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Qumram launches fully-compliant WhatsApp social media record-keeping
Despite end-to-end encryption, Qumram enables financial services firms to meet client demand for social media interaction, via WhatsApp, without compromising compliance
(PresseBox) (Zürich, )
Qumram, a leading global provider of digital compliance and risk management solutions for the financial services industry, has unveiled a solution for recording end-to-end encrypted social media interactions, via WhatsApp. Following its September debut at FinovateFall New York (watch now), and Sibos Geneva 2016, Qumram confirmed its involvement in proof of concept projects with large global banks, requiring compliant digital record-keeping for both WhatsApp (450 million active users), and WeChat (1 billion active users).
Qumram seamlessly records and replays all digital activity, across all digital channels, web, social and mobile. Patrick Barnert, CEO at Qumram, commented, “We are excited to reveal this extension to Qumram’s fully-compliant social media recording suite. Financial institutions can now satisfy client demand for WhatsApp interactions, without risk of breaching regulatory requirements for digital record-keeping.”
“Without doubt, financial institutions in Europe and Asia are proving to be early adopters of social media as a means of interacting with customers. However, social media platforms including WhatsApp and WeChat, which are experiencing exceptionally high growth rates globally, will undoubtedly become important for North American banks too,” said Barnert.
Increasingly, regulation is focusing on digital record-keeping to ensure consumer protection in financial services. Most, including US SEC 17a-4, and MIFID II in Europe, require 100 percent capture and retention of all digital interactions, and immediate access to them, for a period of up to seven years. Social media platforms represent a particular challenge for financial institutions, as the driving force that underpins their development is freedom of networking, not compliance. With a purpose-built digital record-keeping tool like Qumram, companies can capture a complete view of every digital and social interaction—serving their clients’ needs, while also remaining compliant.
Watch 7-minute WhatsApp demonstration
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Qumram seamlessly records and replays all digital activity, across all digital channels, web, social and mobile. Patrick Barnert, CEO at Qumram, commented, “We are excited to reveal this extension to Qumram’s fully-compliant social media recording suite. Financial institutions can now satisfy client demand for WhatsApp interactions, without risk of breaching regulatory requirements for digital record-keeping.”
“Without doubt, financial institutions in Europe and Asia are proving to be early adopters of social media as a means of interacting with customers. However, social media platforms including WhatsApp and WeChat, which are experiencing exceptionally high growth rates globally, will undoubtedly become important for North American banks too,” said Barnert.
Increasingly, regulation is focusing on digital record-keeping to ensure consumer protection in financial services. Most, including US SEC 17a-4, and MIFID II in Europe, require 100 percent capture and retention of all digital interactions, and immediate access to them, for a period of up to seven years. Social media platforms represent a particular challenge for financial institutions, as the driving force that underpins their development is freedom of networking, not compliance. With a purpose-built digital record-keeping tool like Qumram, companies can capture a complete view of every digital and social interaction—serving their clients’ needs, while also remaining compliant.
Watch 7-minute WhatsApp demonstration
Tweet this now
Post on LinkedIn
Qumram AG
Founded in 2011, Qumram is a leading global provider of fully-compliant multi-channel recording, e-discovery, and web archival solutions. Qumram seamlessly records and replays all interactions, via all digital channels, web, social and mobile. The indisputable evidence captured can be used to resolve disputes, aid fraud detection, expose employee governance issues, prove compliance, mitigate conduct risk, and improve customer experience.
Headquartered in Zurich, Switzerland, and with offices in the UK, Spain and the USA, Qumram is a privately owned business with clients across Europe and North America. Qumram's many awards and accolades include: Top 100 Global FinTech 2015, Top 10 Global FinTech Emerging Star 2015 (KPMG/H2 Ventures), Top 100 European FinTech 2016, Top Risk, Intel & Security FinTech 2016, and Top Swiss FinTech 2016 runner-up. For more information, visit http://www.qumram.com or follow @QumramAG
