Since the time the world was hit by the coronavirus pandemic, there have been many changes in the lives of people all over the world. Although the pandemic brought a crisis to businesses in during the initial days, the amount of flexibility that was needed to continue the business shattered long-standing conventional practices. Banks and financial service firms also faced the need to shift to the work-from-home culture. A lot of people nowadays work from home, attend online meetings, and still manage to be productive.
During this trying time, communication has been the greatest challenge of all. Video conferencing tools that organizations used to host internal meetings are now being used for all meetings, because physical meetings are still not possible in most cases. As employees started working from home, there was a need for new communication methods. Previously, use of mobile instant messaging applications such as WeChat, WhatsApp, Signal, and Telegram was not permitted in most financial service firms. However, because of the evolving circumstances, customers now need a communication channel where they can get a trustworthy feel from brokers as well as traders, remotely. Due to the swift and easy approach of mobile messaging applications, they are now the preferred choice of communication among customers and traders these days.
When you decide to use mobile messaging applications in your company, it is imperative that you ensure communication compliance. Regulatory compliance teams often have to deal with multi-jurisdictional complexity. However, there is a shift among the compliance teams for a platform-centered approach these days. With such an approach, the compliance team can address their global regulatory requirements. The evolution from a rapid response and react model to an always-on continuous communication compliance model has made the development of comprehensive data strategies very important. This new focus has also drawn the attention of CIOs and CTOs, ensuring greater attention to compliance at the “C” level.