It is essential for financial firms to embrace any new e-Comms channels and shift towards SMS as clients shift away from email. The sole purpose of choosing any digital communication except E-mail is to monitor, archive, and report non-compliant conversations easily, According to the regulation of financial regulators. Have a look at this presentation and visit our website for more information: https://bit.ly/3KeQqVB

1. www.shieldfc.com

2. Clients are shifting away from email
(remember receiving printed brochures in
your mailbox?), most of them still want
some way to be able to connect with their
financial advisors and planners. SMS text,
whether it’s by messaging, DM’ing on
Instagram, or on WhatsApp, is up to
individual preference, but it’s decreasingly
via email.

3. That’s an easy shift for clients to
make – but it’s not so easy for
financial firms. an eMail was a
nicely controlled and known mode
of digital communication.
Thousands of tools (off-the-shelf
and legacy home-grown varieties)
exist for the sole purpose of
monitoring, archiving, and reporting
non-compliant conversations.

4. Keeping records for all of it sounds simple,
but you could pay up to $200 million for
not doing so. And look at the fallout from
the Gamestop buying frenzy instigated on
Reddit. Monitoring for recommendations
made on social media sites is challenging
but essential. Advertising to the public is in
the same bucket and needs to be
monitored carefully, too.

5. At the end of the day, record-keeping is
at the foundation of RegTech;
essentially to keep brokers, financial
firms, and the clients they serve –
honest. Everyone aims for a standard of
integrity with zero tolerance for market
abuse and inappropriate conduct, but
few achieve it. Hence, good ol’ RegTech
is as essential as it is “boring.”

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