Many financial firms and banks already used messaging apps like WhatsApp to communicate with their clients. Due to the many regulatory requirements set up to protect against fraud and data breaches, such firms resorted to several measures to record text messages and monitor calls. The coronavirus outbreak and the subsequent lockdowns implemented in many countries forced thousands of finance workers to use their personal devices for work.
The latest WhatsApp MiFID regulations have relaxed during the pandemic and lockdown since the employees may not have the tools needed to record voice calls and messages. Because many people now work from their homes, WhatsApp usage increased by 40% last March as people use messaging applications to communicate with their friends. The increase in WhatsApp usage and the need to continue compliance drove firms to look for ways to record WhatsApp messages and voice calls.
WhatsApp Monitoring Over Banning
JPMorgan punished many of its traders because they used WhatsApp in the workplace even though they are against company rules. The problem with using the messaging application is that it used end-to-end encryption that makes it difficult to monitor the messages’ content. Should employees wish to commit fraudulent activities, they won’t have a hard time doing so when their companies can’t monitor communications.
Banning WhatsApp to reduce the risk of data breaches during the pandemic is disadvantageous for many businesses. Most people now use messaging applications like WhatsApp to transact with companies, and forcing employees to use other messaging solutions disconnects a company from their clients. Firms must find a way to continue using WhatsApp while complying with regulatory requirements.
WhatsApp helped many banks during the pandemic to continue operating as the employees use either the standard messaging app or the Business version. Danielle Tierney, Senior Adviser on market structure and technology at Greenwich Associates, stated that the increased use of WhatsApp helped financial services firms understand that the ideal long-term strategy is to invest in solutions that can help them comply with regulations.
Complying with Data Protection Regulations
Financial services firms are now testing technologies that monitor messages to comply with regulations. Investing in solutions to capture communications data is essential as many workers continue to work from their homes.
The financial industry’s continuous reliance on the WhatsApp necessitates the use of technology to monitor how the employees communicate with their clients and colleagues. Archiving solutions that can automatically send messages from WhatsApp to email for monitoring purposes is advantageous for firms since they can streamline the discovery phase.
When firms invest in robust archiving solutions, they no longer need to ban messenger applications like WhatsApp. The app itself is inherently uncompliant, making it necessary to invest in a robust archiver to achieve compliance. One that can provide users a version of WhatsApp that records and monitors the messages is ideal.
Through the TeleMessage WhatsApp Archiver, firms no longer need to restrict their employees from using WhatsApp. The archiving solution also lets the users communicate with their clients normally, like when they were using the messaging application itself. Financial firms can stay compliant with various data protection regulations while interacting with their clients through the WhatsApp Archiver.
Financial firms on a work from home setup or an office setup can use either TeleMessage’s WhatsApp Phone Archiver or the WhatsApp Cloud Archiver to comply with regulations. Companies can stay competitive in the industry as they communicate with their clients’ preferred communications platform.
The WhatsApp Phone Archiver can capture and record chats, including texts, multimedia, documents, and deleted messages. The WhatsApp Cloud Archiver can support companies using the WhatsApp Business app.
The TeleMessage WhatsApp Archiver is the latest addition to our mobile archiving products that securely capture content from mobile carriers and mobile devices for a variety of ownership models (BYOD, CYOD, and employer-issued). It is perfect for solving compliance and regulation issues by recording WhatsApp text messages and voice calls. The application works like the standard application, allowing employees to continue sending work-related communications easily and quickly. With our multiple archiving methods, you can always find the right tools or blend for your requirements: