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Customers communicate and want to be communicated via SMS instead of email. This makes it challenging to regulate communications and creates a need to ensure Regulatory Compliance. See this slide to get more information and go to the website to read Enterprise Communications - https://bit.ly/3dh8N07
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ENTERPRISE COMMUNICATIONS Presented by Shield FC www.shieldfc.com
As the size of the company increases – so do the stakes of getting things wrong – and paying the consequences for those errors. We’ve all heard about the record-setting fines recently imposed for not managing e-comms effectively.
Many approaches have been tried, like blocking access to social media sites such as Facebook and Instagram and requiring using company-approved (owned and managed) phones. But those tactics didn’t really work. All they did was drive people to use their personal phones throughout the day and that opened Pandora’s Box with respect to communicating with prospective and existing clients.
Besides, the world has tilted away from email in favor of SMS text messaging, which is notoriously more challenging to monitor and archive from a regulatory requirements standpoint. That preference isn’t limited to brokers: it’s how customers want to communicate and be communicated with.
Financial firms need to enable whatever provisions are required to ensure regulatory compliance – or – risk not only the wrath of the SEC, which is terrifying but risk the backlash from consumers who stop doing business with your bank because of its “archaic practices.”
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