As the size of the company increases – so do the stakes of getting things wrong – and paying the consequences for those errors. We’ve all heard about the record-setting fines recently imposed for not managing e-comms effectively.
Many approaches have been tried, like blocking access to social media sites such as Facebook and Instagram and requiring using company-approved (owned and managed) phones. But those tactics didn’t really work. All they did was drive people to use their personal phones throughout the day and that opened Pandora’s Box with respect to communicating with prospective and existing clients. We’re all creatures of habit and default to the path of lowest friction. If you’re on your personal phone most of the day, it’s not a stretch to start engaging with clients on WhatsApp, DM’ing them on Instagram, and so on. It comes naturally.
Besides, the world has tilted away from email in favor of SMS text messaging, which is notoriously more challenging to monitor and archive from a regulatory requirements standpoint. That preference isn’t limited to brokers: it’s how customers want to communicate and be communicated with. What that means is that financial firms need to enable whatever provisions are required to ensure regulatory compliance – or – risk not only the wrath of the SEC, which on its own is terrifying but risk the backlash from consumers who stop doing business with your bank because of its “archaic practices.”
Nobody wants that.
Get compliant. Get contemporary when it comes to e-Comms. And get connected with the solutions that can enable both without operating at either expense.