The 19 Challenges of Compliant WhatsApp/Texting with Clients

Financial services companies are torn between trying to serve their customers more easily and keeping up with ever-tightening compliance.

This blog is the definitive list of issues we’ve encountered working with dozens of financial institutions looking to bring agile communication channels like WhatsApp, texting, Facebook messenger and the like into their customer communications in a visible and compliant way.

The Benefits of Fluid Employee-Customer Communication are Known

1. Increased accessibility: Allows for quick and convenient communication with clients, improving overall relationship and client satisfaction.

2. Better communication: Real-time updates and faster response times can improve the communication between wealth managers and clients.

3. Convenient for clients: Many clients prefer to use modern communication channels for their convenience and accessibility.

4. Improved efficiency: Automated communication and streamlined processes can increase efficiency and productivity.

5. Improved decision-making: Immediate access to information and real-time updates can help clients make informed decisions.

6. Competitive advantage: Adopting modern communication channels can set wealth managers apart from their competition.

7. Better time management: Automated communication can reduce administrative tasks and free up time for other responsibilities.

8. Increased flexibility: Allows for remote communication and greater flexibility in client interactions.

9. Improved record-keeping: Digital communication can be more easily stored and organized for record-keeping purposes.

10. Increased security: Advanced security measures and encryption can provide secure communication.

11. Customer Expectations: Customers expect to be able to communicate with their trusted financial advisors seamlessly – just as they would other service providers.

Compliant Communication has it’s Challenges

While customers demand this type of communication, there are numerous issues that regulated businesses need to tend to. It’s specifically here that a trusted technological approach that has past the rigors of regulation is needed.

Here are a few of the more salient issues:

1. Regulators may have concerns about the security and confidentiality of communication over modern channels.

2. Record-keeping issues: Many haven’t found ways to keep accurate records of communication over modern channels.

3. Security risks: The way some channels are integrated, may not provide the same level of security.

4. Limited functionality: Some important tasks or discussions may not be suitable for modern communication channels.

5. Technical difficulties: Technical issues or compatibility problems can arise if you don’t have a flexible API

6. Interruptions: Constant access and notifications can lead to distractions and decreased productivity.

7. Legal concerns: The legal implications of communication over modern channels must be considered, such as privacy and data protection laws.

How to Achieve Compliant WhatsApp/Texting

The tension between easy and compliant communication is not new. With the endless proliferation of channels of communication, it is important to have a robust and flexible solution that can integrate – not block – popular communication channels, and deliver the security and regulatory standards needed.

Membit’s Compliant Communication Platform is renowned for its ability to feel like a consumer service for employees and customers, while delivering enterprise-grade security, visibility and compliance for the most demanding clientele.