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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
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.
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