Saturday, September 25

Communication Compliance in a Post-COVID World

People all over the globe have seen many changes since Covid-19. For many businesses, communication was the biggest challenge during this trying period. As physical meetings became impossible, companies began using video conferencing to facilitate internal meetings. Employees began to work remotely, resulting in the need for innovative communication methods. 

It was prohibited to use mobile instant messaging apps such as WhatsApp, WeChat or Signal in financial institutions. However, the changing environment has made it necessary for customers to have a channel of communication that allows them to get a trusting feel from brokers and traders remotely. Customers and traders now prefer mobile messaging applications for quick and simple communication.

Data and AI are driving the evolution in compliance modelling.

Compliance teams are often faced with multi-jurisdictional issues. This is a critical new role for data capture and call monitoring. Data capture does not only help to determine the client’s risk when communicating with employees but also helps in understanding them. Firms can use data captured in conversations to help determine an employee’s mental and physical state, which they can use to assess their ability to manage clients.

When it comes to customers’ requests for new communication methods, compliance teams need to review their policies and enhance their monitoring abilities. 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. It is possible to justify the investment in continuous compliance by considering the potential penalty for non-compliance, which is quite high compared to the actual compliance investment.

Covid-19, the trends in communication conformity

Customers worry about security and clarity in communication, and this goes beyond cultural and geographic considerations, and communication channels are often not linear. A chat may be the first step in a business conversation. However, clients may need more clarity on certain topics and may move the conversation to voice or video calls. Considering all the communication channels available, mobile instant messaging (IM) is the right choice.

Many companies permit employees to use personal devices to communicate with clients as part of 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.

Telemessage-communication-complaince

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