FINANCIAL INDUSTRY COMPLIANCE REQUIREMENTS:

FINANCIAL INDUSTRY COMPLIANCE REQUIREMENTS:

SCALING FOR DIGITAL COMMUNICATIONS

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Financial customers vastly prefer omnichannel communications. This year, 68 percent of banking customers are expected to be digital-only. This means that they will emphasize email, IMs, in-app communications, and yes, text messaging as opposed to in-person visits.

Balancing Omnichannel Growth with Compliance

While the use of digital channels offers a wealth of possibility when it comes to communicating with customers, it also begs a few questions: At what point does convenience begin to get in the way of compliance? When does harvesting these easy customer metrics start to erode customer privacy?

A recent report from the Financial Industry Regulatory Authority (FINRA) calls attention to communications compliance violations and monitoring issues. According to the report, sales representatives in some banks and brokerage firms conduct seminars and make recommendations to clients through impermissible digital channels, and the interactions are unmonitored. FINRA requires companies to establish a supervisory system to ensure securities laws and regulations are followed (Rule 3110). Penalties assessed for failure to meet financial industry compliance requirements are no joke – fines can reach millions of dollars.

Automation & Scaling for Financial Institutions

Because customers are rapidly moving to digital-only channels, salespeople are likely to persist in using digital methods to reach them. So there is suddenly an urgent need to scale up efforts to expand into digital-only spaces, while meeting financial industry compliance requirements. It’s nearly impossible for one person to monitor all customer interactions, especially for companies with large sales teams or contact centers. An AI-powered analytics platform, on the other hand, is more than suited to handle the challenge. AI-powered analytics can automatically monitor and record interactions, and even flag problematic occurrences – no matter how.... (continues)

 

About JMRConnect

JMRConnect is an award-winning public relations, digital and influencer communications agency that helps brands connect to their target audience.

"Employee Advocacy Platform, CEI, Wins 2017 SABRE Award for "Best Marketing Technology"

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Our clients' successful campaigns are marked by tier-1 media coverage, thought leadership, 3rd-party recognition, and multi-channel visibility. Engaging both internal and external stakeholders transforms friends, followers, and industry leaders into loyal brand advocates.

"Shaping Influence Worldwide®: A trademarked, 360-degree approach to telling your brand's story with focus, consistency and authenticity, across every medium."

Social media has changed both how, and from where people receive and consume news and information. For advocacy to be effective, messages must not only reach your target audience, but also resonate across multiple channels to impact opinions, build brand trust, and solidify reputations. Our 360-degree approach leverages traditional, interactive digital, and social engagement to tell your story with focus, consistency and authenticity, across every medium.

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