Covid-19 has made many improvements in people’s lives around the world. Communication was also a challenge for many businesses. Video conferencing was a key tool for companies to conduct internal meetings. Employees began working remotely to find innovative communication solutions.
Financial institutions are prohibited from using mobile instant messaging apps such as WeChat, Signal, and WhatsApp at work. Due to the changing environment, customers need to communicate remotely with traders and brokers. Customers and traders prefer to communicate with each other via mobile messaging apps.
The evolution of compliance modelling is being driven by data and AI.
Multi-jurisdictional issues are common for compliance teams; this is a critical new role for data capture and call monitoring. Data capture is useful for understanding employees and clients, as well as helping to assess their risks. Firms have to engage in data gathering conversations to assess the employees’ mental and physical health; one can use this information to evaluate their ability to manage clients.
The compliance teams should review their policies and increase their monitoring of customer requests for new communication methods. Telegram recording conversations through IMs can help foresee the risk pattern and shift the focus to voice AI; this can help communication compliance teams set up preventative measures to stop non-compliance issues. Non-compliance is a serious offence. Compliance costs can be quite high compared to what it costs.
Covid-19, The trends in communication conformity
Customers care about communication security and clarity, and this concern goes beyond cultural and geographic considerations. Communication channels may not be linear and can sometimes be irregular. Chat could be the first step in a business conversation. Clients might need more information about specific topics to prefer that the conversation be moved to voice or video. Despite all communication options, mobile instant messaging (IM) is the best.
Many companies permit employees to use their phones to communicate with clients as part of their BYOD policy. Employees often have concerns about private conversations for compliance purposes, and TeleMessage has the solution just for that through this infographic.