In an ideal world, clients stick to the approved channels when they interact with your company. But what if one of your brokers gets a request for a lucrative deal — via WhatsApp?
Do you instruct the client to resend as an e-mail or via text?
Or to call you on the telephone?
The broker’s dilemma
I get this question a lot. Many find it hard to marry the finer dynamics of client interactions with the raw mechanics of compliance. To maintain compliance AND a smooth customer experience, I hear some resort to screenshotting every single WhatsApp message before uploading them to the approved storage space.
It’s an arduous process and, if time is money, a costly one. Furthermore, it produces a headache of a data trail for the compliance officers who may need to review the correspondence later.
You have a technical challenge (not a client challenge)
If you routinely struggle to accommodate client communications within the bounds of your compliance solution, you have a technical challenge – not a client challenge.
Consider WhatsApp. With an active user base of 2.1 billion people and over 1 billion daily users, it has become one of the leading communication platforms across the globe. Banning it would be a disservice to your client base, and quite likely a poor business decision.
Instead, why not get a compliance solution that records WhatsApp data?
Get started with GuardREC® Compliance for WhatsApp
A few months ago, we published a guide that lays out how our WhatsApp solution — GuardREC Compliance for WhatsApp — works. It proved a highly popular release, through which we garnered lots of interest. In fact, we’re currently onboarding clients purely on the back of that campaign.
Compliant use of WhatsApp
What seemed to appeal to them?
- The fact that you can record data from all modes.
- It runs in the background, centrally. No buttons to push.
- All GuardREC compliance plugins come with the full range of features (automatic transcription, whitelisting, customizable dashboards, to mention a few).
- The solution complies with MiFID II and all relevant compliance standards.
Would you like to learn more?
Mr. Joachim Thougaard