”
I think about this big-bucks lawsuit in the context of the financial services industry’s need to transition its own storytelling to video and web streaming. This is essential because the gap between the web experiences the industry now delivers and what consumers are receiving from other large industries is widening by the day. It’s as if financial services is stuck ten years in the past. That must change, and quickly.
But igniting that change isn’t as easy for financial services as it is, say, for automobile manufacturers, real estate or health care- other large industries which help their intermediaries by offering consumers engaging and entertaining video-based browser experiences.
Because financial services faces unique compliance and distribution complexities, end-user controlled YouTube can’t be the solution. What’s really needed is a YouTube-like capacity that is specifically designed for financial services.
Wealth2k recognized this particular need a couple of years ago and began the development of a web-based communications network capable of managing the varying business rules and compliance requirements of disparate broker-dealers, banks, investment companies and insurers. The result is the Traject™ Network.
Traject makes it possible to quickly and easily “digitize” and “video-ize” the financial services marketing effort while maintaining the essential role of financial advisors. This is accomplished by Traject’s ability to dynamically create vast networks of compliant microsites personalized to each financial advisor. The microsites stream compliant video presentations on products, solutions or services. The videos are compliant by definition and explain products in a needs-based context that gives consumers a thorough and balanced understanding of their value. Who can argue against the importance of this?
Traject manages broker-dealer disclosure requirements assuring that videos or other consumer-facing marketing materials are always showing the appropriate disclosure for each financial advisor. In addition, compliance officers are able to enjoy real-time management and control of reporting, content syndication, advisor accounts, microsites and print collateral.
You may learn more about this by watching the video on Traject at http://www.wealth2k.com/traject
(c)Copyright 2007 David A. Macchia. All rights reserved.