Covid-19 has made many changes in the lives of people around the world. Communication was the most significant challenge faced by many businesses during this period. Companies began to use video conferencing for internal meetings as physical meetings became difficult. The need for innovative communication methods was evident as employees started working remotely.
It was forbidden to use mobile instant messaging apps, such as WeChat, Signal, or WhatsApp in financial institutions. The changing environment has forced customers to find a way to communicate with traders and brokers remotely, thus making companies think of considering IMs for quick and easy communication because traders and customers prefer mobile messaging applications.
Data and AI are driving the evolution of compliance modeling.
Compliance teams often have to deal with multi-jurisdictional issues; this is a critical new role for data capture and call monitoring. Data capture can help clients understand employees and help them to identify their risks. Firms can collect data from conversations to assess an employee’s ability to manage clients.
Compliance teams should review customers’ requests for communication methods. They need to improve their monitoring and review their policies. Telegram recording conversations through IMs can help predict 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. Consider the possible penalty for non-compliance and how it might justify continuing compliance investments relatively small compared to actual compliance investment.
Covid-19, the latest in communication conformity
Customers are worried about clarity and security in communication. This concerns more than cultural and geographic factors. Many communication channels are not linear. The first step in business conversations is often a chat. Clients might need to be more precise on specific topics to move the conversation to voice and video calls.
Given all the communication channels, mobile instant messaging is the best option.
Many companies allow employees to use personal devices for communicating with clients under their BYOD (bring your own device) policies.
For compliance purposes, employees often have concerns about private conversations, and TeleMessage has the solution just for that through this infographic.