WhatsApp Messaging in the Financial Sector – Tips to Using it and Staying Compliant

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Effective workplace communication is vitally important to companies in the financial sector because it allows them to stay productive and operate efficiently. That is why in order to enable their employees to communicate and collaborate effectively, more and more financial firms such as banks and investment houses are equipping their workforce with mobile devices and instant messaging tools.

According to some studies, the right mobile communication platform can increase employee engagement.  In a study featured from the Holmes Report article, American electronics retailer Best Buy found that after enabling their employees to use mobile communication platforms, they were able to increase their employee engagement scores that led to better store performance. The company found that for every percentage point it boosted employee engagement, individual stores saw a $100,000 increase in annual operating income.

Of course, achieving such a feat requires careful consideration of the mobile platform that will be allowed inside the workplace. In the financial sector, recent trends have shown that consumer-grade chat services, particularly WhatsApp are fast becoming the tool of choice among companies and employees. Launched in 2009, this Facebook-owned freeware and cross-platform messaging app is considered the most popular chat service in the world – with over 1.5 billion users accessing WhatsApp on a monthly basis.

With its massive user base and a plethora of features such as end-to-end encryption, group video and voice calling, document sharing, and cross-platform compatibility, it is without a doubt that WhatsApp offers more than basic workforce communication. Compared to standard text messaging, WhatsApp utilizes the internet to sent messages, which means that it is easier for the employees to stay in touch and updated with each other, regardless of how far around the world they are.

This also means that using WhatsApp is a lot cheaper than text messaging since an employee can send an unlimited number of messages for free as long as they have an Internet connection. This is one of the most popular reasons business owners use WhatsApp – it enables they communicate seamlessly without limiting the type and number of messages they can send and without incurring additional cost for telco plans.

However, achieving workplace communication should not only be the priority of financial companies when using WhatsApp in their business. Equally important is to ensure that every employee, from financial advisors to office clerks, are knowledgeable and trained adequately to use this platform in a compliant manner. This is because, in this industry, companies are required to capture and record all relevant trade messages being communicated by employees, and non-compliance to such requirements can lead to hefty fines and charges.

On that note, here are the key takeaways of the infographic below from TeleMessage, which details some helpful tips that financial companies can implement for compliant use of WhatsApp in their business.

  1. Understand How WhatsApp Impacts Your Employees
  2. Identify the Issues and Risks of Using WhatsApp
  3. Ensure Your Employees Buy-In to WhatsApp Archiving

To learn more about these tips and how you can implement them, check out the full infographic below.

WhatsApp Messaging

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