For Banking and Finance Firms, Communicating With Customers Via Third-Party Tools Like WhatsApp, Messenger and Telegram Often Means Risking Running Afoul of Privacy Laws Like GDPR and Regulations Requiring Monitoring of All Conversations
Shield, the popular compliance platform, recently announced an integration with LeapXpert, a business communications suite. By connecting their two platforms, Shield and LeapXpert hope to offer advanced solutions that provide compliance and security oversight when employees are communicating with clients over encrypted messaging services.
“Across financial service providers and banks, it’s the end client who wants to communicate through messaging application platforms, forcing both institutions and regulators to work together and figure out a safe and compliant way to use these valuable communication tools,” Shield co-founder Shiran Weitzman said in a news release.
Increasingly, businesses are using platforms like WhatsApp, SMS, Messenger and Telegram to communicate with customers, and the data many of these conversations generate is subject to a range of regulations and compliance investigations. In fact, Nikhil Rathi, CEO of the UK’s Financial Conduct Authority (FCA), said his organization has seen a 200 percent increase in the volume of data regulators have to process for investigation, and much of that increase is due to customer communication through encrypted channels like WhatsApp.
Shield and LeapXpert say their collaboration will enable regulated employees to communicate with their clients and external parties who are using their preferred messaging applications from a single, centralized and enterprise-approved application. In accordance with privacy laws like GDPR, there is a clear separation between communication for business and personal reasons, ensuring personal, private data is not recorded, the companies said.
Shield is an end-to-end workplace intelligence platform that allows organizations of any size to mitigate risks, escape the dead-end legacy archive, improve operational efficiency and reduce compliance costs. Shield helps enterprises and financial institutions manage and mitigate communications compliance risks by applying advanced AI, NLP and visualization capabilities.
LeapXpert enables enterprises to embrace messaging applications and integrate them into their business-critical applications. LeapXpert’s Federated Messaging Orchestration Platform (FMOP) allows companies to securely communicate from a central source to a customer on the messaging app of their choice. It resolves the business, compliance and regulatory challenges the rise of messaging applications’ use in business channels has created.