Communication Compliance in a Post COVID World
Covid-19 has brought many changes to people’s lives worldwide, and communication was a significant challenge for many business sectors. Firms heavily relied on video conferencing tools to enable them to hold internal meetings. Innovative communication methods were needed as employees began working remotely to avoid the further spread of the virus.
However, financial institutions were prohibited from using mobile instant messaging apps like WeChat, Signal, and WhatsApp at work. Customers need to communicate with brokers and traders remotely due to the constantly changing environment. Traders and customers prefer mobile messaging apps for easy communication.
The evolution of compliance modeling 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 helps assess clients’ risks when communicating with employees, but it also aids in understanding them. Firms make data gathering conversations to determine employees’ mental and physical health, which they can use to assess their ability to manage clients.
Compliance teams must review their policies and improve their monitoring capabilities regarding customer requests for new communication methods. 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. The potential penalty for non-compliance can be justified by looking at the cost of continuous compliance, which is relatively high compared to the actual compliance investment.
Covid-19, The trends in communication conformity
Customers are concerned about communication security and clarity, and this goes beyond cultural and geographical considerations. Communication channels can be irregular and not always linear. Chat may be the first step of a business conversation. Clients may require more information on specific topics, so they may prefer to have the conversation moved to voice or video. Mobile instant messaging (IM), despite all the communication options, is the best choice.
As part of their BYOD policies, many companies allow employees to use their devices to communicate with clients. For compliance purposes, employees often have concerns about private conversations, and TeleMessage has the solution just for that through this infographic.