Because of the Covid-19 pandemic, people’s lives and businesses required a lot of flexibility to keep things running. Many people started working remotely, but they still managed to produce great work. Thanks to video conferencing tools and instant messaging apps used by companies to hold internal meetings.
While physical meetings are not possible, new communication methods became necessary though financial firms had previously banned instant messaging apps like WhatsApp, WeChat and Signal. Customers now require a way to communicate with brokers and traders remotely due to changing circumstances. Mobile messaging apps are now the preferred method of communication for traders and customers.
Data and AI drive the evolution of compliance modelling
Because of the earlier mentioned scenario, communication compliance teams had to think of an innovative way to use data and AI to increase their monitoring capabilities to respond to customer requests for communication via new channels.
Compliance teams need to update their policies, and through call monitoring and data capture, a crucial role in understanding employees occurs. It is more than just about assessing the risk of a client while communicating with them. To determine if an employee can handle a client, firms can use Telegram recording data from captured conversations to identify their mental and physical health.
Aside from employees, it is important for firms to understand their clients’ communication needs and how they can best use that channel for business communication compliance. Failure to satisfy the customer’s communication needs can lead to the consumer moving to another service provider.
Covid-19 and the latest trends in communication compliance are not only about archived conversations,butalso checking if there are any illegal trade practices, AI and data model breaches.
Learn more about the importance of communication compliance in this infographic by TeleMessage.